In our last edition of Smarter Spotlight, we discussed product category and browse abandonment notifications and why marketers should be sending them. This week, we’re focusing on the Financial Services industry, and how FinServ brands can utilize a form abandonment campaign to re-engage abandoning customers.
You know this by now: customers are distracted. Continuously rotating from a desktop to a mobile device to real life and back again, it’s difficult for financial services brands to stay top of mind when consumers are always preoccupied. In fact, studies show that people generally lose concentration after 8 seconds.
That’s why brands like Amazon are using behavioral data to market to their customers. With 35% of Amazon’s sales directly attributed to real-time personalization based on individual behaviors, it’s safe to say engaging customers with relevant messages in the moment is a successful marketing strategy.
This is just as true for financial brands as it is eCommerce brands. A customer may spend time on your site researching a savings plan, filling out an auto loan application, or applying for a new credit card when something diverts their attention. This minor distraction is most likely accidental, but it causes you to lose a customer, and it means the customer misses out on a new product.
But if you’re a marketer in the financial services industry and you’re unsure where to begin applying behavioral customer data, we can help. Similar to a basic cart abandonment campaign in the eCommerce industry, we suggest financial brands begin with a form abandonment campaign. 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, financial brands should prompt their customers to finish what they started.
Essentially, a form abandonment campaign is a triggered email series reminding a customer that they left your site before completing a form or application. This campaign uses timing and critical offer to convert the customer before it’s too late.
When implementing a form abandonment campaign, the primary focus should be on real-time interaction. You want the consumer to receive the message at exactly the right time. It’s also important to remind the customer of the form they abandoned (they’re distracted, remember?). Do this by automating an email with a relevant image corresponding to the product they were applying for in the hero, and a strong call to action such as “Complete the form.”
Want to learn more about how Financial Service brands can to increase engagement, revenue and customer loyalty? Check out the Financial Services Behavioral Marketing Playbook or Request a Demo and talk to the experts in Behavioral Marketing today!