MoEngage, the insights-led customer engagement platform, on Wednesday released its annual Email Benchmark Report 2022 that provides marketers with insightful findings about consumer email behavior and strategic benchmark approaches to successful click-through rates (CTR). The report analyzed metrics such as click rates, conversion rates and open rates across four major industries. It also analyzed the influence of marketing strategies like personalization, segmentation and journey-based campaigning.
The report closely examined over 5.3 billion emails sent between August 2021 and February 2022 in banking, fintech, media, entertainment, shopping and lifestyle services.
The key outcomes of the report pointed out that broadcast or ‘blast’ emails are no longer relevant for effective customer engagement. Customers, in fact, enjoy and respond to emails tailored to their customer journey, segmented for their behavior and personalized to their preferences. This, in turn, directly impacts the metrics that matter most for marketers — open rates, click-through rates, conversion rates, and click-to-open rates.
The study also found that the shopping vertical in India is seeing a two times uptick in unique opens due to journey-based emails, and a three time uptick due to event-triggered emails. This customer base also gives a 94 per cent improvement in CTOR when emails are dynamically personalized, and a 23X improvement in unique CTRs.
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For banking brands: 100 per cent increase in CTR when dynamically personalized emails are sent: Brands can create a dynamic group of products for customers based on their preferences and behavior. BFSI customers find this extremely convenient as it offers timely recommendations on financial products, such as a bill payment reminder or a credit card promotion.
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