According to Peter Wannemacher, Senior Analyst at Forrester, abandon rates for online banking applications are at an all-time high of 97.5%. To reduce this number, it’s imperative that financial brands remind and prompt their customers to finish what they started with form abandonment emails.
Retailers have used this strategy for the last decade with cart abandonment emails - and it’s become one of the most effective ways to retarget shoppers after they’ve left the brand’s site without making a purchase. Financial services brands can easily incorporate this highly impactful re-engagement strategy with their own forms to re-engage visitors that need that extra prompting.
Today, we will uncover timing for form abandonment emails. You’ve probably heard quite a lot about the importance of “real-time” email triggered sends, but is it really all that affective? We put it to the ultimate test - the a/b test - with almost all of our customers to find out when is the best time to send form abandonment emails?
Drip 1 Form Abandonment Email: 1 hour vs 24 hours
We’ve found time and again that the sooner you send the form abandonment email, the better the results. We base our results on direct last click attribution and not influence metrics. Which just goes to show that sending the email one hour after they’ve left your site will bring back a 4x increase in visitors than if you send it 24 hours later. And bonus - you’ll also see a 25% lift in email engagement. A/B Email Test Winner: 1 hour
Drip 2 Form Abandonment Email: 24 hours vs 48 hours
Many marketers send only one form abandonment email to retarget visitors. But the reality is that for those customers that don’t convert from the first email, they likely need another reminder to push them over the edge to complete the form. We call this drip 2 of a form abandonment email series. For drip 2, we put it to the test - is it better to send it 24 hours after receipt of drip 1 or 48 hours? Once again, we’ve found that sending sooner is better. With this A/B test conversions, opens, clicks and revenue per email are all higher if you send 24 hours after the first email resulting in at least a 2x increase in conversions. A/B Email Test Winner: 24 hours
Why is sending form abandonment emails in real-time so much more impactful?
We get this question often. And it’s because consumers are more distracted than ever thanks to the availability of information at our fingertips. For the banking industry, this means visitors are doing more multi-tasking, comparing features, and exploring fintech options - all of which decrease the likelihood of completing the form within the same session.
How to set up your cart abandonment emails to send in real-time
Sending triggered emails directly from your ESP can have its challenges. Often there is a delay in data collection from your ESP. Or they don’t recognize that someone is on your website unless they are logged into their account. That’s why having a behavioral marketing platform integrated with your ESP and analytics will allow you to send form abandonment messages in real-time. Beyond form abandonment, with a behavioral marketing platform, you’ll be able to set up triggered messaging based on any real-time behaviors.
Want to learn more ways to turn up your form abandonment results? Read our Smarter Spotlight featuring Form Abandonment and all the tips and tricks to making this impactful email … even more so.