Revitalizing Email Marketing: Turning a Dormant Channel into a Revenue Driver
Company Overview: This Irish Fintech was founded in 2013 and has grown to become a leader in the business lending space for growing SMEs seeking finance.
Situation: Tackling PPC Competition with a New Lead-Gen Channel
At this Irish Fintech, we relied heavily on PPC (pay-per-click) advertising to generate the majority of our leads. However, as we entered Q3 2023, competition in PPC auctions intensified, driving up costs and making it harder to maintain our lead volume within budget. To counter this challenge, we needed to develop an alternative lead-generation channel that could deliver results without increasing overall marketing spend.
Task: Transforming Email Marketing from an Afterthought to a Growth Engine
Email marketing was an underutilized channel, largely seen as a box-ticking exercise rather than a strategic asset. Campaigns were being sent, but they lacked direction, personalization, and measurable returns. Given the time spent on execution versus the lack of impact, it was clear that our email marketing efforts were a wasted opportunity.
We needed to revamp our approach and turn email marketing into a high-performing lead-generation tool. But why email marketing?
B2B Audience Fit: Business owners rely on their email inboxes for essential communications, making email an ideal channel to engage them.
Previous Customers as a Key Segment: We had a wealth of existing customer data that allowed us to segment audiences based on past loan activity. This enabled highly targeted, relevant messaging.
Cost-Effectiveness: We were already investing in email marketing but with poor ROI. With optimization, it had the potential to generate leads at a fraction of the cost of PPC.
Historical Data Advantage: Our database contained valuable insights that could be leveraged to build a sustainable growth strategy.
A crucial insight was that our main email list consisted of customers who had already been approved and funded in the past. Since they had previously gone through the application process, the likelihood of approval was significantly higher. This meant that leads from email marketing had the potential to convert faster and with less friction than cold leads generated via PPC.
Action: A Data-Driven, Customer-Centric Email Strategy
To turn email into a revenue-generating channel, we took a structured and strategic approach:
Audience Segmentation & Targeted Campaigns
We analyzed historical data to segment our audience based on previous loan types, business needs, and engagement history. This allowed us to craft highly personalized campaigns tailored to different customer cohorts.
Content Optimization with a Customer-First Approach
Instead of treating email as a pure sales tool, we shifted our focus to providing value. Our content strategy included:
Answering common customer questions.
Providing insights into the wider SME market.
Sharing expert advice on business-specific topics.
Educating customers on how Linked Finance could support their growth.
Full-Funnel Email Mapping
We structured our email sequences to align with the customer journey. A typical month included:
Week 1: Educational content answering customer FAQs.
Week 2: A round-up of the previous month’s funding and market highlights.
Week 3: A direct email highlighting the benefits of Linked Finance for business growth.
Week 4: A final push, urging customers to submit applications before the month’s end.
Continuous Performance Tracking & Optimization
Each email cycle was closely monitored to assess engagement metrics and lead generation performance. Monthly reporting and analysis informed content adjustments, ensuring continuous improvement in email KPIs.
Results: From €0 to €766,000 in Funding
The transformation of our email marketing strategy led to measurable and impactful results:
2022 (Pre-Optimization): 50 emails were sent, 35 leads were generated, and 0 conversions.
Mid-2023 (Strategy Shift): Immediate improvements in engagement, ending the year with 63 leads and 1 conversion.
2024 (Ongoing Optimization): 124 leads generated, 11 conversions.
Revenue Impact: From generating €0 in 2022 to contributing €766,000 towards our funding target by the end of 2024.
Conclusion: The Power of a Data-Driven Email Strategy
This case study highlights the power of refining an underutilized marketing channel. By leveraging customer data, segmenting audiences effectively, and delivering valuable content, we turned email marketing into a critical growth driver for the business.
For businesses struggling with lead generation or diminishing PPC returns, email marketing - when executed strategically - can be a cost-effective, high-impact alternative that delivers measurable results.
