Balance is the key to winning the popular stacking game Jenga. Comprised of 54 wooden blocks, the game is to stack the blocks into a tower of 18 layers of three blocks each, with each layer placed perpendicular to the previous row. On their turn, each player has 10 seconds to remove one block from the tower and place it at the top. As the game goes on, the tower becomes consistently weaker. At some point, removing one more block tilts the balance just enough that the entire tower collapses.Just as a single block can upset the balance of a Jenga tower, one or two too many emails can be enough to cause customers to unsubscribe from your organization’s communications. Keeping It Simple
When it comes to striking the right balance in communications with customers, community financial institutions (CFIs) shouldn’t underestimate the value of keeping things simple. Since most people are inundated with unwanted emails and texts on a daily basis, messaging should be kept to a minimum. More importantly, communications should be short, to the point, and relevant to the customers receiving them. According to a new report from ZeroBounce, 44% of people unsubscribe from email lists because of excessive messages — even if people signed up to receive them. Since overflowing inboxes make people more likely to delete emails, subject lines and relevant content are important. Customers are more receptive to messaging that provides information on how they can address specific issues or challenges they face, so any sort of email marketing should make it clear how your CFI’s specific product offerings and services can help alleviate their stress. Taking Advantage of DataCFIs should utilize data analytics to personalize marketing efforts to specific demographics whenever possible, as people are more responsive to offerings that relate to their individual needs and circumstances. It is also important to make sure that messaging goes out to the appropriate people, particularly in the case of small business customers. Sending business checking account information to employees who have nothing to do with selecting their organization’s services is pointless and will unnecessarily close off a messaging avenue for these individuals. Educational offerings also tend to be well-received by people, if the content is relevant to their lives and situations. When it comes to younger customers, CFIs should consider embracing communication methods such as short, informative videos on social media and podcasts, which tend to resonate better with these demographics. Another tactic to incorporate through social media is social proof — examples and testimonies from customers who can serve as advocates for your organization’s services. Putting It into PracticeHere are a few key things that CFIs should consider regarding communications with customers:
When it comes to striking the right balance in communications with customers, community financial institutions (CFIs) shouldn’t underestimate the value of keeping things simple. Since most people are inundated with unwanted emails and texts on a daily basis, messaging should be kept to a minimum. More importantly, communications should be short, to the point, and relevant to the customers receiving them. According to a new report from ZeroBounce, 44% of people unsubscribe from email lists because of excessive messages — even if people signed up to receive them. Since overflowing inboxes make people more likely to delete emails, subject lines and relevant content are important. Customers are more receptive to messaging that provides information on how they can address specific issues or challenges they face, so any sort of email marketing should make it clear how your CFI’s specific product offerings and services can help alleviate their stress. Taking Advantage of DataCFIs should utilize data analytics to personalize marketing efforts to specific demographics whenever possible, as people are more responsive to offerings that relate to their individual needs and circumstances. It is also important to make sure that messaging goes out to the appropriate people, particularly in the case of small business customers. Sending business checking account information to employees who have nothing to do with selecting their organization’s services is pointless and will unnecessarily close off a messaging avenue for these individuals. Educational offerings also tend to be well-received by people, if the content is relevant to their lives and situations. When it comes to younger customers, CFIs should consider embracing communication methods such as short, informative videos on social media and podcasts, which tend to resonate better with these demographics. Another tactic to incorporate through social media is social proof — examples and testimonies from customers who can serve as advocates for your organization’s services. Putting It into PracticeHere are a few key things that CFIs should consider regarding communications with customers:
- Be transparent. Let customers know how often they can expect to receive communications from you, and be sure to adhere to what you say. Being transparent from the get-go can result in lower unsubscribe rates.
- Use informative subject lines. Make sure that subject lines are interesting and informative. Don’t be afraid to experiment with things such as emojis or personalization to pique people’s interest.
- Provide concise communication. Keep any messaging short and sweet. The average attention span is now only 8.5 seconds, so it is critical to get right to the point and ensure that benefits are highlighted within the lede of your messaging.
- Reduce industry speak. Avoid industry jargon. People are more responsive to content that sounds natural, so when crafting messaging for customers or marketing materials, CFIs should communicate as if they are explaining something to a friend or family member.
- Collect and analyze data. Keep track of what type of messages are opened most and get the most click-throughs, as well as which generate the largest number of unsubscribe requests. Then, alter marketing and messaging accordingly.
- Regularly assess effectiveness. Monitor unsubscribe rates, as these can be a good indicator of whether you are sending too many messages and whether the content is relevant. Pay close attention to why they are unsubscribing and what types of messages are causing them to unsubscribe.
- Offer options. Rather than simply providing an unsubscribe link in your emails, take personalization to the next level by allowing subscribers to update their preferences. This way, subscribers can see the available email lists from your CFI and pick which ones are relevant and helpful to them, instead of unsubscribing from your messages altogether.
Regular communication with customers is important. Regardless of the content CFIs are sending to customers, however, striking the right balance in the frequency of communications is imperative, as is the need to ensure that messaging is clear, short, relevant to the reader, and gets right to the point. Failing to find such a balance is likely to result in higher unsubscribe rates and lost customer communication lines.
