Customer experience is one of the most important dimensions for measuring the success of any service industry. Higher customer engagement will help the company to grow in the long run. Banking sector which is one of the leading sectors in our country largely depends on the customer experience. With the increasing use of the internet, it has become important for the banks as well to engage the customer in the business and focus on profitable customer relationships.
SMS marketing has changed the way banks used to communicate with customers. Right from providing the information about the new banking regulations to information about new account opening SMS marketing aims to provide one-stop solutions to the banks as well as customers. It is the most effective and cost-efficient marketing tool of recent times. With the highest number of opening and conversion rates, SMS marketing has changed the entire customer experience.
Here are some SMS ideas that can help the banks to enhance the customer experience-
Updates and alerts
You can easily send updates about the new banking regulations, changes in the interest rates, the new services etc. regularly through SMS marketing. People normally use their mobile phones 24*7 hours which makes it easy for the banks to provide such information single-handedly to the customers without any delay so that they can keep themselves updated. Banks can also use SMS alerts ATM pin generation, for sending new account opening procedure and OTP generation. The new generation banks know customers touchpoints and how to cater to them.
Banks try to provide two-way communication so that banks know to whom they are catering to. SMS marketing has helped the bank to understand the customers demand and to provide day to day solutions with negligible cost.
Loan and scheme related information
Banks can easily provide loan and scheme related information through SMS. If a customer wishes to know the eligibility criteria of the loans, the documents required, collateral security interest rates and EMI instalments they can easily get such information from banks through sending an inquiry. Banks can easily render such services through SMS which will save the calling time of the customers as well as staff members.
Banks can easily provide details about the new scheme such as ULIP, Provident fund schemes, retirement schemes and the various loan facilities to different customers. Bankers can easily cater to the rising needs of the customers through SMS marketing by sending them personalized SMS which will keep them engaged in the long run with the banks.
Bank details on your fingertips
The customers can easily obtain the bank details on their fingertips information related to the debit and credit of the account, timely payment reminders, details about the branch code, IFSC code, and balances inquiry can easily be assessed through SMS services.
SMS marketing has changed the entire way the banking industry used to operate in the past and will continue to shape a different future.
Customer can access every detail sitting at home and with no cost and in a limited period. Just user need to ensure that that his or her mobile number is updated with the bank account to be able to register for this service. The service has helped the banks to enhance customer satisfaction and their engagement in the long run.
Cross-selling other financial products
SMS marketing can help the banks to cross-sell the other financial products. Banks generally sell life insurance to the customers along with the new account. This increases the scope of the banks and how they used to operate. Usually, banks have numerous products so selling different products to their existing customers is profitable for the banks as well as customers. Banks can easily advertise about the other financial products by sending those links or the information that will persuade the customer to purchase the product.
Cross-selling can help the banks in analyzing the different needs and expectations of the customers that changes from time to time. For instance- A customer tomorrow may require a scheme that will provide enough funds to finance his child education after 10 years. SMS marketing can transform the way financial institutions interact with their customers.
E-commerce has a huge history as it just started with a basic idea of sale and purchase. With time it attracted many pioneer business personnel and service providers. The clear picture of e-commerce is reflected by elevating it with correct marketing strategies, investment, and business plans. With the evolution of digitalization, the e-commerce sector got the major breakthrough and emerged as the most profitable sector with maximum future growth, huge potential to generate employment, providing services at door and much more.
The modern trend is the online trend where each and everything is made available on smart devices. People are so used to online shopping that it’s easy for E-commerce industries to grow and excel in their work.
SMS marketing is one of the bases of the E-commerce sector which lays the foundation for engaging mass customers. The best SMS service provider can bring maximum engagement towards their company by keeping track of their potential customers. Today everyone is equipped with their phones and SMS marketing is a perfect way to capture their attention. Knowing about their choices, interest, requirements, and expectations from our product/service.
Advantages of using SMS Solutions –
Popping up the notification -
Popping the notification is an essential part of SMS marketing. This is a sincere way to keep your customers up to date about your recent services, products, and offers. Notifications are used to remind customers about your work, your services, offers, and much more. If the consumer is interested, they will look forward to it and engage more with your company/services. It keeps them reminding of your business and promote them to spend more time with your website and know about your company.
A quick way to reach people –
As messages can reach anyone with any mobile device so SMS marketing is effective in targeting a large audience. The maximum population carries mobile phones all day around them and their engagement with SMS is relatively high. It engages people and generates excitement to explore more about your services or products. Hence, bulk SMS marketing can reach maximum people, generate potential customers, and grow your business.
Increased sale –
The best part of SMS marketing services is that it engages the maximum customer and hence increases the checkout rate. We can go for automatic reminders so our customers will be updated by our recent offers, discount, any product, and much more. Frequent reminders help customers to keep in mind about your services and offer and thereby it increases check out rates. And with increased customers, the rate of sales increase benefiting the company raising their turn over. Along with this, it helps the company to raise its market standard and grow as a strong competitor in the market.
Customer Retention rate –
It’s important to keep your customers on track for creating loyal and long-term customers. SMS marketing is the best way to perform this as customers always know about your offers, latest trends, and your services and take more interest in your business. This way customer feels special as you made everything easy and available at their phones and as a result, they find more comfort with your company/service. With time and proper strategies along with making regular efforts, it can increase customer retention rates.
There is no doubt that the cost of text message marketing e-commerce is lower than any other medium of engagement. Even a pioneer can choose this medium rather than spending large money on any other method. The SMS marketing for e-commerce has helped to reach maximum people, generate potential customers, keep track of customer’s choices, needs, and suit our pockets. It is profitable from pioneer to renowned businesses.
Suggested Read – Does SMS Have a Role in E-Commerce Customer Acquisition?
Strengthen customer engagement –
SMS opens up the platform for two-way conversation as it provides options for customers to engage with you. These open-ended conversations build customer faith and interest in your services/company. It feels them that your business is more accessible and they are comfortable with your business, services, and product. It builds loyal customers and uplifts your market value. It’s necessary to keep in contact with your potential customers to avoid the risk of losing them or creating any negative impression. SMS for e-commerce has successfully strengthened customer engagement.