Thursday, November 28th, 2013

SMS Marketing for the Financial Services Industry

The financial services sector has endured a torrid time in the past 18 months. For most companies it’s been a tough job just trying to survive and they way is littered with casualties. There are however reasons for optimism and even talk of improving trading conditions in recent weeks.

Is using SMS right for my business?
The entire consumer finance industry is very well suited to using sms as a way of communicating with its customer and prospect base. Companies tend to be very rich is customer data and may hold dozens of pieces of information on individual customers. The potential of the mobile phone as a channel for communication is however often overlooked.

Can I use my customers’ mobile numbers for sms campaigns?
There’s an enormous amount of confusion in this area. People are worried that they might be breaking data protection or privacy legislation if they use their customers’ mobile numbers for sending sms campaigns. The rules on this however are simple and make a lot of common sense.
If your customer or prospect has provided you with their mobile number during the course of your discussions, then you are allowed to send them a text message or sms alert. You do however need to make sure of the following…
Quote your company name in the message, so people know who the sms is from!
Quote your business or contact telephone number.

It’s not just about selling:-
It’s easy to think about the potential for sms marketing just in terms of selling or cross selling products. The mobile phone is in fact just another communication channel that you can use to communicate with your customers and prospects on a range of subjects and is not just restricted to sales offers.
The most effective mobile strategies combine service messages, which have real value to the customer, with correctly targeted promotional campaigns.

How can sms be used in my business?
There are of course dozens of ways that you could use sms in your business, here are just a few examples …
• Premium reminder notification
• Alerts to new or changed terms and conditions
• Statement reminders
• Loan application approved / declined notification
• Documentation request
• Courtesy / thank you message. E.g Thank you for choosing xyz for your home insurance, if you have any queries, please don’t hesitate to call us on 01234 567890.
• Lapsed prospect follow up
• Urgent policy expiry notice
• Cross-selling other financial products
• Premium renewal now due alert.

Targeting your message to the right audience :-

The more relevant that you make your offer to the customer, the better the response you can expect. By segmenting your customer database into different types of customer, you can send tailored sms messages to the different categories.
Within your Shreeweb’s account, uploading groups is quick and simple .

How can financial services companies benefit from SMS mobile marketing?

Increase sales:-

Brokers and financial agencies can carry out promo-publicity campaigns on databases, in which they offer contact/follow-up with a financial consultant, and send out up-to-the-minute information to their customers through SMS Finance. Insurance firms/agencies can remind their customers of the expiry dates of their policies.

Improve customer service:-

Notify customers of the progress of their applications (e.g. mortgages, loans) and details of transactions made in real time with text alerts (credit card payments, bank transfers), or allow them to request information (current account balance, etc.) Insurance firms can keep their clients updated on damage compensation through text alerts.

Generate new contacts:-

A dedicated mobile number that’s publicized on posters and publicity materials in the branch can be used to generate further contacts from people who’d prefer not to receive phone calls but don’t mind getting news and updates via SMS.

Sending photos:-

Insurance companies can receive photographs of accidents sent directly by their clients requesting damages. Photos taken at the site of the accident arrive directly to the systems of the company’s claims department.

Is there a best time of day to send out my sms campaign?
To answer this question you need to think like a customer. For most working people the only opportunity during the day to sort out personal finance issues is during the lunch break. Aim to have your sms campaign arriving between 12pm and 2pm. If possible, avoid Mondays as this has been proven to be the least responsive day of the week.

SMS Marketing for Growth :-

Embracing mobile marketing as part of your strategy for growth makes perfect sense. Bulk SMS costs are the lowest in the industry and you can test your sms generates a response before rolling out a larger campaign. Most financial services customers find that sms marketing is so effective that they continue to use it as a vital route to generate new business.
Setting up an account is free and you can test the quality of services .

Category: Bulk SMS
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