20X Improvement in Email Open Rates Helps EarlySalary to Reduce User Drop-off Rate by 5%
EarlySalary is an innovative lending platform that aims to change the way loans are availed in India. This fintech startup has a presence in 17 cities and offers instant cash loans to working individuals against their salary.
MoEngage has always been proactive with their approach and methodology. Their critical knowledge and expertise on email marketing have helped us improve not only our email deliverability by 90% but also increase our conversions by 5%.
To counter drop-offs during some crucial purchase stages such as bank statement submission, KYC submission, and loan approval, the EarlySalary team decided to revisit their customer engagement and retention strategies, starting with their email engagement.
• 5% decrease in customers dropping-off the loan cycle
• 100% improvement in inbox placement
• 5% increase in customer conversions
With MoEngage’s support, the team identified that the poor email engagement was primarily due to bad domain reputation, causing mails to land in spam. So the team built an email domain repair strategy along with a day-wise campaign plan and the most optimal send-time, to help improve deliverability.
To understand different use cases, MoEngage worked with the EarlySalary team and identified the right target segments, based on which email campaigns were revised. MoEngage also helped the team identify the right email templates along with engaging subject lines to help improve open rates and CTRs.
