2 minute read

Smarter Spotlight: Product Nurture for Financial Services

The digital age has allowed the financial services industry to thrive, giving consumers access to accounts, helpful tools, new products, and more with the click of a button. But when consumers consult a screen instead of a human face-to-face, they’re more apt to take their time deciding their next move. In fact, the average consumer consults 10.2 sources of information before making a purchase, according to Google’s “Zero Moment of Truth” Macro Study.  

While taking FinServ products online gives consumers more control, it often leaves financial institutions in a stand-still, wondering whether or not they’ll make the sale. Luckily, there are plenty of ways to entice customers back through behavioral marketing—one of which is the time-tested, ever-popular product nurture campaign.

What is Product Nurture?

You’re most likely familiar with nurture campaigns—a series of triggered communications designed to re-engage interest from a lead and ultimately convert them. A product nurture, however, is specifically built to refocus a potential customer on a particular product they showed interest in and lead them to fill out an application, form, or request for more information. A product nurture email series can target those who disengaged due to form or general browsing abandonment.

Send an email about a particular product the consumer browsed while on your site.

Tips and Tricks for Rocking the Product Nurture

Get the timing right. Trigger the email so it arrives in the customer’s inbox between one and four hours after they initially browsed. This is to keep the product top-of-mind while the customer is assumedly still interested.

Greet them at the door. Feature product-specific content upon their first reentry to your site to remind them of the item they first showed interest in.

Catch them before they go. As they leave the site, trigger a pop-up lightbox that encourages them to give your customer service team a call to discuss the product in further detail.

Re-engaging potential customers can take several different forms across both web and email, including:

  • “Welcome back!” site pop-up
  • Form abandonment email
  • Price reduction alert email
  • Web browse reminder
  • “Recommended for you” toolbar
  • Email sign-up pop-up
  • Exit intercept pop-up

Who Can Benefit from Product Nurture?

While the name product nurture can suggest a strong prominence for those with inventory and tangible products, financial institutions and other service-oriented industries stand to gain a ton from product nurture campaigns. With financial services seekers abandoning forms a whopping 97.5% of the time, insurance agencies, financial advisors, banks, mortgage lenders, and other FinServ firms are at a severe disadvantage when they don’t take advantage of behavioral marketing data. In addition, retailers and those in the travel and hospitality industry (whose shoppers abandon travel bookings 82% of the time) are also poised to benefit from product-specific nurture campaigns based on browsing history.

What Can I Expect?

While results will vary across industries, SmarterHQ clients in the financial sector have seen a 20% average click-through rate for email triggers with a 60% open and 15% conversion rate when using behavioral marketing tactics like form abandonment. Of all the marketing programs you could be using, triggered nurture emails are among the easiest and most rewarding to implement.

Want more behavioral marketing tips? Check out our Smarter Spotlight series for step-by-step how-to's, tactics, and best practices on the most popular and beneficial behavioral marketing techniques.