Why Your Financial Business Needs An Application Abandonment Campaign
Credit unions, banks, and other financial institutions are tapping into the power of marketing automation solutions like Act-On, as it offers valuable insight into the customer journey and endless opportunities for different types of sequence and segmented nurture programs. Marketers are able to pinpoint where both existing customers and prospects are in the sales funnel, so they can help guide them through with targeted, personalized messaging.
While there’s multiple key campaigns for financial businesses (i.e. preliminary interest in a financial product, new member onboarding), one particular type seems to get overlooked with only 17% of banks and credit unions having it set up – despite affecting up to 97% of consumers.
Application abandonment. And instead of thinking of it as an obstacle to overcome in the sales funnel, anticipate and combat it with an application abandonment campaign.
Before diving into this specific nurture program, let’s think about the importance of loan applications for a bank or credit union. Processed applications lead to new loans, which directly correlates to the number of account members. In other words: more customers, more growth. After all, loan applications are a form of measurable growth, and plenty of nurture programs build trust with the consumer to the point that they’re ready to submit a loan application.
But again, up to 97% of people abandon a loan application, for reasons as simple as getting distracted from submitting it or getting interrupted with inability to save and return. So once you successfully build enough rapport to bring the consumer to the application form, how do you also make sure they complete it?
Rise above your competition and take advantage of this engagement opportunity
When you’re a financial institution and have a marketing automation solution in place, you’ve already got a leg up on your competition because 69% of banks and credit unions do not utilize that technology. Creating an application abandonment campaign, which is triggered when someone closes the application form or gets timed out, gives you even more of an advantage since not all financial businesses with marketing automation have these application abandonment processes.
This is your opportunity to engage with the consumer and help them across the finish line. You’ve already put forth the effort and money on targeted marketing to nurture them through the sales funnel, so go the extra mile and give them the necessary nudge to keep moving along in the customer journey. Remember, they’re already on it – the hard part’s over!
Who are consumers going to respond better to: a bank or credit union that follows up and offers assistance, or one that doesn’t engage after someone shows interest in their financial product? The one who reaches out, of course! It’s a reflection that they’re paying attention and available to provide additional value – it’s also a way to stay top of mind and keep the engagement loop going.
What’s included in an application abandonment campaign?
As a sophisticated combination of email marketing and lead management, marketing automation provides real-time analytics that influence the embedded email marketing, triggering segmented and personalized messages in response to their digital breadcrumbs. This is how the application abandonment process is activated; the software recognizes that the IP address paired with the person’s name and email (collected at the beginning of the form) did not complete the application, so it triggers an email campaign and gets logged in the integrated CRM.
The email campaign can start as simple as sending a friendly reminder that they have an outstanding application. The first email can extend an invitation to connect with one of your financial consultants, as well as welcome questions about the application process or financial product. Messages can incorporate valuable information that are relevant to the consumer, perhaps addressing concerns about the specific type of loan they applied for, or a checklist of how to know which is the right loan for them.
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The key to the email campaign is building trust by offering value and gentle lead nurturing – remember, the consumer is already on the customer journey, you’re just there to assist as much or as little as they prefer. Presenting your financial business in such a way reinforces that you’re meeting the consumer where they’re at, which is increasingly on their own in the digital space.
A triggered application abandonment email campaign effectively engages with the consumer and can help gain insight to further build their buyer’s persona, such as what catches their interest from click-through data or what answers they provide in forms. This in turn helps you best cater to their financial needs and methods of communication. The lead nurturing develops into faster, more efficient lead conversions, meaning growth and customer satisfaction for your credit union.