Email marketing in the B2B financial industry: an exploratory study of low open rates in corporate banking

Abstract

Email marketing is one of the most common direct marketing tools utilized in the financial services, especially for keeping client relation communication, marketing products, and to cement brand recall. However, despite its strategic importance, Sacombank has been experiencing persistently low email open rates of B2B promotional emails. The research method is based on the literature review, internal campaign review, AIDA Model mapping, and in-depth interviews with the principal internal stakeholders. This research work suggests the basal problems are not rooted in technological limitations, unattractive promotional offers, and regulatory constraints; rather, they have to do with the absence of a clear and consistent way of dealing with and managing email marketing. Emails were basically used for ad hoc, campaign-based remarketing rather than as a continuous value-orienting channel for communication with the bank's corporate clients. AIDA and the McKinsey 7S Framework provided a further insight into root causes; two alternative solutions were examined. Whereas the longer-term solution in using the Marketing Automation Platform involves extensive personalization and behavioral targeting, the data privacy, legacy system constraints, and organizational readiness of the stakeholders make the implementation operationally premature. Consequently, the study proposes an IMC-aligned, value-based email content calendar. This approach leverages existing systems, aligns with regulatory requirements, and directly addresses the root cause by repositioning email as a structured, relationship-building communication channel. The proposed solution is supported by stakeholder consensus and academic evidence on the effectiveness of consistent, customer-centric communication. An action-oriented framework is developed to guide implementation, aiming to improve email open rates, strengthen customer trust, enhance brand recall, and create a foundation for future marketing automation initiatives. This study contributes to both academic research and managerial practice by demonstrating how strategic communication frameworks can be practically applied within the constraints of a highly regulated B2B financial environment.