Underpinning Marketing Strategy With Email Automation

2

Retail Currency Cards Travel Cash

International Payments Corporate Expense Cards

3

The situation:

Customers need to be able to buy goods abroad in the local currency without

incurring high costs

Solutions:

• Bank Notes • Travellers

Cheque• Debit/credit card FairFX Currency Card

4

The challenge:

Low margins

Need to educate customers on our products to achieve maximum LTV

Very competitive market

Limited resource

Show added benefit to stakeholders

5

Our Goals:

Build trust and engagement

Up-sell

X-sell

Understand our customers better

Stay ahead of the competition

6

FairFX Research: 1,160 survey respondentsHow many brands are you currently signed up to receive emails from?

1-2 3-5 6-10 11-15 16-20 21-25 26-30 31+0%

5%

10%

15%

20%

25%

30%

13%

19%

29%

14%12%

5%

2%

6%

7

FairFX Research:Of these, how many are foreign exchange providers?

1 2 3 4+0%

10%

20%

30%

40%

50%

60%

70%

80%

8

FairFX ResearchWhat percentage of those that you receive do you consider interesting or

relevant to you?  

0% 1 - 10% 11 - 20% 21 - 30% 31 - 40% 41 - 50% 51 - 60% 61 - 70% 71 - 80% 81 - 90% 91 - 100%0%

10%

20%

30%

40%

50%

60%

0%

51%

23%

11%

5% 4%2% 2% 0% 1% 0%

9

FairFX ResearchWhat percentage of FairFX emails you receive do you consider interesting

or relevant to you? 

0% 1 - 10% 11 - 20% 21 - 30% 31 - 40% 41 - 50% 51 - 60% 61 - 70% 71 - 80% 81 - 90% 91 - 100%

0%

5%

10%

15%

20%

25%

0%

20%

9%7% 7%

11% 11%

7%

9% 9%10%

10

‘Why should I choose you over everyone else?’

• Strengths and Weaknesses

• Low hanging fruit

• Prioritise revenue

• Competitor analysis

WebInsights Programme

12

The solution:

• Uses dynamic content and personalisation

• Proactive not Reactive

• Drive automated programmes to customers who

engage with particular web pages

• Nurtures customers through guidance and support

Understand customers Build trust X-sell

13

The Result:

91%Of enquiries dealt with in first monthFAQ email

14

Additional benefits:

5-figure sales

No need to hire

more Support staff

Welcome Programme

16

The Welcome Programme:

• Length of programme determined by

respondent’s behaviour

• We educate the customer so they learn to love

the products and trust the brand

Understand customers Build trust Stay ahead of competition

• Customers become brand champions

17

Email 1: Welcome to FairFX

Email 2: Update email preferences

Email 4: Refer a friend

Email 3: X-sells

Email 5: Review FairFX

Follow up call from Customer Services team

The Welcome Programme:

Control

group

18

Use data to make content your King

• Interests

• Are the Tech-Savvy?

• Behaviour

• Demographics

19

Customer journey

Understand customers

• User eXperience / User Interface

• App

• Mobile first

Stay ahead of the competition

20

FairFX Research:If you see something you want to buy in an email on your smartphone,

you are most likely to…?  

Wait until you are on a desktop or laptop

Use your tablet to buy it

I do not have a smartphone

Buy straightaway using your phone

Put it in the shopping basket / wish list

Visit the store

47.72%

18.39%

12.52%

12.43%

5.60%

3.33%

21

FairFX Research:When purchasing from FairFX which device do you primarily use to

complete purchase?

Laptop

Desktop

Tablet

Smart phone

37%

29%

23%

12%

Traffic

Mobile: 94% YOY

Tablet: 41% YOY

Conversions

Mobile: 168% YOY

Tablet: 98% YOY

22

Where should I start?

• Display advertising / Remarketing

• Payment process

• Landing pages

• Social

23

The Result:

of Registered Users converted into paying customers

65%59%JUN ‘15 DEC ‘15

24

The Result:

46%of Registered users go on to become FairFX Cardholders

25

The Result:

Cash customers who receive the Programme are twice as likely to order a FairFX Currency Card

vs. those who do not receive it

26

Those who receive the Programme have a greater AOV on Travel Cash

And place more orders

vs. those who do not receive the Programme

The Result:

27

Card customers AOV on international payments is

2.5 times greatervs. those who do not receive the Programme

The Result:

28

Cash customers AOV on international payments is 6.5 times greater!

The Result:

Birthday Programme

30

Another year older, another year wiser!

Reaching out to customers throughout the year

keeps the brand front of mind

Encourages loyalty as it avoids hard-sell

Referral scheme promotes brand and helps

grow email database

Brand build Build trust

31

FairFX Research:Which type of offer/content do you like receiving best?

Money-off discounts

% off discounts

Loyalty program rewards

Advance notice of new products

Free gifts

Product reviews

Exclusive content

User guides

Competitions

VIP access

664

608

442

350

274

257

201

163

158

143

32

Additional benefits

Friend referrals increased 60% YOY

Sales increased by 300% in 8 months

Resulted in a six-figure sales

33

The Facts:

Since introducing email automation, FairFX’s annualised figures:

107% more visits to the website this year

48% increase in conversion rate

205% increase in transactions

320% increase Revenue

For the periods between November 2014 and 2015

34

The Lessons:

Content and consistency is critical

Implement a control group for every campaign to measure the true uplift

You need to be relevant to the individual to be successful

Use dynamic content, personalisation and segmentation

Campaigns don’t always result in instant transactions

Be cool not creepy