Summary
BankBazar's Email Triumph: Engaging Millions with 92% Deliverability & 99% Retention
Challenge
BankBazar faced a challenge: boosting engagement in email campaigns targeted at inactive audiences while maintaining high inboxing rates and other vital benchmarks. They worked on strategies to reignite interest without risking email deliverability or crucial metrics. It was about finding the right balance between re-engaging dormant subscribers and preserving campaign performance. Achieving this delicate balance was crucial for BankBazar's success in engaging their audience effectively.
Objective
BankBazar and its agency aimed to revitalize engagement within email marketing campaigns, specifically targeting inactive audiences. The primary goal was to reignite interest among dormant subscribers while upholding high inboxing rates and essential performance metrics. This objective sought to strike a balance between re-engaging inactive audiences and maintaining the overall effectiveness of the email campaigns to ensure sustained audience engagement and interaction.
Strategy
To enhance customer engagement, BankBazar and its agency collaborated closely, focusing on several key areas: 1) Creatives: Both teams diligently developed and rigorously tested multiple creatives for each campaign. This approach aimed to optimize deliverability and engagement rates, ensuring that the content resonated effectively with the audience. Through extensive testing, they identified and employed the most impactful creatives to maximize campaign performance. 2) Targeting Strategy: A meticulous targeting strategy was crafted and executed. The teams strategically planned daily target segments, incorporating a balanced mix of active, inactive, and new-to-domain subscribers. They placed particular emphasis on increasing the throughput of the new-to-domain database, aiming to capture and engage fresh leads effectively. Additionally, AB testing was employed not only for creatives but also for differentiating target segments, allowing for a refined and targeted approach. 3) Engagement-Based Deployment: Leveraging insights from previous engagements, the teams deployed the best-performing creatives. By harnessing data on previous interactions, they ensured that the most successful content was utilized, ultimately optimizing Return on Investment (ROI) and enhancing the overall effectiveness of the campaigns. In essence, the collaborative efforts of BankBazar and its agency encompassed meticulous creative development, strategic targeting, and data-driven deployment. Their approach aimed to not only improve customer engagement but also to maximize the impact of each campaign, ultimately driving better results and fostering stronger connections with their audience.
Data
Email deliverability: 92% Email volumes: 79M+ Email open rate : Upto 43% Active user %: 39% Customer retention: 99%
Solution
BankBazar sought to re-engage inactive audiences through an innovative solution offered by their agency. The agency focused on refining creatives, testing multiple versions to optimize engagement. They strategically targeted daily segments, including new leads, and used AB testing for tailored campaigns. Leveraging past engagement data, they deployed successful content for maximum impact, ultimately revitalizing customer engagement effectively.
Results
BankBazar's email marketing showcased remarkable success through several key metrics: Email Deliverability: With a commendable deliverability rate of 92%, BankBazar ensured that the majority of their emails reached their intended recipients' inboxes, maximizing visibility and engagement opportunities. Email Volumes: Sending out an impressive volume of over 79 million emails, BankBazar reached a vast audience, allowing for significant exposure and potential engagement opportunities. Email Open Rate: Achieving an open rate of up to 43% reflects the compelling nature of BankBazar's email content. This high rate indicates that a substantial portion of recipients found their emails engaging and worthy of opening, showcasing the effectiveness of their messaging and subject lines. Active User Percentage: With 39% active users, BankBazar managed to maintain a substantial portion of their audience consistently engaging with their emails. This metric underscores the effectiveness of their targeting and content strategies in retaining an actively engaged subscriber base. Customer Retention: BankBazar's remarkable 99% customer retention rate emphasizes their ability to not only engage but also retain customers effectively. This high rate indicates the success of their email marketing in fostering loyalty and retaining their customer base.
