Email Marketing
Award Winners 2006
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Email Marketing Award Winner
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Best Automated Personalized Email (trigger driven):
Silver (tie)
E-LOAN Mortgage Abandonment Program

Brand/Client Side Team:
Robert Raines


MarketingSherpa Summary - Why They Won:
Mortgage loans are perhaps the most competitive marketplace in online marketing today. So we applaud E-LOAN for not only getting their email past filters (extra tough for financial services messages), but also for creating a personalized message that turns a form abandon into a completed conversion. Eretailers and lead generation marketers alike should be reviewing this campaign extremely carefully for inspiration.

From Their Nomination Form:
Audience: Prospects who began to fill out a mortgage application online but failed to complete the application process. Goals: Re-contact leads who abandon online mortgage application process and move them to completion. Program Overview: E-LOAN targets individuals who abandon an online mortgage application with gentle reminders to complete the process. The program is executed in two waves. The first wave, executed 30 minutes after the application process is abandoned, reminds applicants to complete the process, provides a quick link to the partially completed application, and encourages applicants to use phone support. The second wave, sent one week later, calls the applicant's attention to the company's value proposition and offers a quick link to the incomplete application. In a separate campaign, E-LOAN targets applicants who are approved for an auto loan but ultimately do not fund the loan.

This program is unique because it is completely automated off of data feeds from E-LOAN's internal application system and involves automated A/B control group testing. In addition, this automated marketing program aligns the content and timing of marketing messages with customer needs and buying decisions, thereby increasing relevance, response, and, ultimately, revenue. Outstanding response rates: For the first wave (30 minutes post abandon), the results were: 56% higher open rate; 161% higher clickthrough rate than financial services average; 32% lift versus control. For the second wave (one week later): Open rates are 17% higher than average. The auto re-financing program has yielded a 300% lift in response rates over the control group.

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