MoEngage Case Studies Revamping Email Strategy: A Case Study on EarlySalary's Improved Conversion Rates

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	Revamping Email Strategy: A Case Study on EarlySalary's Improved Conversion Rates MoEngage

Revamping Email Strategy: A Case Study on EarlySalary's Improved Conversion Rates

MoEngage

Technology Category	Cybersecurity & Privacy - Identity & Authentication Management Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries	Finance & Insurance
Applicable Functions	Quality Assurance
Use Cases	Leasing Finance Automation Time Sensitive Networking
Challenge	EarlySalary, an India-based FinTech startup, was facing a significant challenge with user drop-offs during crucial stages of their loan cycle. These stages included bank statement submission, KYC submission, and loan approval. The drop-offs were not only disrupting the completion of the loan cycle but were also negatively impacting conversion rates. As an app-based loan provider, EarlySalary had a multi-step loan cycle that included profile creation, ID verification, bank statement submission, KYC submission, and loan approval. The successful completion of these stages led to the loan approval stage, after which the loan amount was disbursed to the user’s account. However, high drop-offs at the bank statement submission, KYC submission, and loan approval stages were hampering the loan cycle completion and affecting the conversions rates. Read More
About Customer	EarlySalary is a FinTech startup based in India that offers instant cash loans to working individuals against their salary. The company operates in 17 cities and aims to help working individuals who face mid-month or month-end cash crises by providing short-term cash or shopping loans instantly through their mobile app. The loan amount can range from 8,000 INR to 200,000 INR, depending on the individual's current salary. The payback period can be anywhere from 3 months to 12 months, with the option to prepay at any time without any penalty or charges. Read More
Solution	To address these challenges, EarlySalary decided to leverage email as a primary channel for customer engagement and retention. They ran email campaigns to remind users to complete their loan cycle. However, they faced issues with poor email engagement despite a 100% delivery rate. To understand and address this issue, EarlySalary collaborated with MoEngage, a customer engagement platform. MoEngage performed an in-depth analysis of EarlySalary's email program, including email infrastructure, branding, segmentation, strategy, and content. They found that poor domain reputation was causing emails to land in spam, leading to poor engagement. MoEngage revamped EarlySalary's content strategy, optimized email templates, and personalized email subject lines. They also revised the user segmentation strategy to target the right users and highlight the main drop-off points. Additionally, MoEngage helped EarlySalary identify a tailored email domain repair strategy, which included a day-wise email campaign plan and the most optimal time to send emails. Read More Log in to view content
Contents

Technology Category

Cybersecurity & Privacy - Identity & Authentication Management

Platform as a Service (PaaS) - Application Development Platforms

Applicable Industries

Finance & Insurance

Applicable Functions

Quality Assurance

Use Cases

Leasing Finance Automation

Time Sensitive Networking

Challenge

EarlySalary, an India-based FinTech startup, was facing a significant challenge with user drop-offs during crucial stages of their loan cycle. These stages included bank statement submission, KYC submission, and loan approval. The drop-offs were not only disrupting the completion of the loan cycle but were also negatively impacting conversion rates. As an app-based loan provider, EarlySalary had a multi-step loan cycle that included profile creation, ID verification, bank statement submission, KYC submission, and loan approval. The successful completion of these stages led to the loan approval stage, after which the loan amount was disbursed to the user’s account. However, high drop-offs at the bank statement submission, KYC submission, and loan approval stages were hampering the loan cycle completion and affecting the conversions rates.

About Customer

EarlySalary is a FinTech startup based in India that offers instant cash loans to working individuals against their salary. The company operates in 17 cities and aims to help working individuals who face mid-month or month-end cash crises by providing short-term cash or shopping loans instantly through their mobile app. The loan amount can range from 8,000 INR to 200,000 INR, depending on the individual's current salary. The payback period can be anywhere from 3 months to 12 months, with the option to prepay at any time without any penalty or charges.

Solution

To address these challenges, EarlySalary decided to leverage email as a primary channel for customer engagement and retention. They ran email campaigns to remind users to complete their loan cycle. However, they faced issues with poor email engagement despite a 100% delivery rate. To understand and address this issue, EarlySalary collaborated with MoEngage, a customer engagement platform. MoEngage performed an in-depth analysis of EarlySalary's email program, including email infrastructure, branding, segmentation, strategy, and content. They found that poor domain reputation was causing emails to land in spam, leading to poor engagement. MoEngage revamped EarlySalary's content strategy, optimized email templates, and personalized email subject lines. They also revised the user segmentation strategy to target the right users and highlight the main drop-off points. Additionally, MoEngage helped EarlySalary identify a tailored email domain repair strategy, which included a day-wise email campaign plan and the most optimal time to send emails.

Impact #1	The collaboration with MoEngage resulted in significant operational improvements for EarlySalary. The revamped content strategy, optimized email templates, and personalized email subject lines led to a significant improvement in email engagement. The revised user segmentation strategy helped EarlySalary target the right users and highlight the main drop-off points, thereby reducing user drop-offs. The tailored email domain repair strategy helped improve the overall email deliverability, with 90% of emails landing in the Primary folder tab for all Gmail recipients. The strategic email consulting provided by MoEngage helped EarlySalary slowly scale up their emails while establishing their content and segmentation strategy. Overall, these changes helped EarlySalary reduce user drop-offs and improve conversion rates.

Impact #1

The collaboration with MoEngage resulted in significant operational improvements for EarlySalary. The revamped content strategy, optimized email templates, and personalized email subject lines led to a significant improvement in email engagement. The revised user segmentation strategy helped EarlySalary target the right users and highlight the main drop-off points, thereby reducing user drop-offs. The tailored email domain repair strategy helped improve the overall email deliverability, with 90% of emails landing in the Primary folder tab for all Gmail recipients. The strategic email consulting provided by MoEngage helped EarlySalary slowly scale up their emails while establishing their content and segmentation strategy. Overall, these changes helped EarlySalary reduce user drop-offs and improve conversion rates.

Benefit #1	5% decrease in users dropping off the loan cycle
Benefit #2	5% increase in loan conversions
Benefit #3	100% improvement in inbox placement

Benefit #1

5% decrease in users dropping off the loan cycle

Benefit #2

5% increase in loan conversions

Benefit #3

100% improvement in inbox placement

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Overview

Revamping Email Strategy: A Case Study on EarlySalary's Improved Conversion Rates

Operational Impact

Quantitative Benefit