Email Unsubscribe Best Practices for Banks, Credit Unions and Other Financial Services Companies

image It’s been three years since I last went through my inbox to unsubscribe from the marketing and information lists I no longer read. At that time, I still used email to keep up on ecommerce and banking news. Now, that task has moved almost entirely to RSS, and I rarely read any broadcast email these days. 

During a two-hour paring process to delist 40 to 50 subscriptions from email, I paid close attention to how each company handled that bit of negative news and jotted down a few best practices for banks, credit unions, and other financial providers (note 1): 

  1. Put your branding on the unsubscribe page, don’t simply default to your email service provider page.  
  2. Greet the customer by name and/or email address.
  3. Provide customer testimonials on the value of the email subscription.
  4. Empathize with their situation (e.g., Getting too much mail?), but reiterate the benefits of staying in touch with you (e.g., We really want our customers to get the best deals!) and gently see if you can change their minds (e.g., Are you sure? Try us for another month, and we’ll do our best to bring you only pertinent offers.) 
  5. If that fails, offer alternative ways to maintain contact, for instance:
    – Less-frequent email (see first screenshot below)
    – RSS feed(s) (see second screenshot below)
    – Better-targeted email on just certain subjects
    – Use a different email address
    – Change email format (HTML vs. text)
    – Use SMS instead of email
  6. If applicable, explain that customers will still receive account-related email messages.
  7. Provide a feedback form so users can tell you why they are unsubscribing.
  8. Confirm the request online and provide links to other areas of your website.
  9. Send an email confirming that the unsubscribe process is complete.

Step 1: TigerDirect unsubscribe page (20 July 2009)
Email subscribers clicking on “unsubscribe” are first asked if they’d prefer to receive fewer emails.

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Step 2: After unsubscribing, customers can sign up for RSS or catalog delivery image

Update: Staples…another good example of offering choices on the main unsubscribe page (screenshot 22 July 2009; hat tip to Loren McDonald, note 2):

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Notes:
1. U.S. emailers must comply with CAN-SPAM regulations at all times. 
2. Here’s a good presentation from Loren McDonald from Silverpop on the subject. 
3. For more info on email marketing, see our Online Banking Report on Email Marketing in Financial Services (published June 2006).

Reference: Media Categories for Delivering Bank & Credit Union Marketing Messages

image I was reading Currency Marketing (note 1) founder Tim McAlpine’s ten-part blog opus (here) on so-called Challenge Marketing, a mix of social media, sweepstakes and viral marketing. It’s great reading, especially if you are thinking of embarking on a new-media marketing campaign.

In part 4, Tim created a list of media available for marketing messages. I started with his list, added to it, and rearranged the topics. Use this as a cheat sheet in your planning meetings to make sure you’ve covered all the bases. I know I’ve missed things, please add to the comments and I’ll update the list.

  • ATMs
    • Screens
    • Enclosures
    • Receipts
  • Blogs
    • Posting/commenting on your own blog
    • Guest posts on others
    • Commenting on other blogs
    • Asking for reciprocal blogroll listings
    • Sponsored blog post (tread carefully)
  • Branch
    • Posters
    • Brochures
    • Plasma screens
    • Floor decals
    • Window decals
  • Call center
    • On-hold messages
    • Press 1 for more info on ____
  • Charitable activities
  • Cinema advertising
  • Door-to-door
    • Flyers
    • Conversations
  • Ecommerce
    • Powered by your brand
    • Advertisements on confirmation screens/email receipts
  • Direct mail
    • Postcard
    • Letter
    • Welcome packages
  • Direct-to-desktop computer applications
    • Widgets
    • Toolbars
    • Buttons/alerts
  • E-mail
    • Direct messages to house or rented list
    • Advertisements/sponsorships within third-party email letters
    • Advertisements within triggered account alerts
  • Joint marketing (with other companies)
  • Mobile
    • Text messages
    • Downloadable app (iphone, Blackberry, Android)
    • Advertising in other apps
    • Sponsoring other apps
    • Featured at carrier/manufacturer site
  • Newsletters
    • Your email/printed/RSS  
    • Third-party properties
  • Online advertising on outside properties
    • Banners and other on-screen ads 
    • Advertorial
    • Sponsorships
    • RSS feed ads
    • Social networks (Facebook, MySpace, MSN, others)
    • Search engines (Google Adwords, Yahoo, Microsoft, others)
  • Online advertising on your properties
    • Main website
    • Online banking site
    • Logon/logoff splash screens
    • Microsites/landing pages
  • Outdoor
    • Billboards
    • Transit
    • Wall projection & other non-traditional outlets
    • Building site signage (construction loan clients)
    • Vehicle signage
  • Print/newspaper/magazine
    • Display ad
    • Classified ad
    • Column/op-ed articles
    • Inserts
    • College and other niche publications
    • Yellow pages/programs/directories/etc.
  • Promotional item giveaways
  • Public relations
    • Appearances and interviews
    • Press releases
    • Spokester (see Currency Marketing’s Young & Free)
  • Radio
    • 15/30 second spot
    • Advertorial
    • Sponsorship
  • Social media activity (note 2)
    • Facebook
    • MySpace
    • LinkedIn
    • Microsoft Live
    • Twitter
    • YouTube
    • Forums
    • Wikis
  • Sponsorships
    • Sports
    • Events
    • Charitable efforts
    • Schools
    • Green efforts
    • Anti-fraud education
  • Statements
    • Stuffers
    • Messages
    • Envelopes
    • Estatement advertising
  • Street-team marketing
  • Sweepstakes (on- and off-line)
  • Telemarketing
  • Third-party locations/publications
    • Advertising/messages
    • Signage
    • WiFi sponsorship
    • Billing statements
    • Websites
    • ATMs/kiosks
  • Television
    • 15/30 second spot
    • Product placement
    • Sponsorship
    • Infomercial
    • Online streams
  • Word of mouth

Notes:
1. Tim McAlpine has achieved near-rock-star status in credit union social media circles as the mastermind of the hugely successful Young & Free campaign.
Update: 18 March 2009, Tim posted a comparison of the latest Y&F campaign at South Carolina Federal Credit Union compared to the original Alberta one. The latest version is up in every category, a partnership with a local radio station is credited with part of the gain.
2. If you need examples from outside banking, here’s a 2-part wiki (here and here) created by social media guru Peter Kim with almost 1000 examples of social media efforts by various brands.

New Online Banking Report Published: 2009 Planning Guide

image With the financial crisis still in full swing, it's not easy to concentrate on the 2009 plan. But focus you must.

You can bet that companies emerging from this mess as winners are working overtime right now, plotting how they will grab your market share next year. Yes, budgets will be down, but thanks to the Web and social media, there are more cost-effective opportunities than ever to get your message out.

With that in mind, we offer the latest issue from Online Banking Report, our 14th annual Planning Guide for Online & Mobile Banking (see note 1).  

It includes 72 pages of ideas, tips and tools to help you generate new ideas, plans, and strategies for 2009 and beyond. Subscribers, Online Banking Report subscribers, may download it (here) free of charge. Others may purchase (here).

While more than 500 online banking product and marketing ideas are published in the report, we hand-selected 20 projects for the 2009 hot list (in alpha order):

  • Activity ticker
  • Balance conversions
  • Credit score/report zone
  • Flat-fee mortgage
  • Green banking
  • High-yield deposit accounts
  • Home equity center
  • iPhone/Android native app
  • Long-term archives
  • Micro/small-business services
  • Peer-to-peer loan facilitation
  • Personal finance functionality 
  • Premium/VIP online services
  • Prepaid/gift cards
  • Problem mortgage resource center
  • Retirement center
  • Service standards/guarantees
  • Social media/blogging
  • Usage-based contests/rewards
  • Widgets

Note:
1. The Netbanker blog (established 2004) and Online Banking Report (established 1994), are written and published by the same company.