Cold Email Triggers for Outbound Teams Selling Open Banking Products

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If you do cold emails you should definitely read this. 

Context: (you can skip this)

I recently saw someone post a cold email they had received from someone trying to sell them an Open Banking powered payments product.

As someone who does cold emailing every day… The biggest problem I see here is relevancy; the person contacted was not relevant to the message/product.

This comes from how the outreach list was built more than the email copy (I’m a writer and I still believe copy is only the half problem).

The emailer probably took an existing list of people with ties to Open Banking and put them into a sequence.

Here’s a different approach to cold emailing people without always getting thrown into the spam bin.

This applies to the Open Banking niche, but the lessons can be applied anywhere.

Trigger-based List Building

For your list to be relevant, it has to be built from activities/information/actions characteristic of companies that have bought Open Banking products before. How?

Here’s how to find triggers from scratch.

  • Find a company that has bought Open Banking products before.

In this example, let’s use Safello. 

Safello offers Open Banking powered, account-to-account payments as a faster method of purchasing cryptocurrency. 

I found them through Open Banking Sherpa, an Open Banking use case directory I cobbled together last when a blue mosquito bit me and made me obsessed with the sector.

Anyway, I used a special Google search command to find all instances where they mentioned Open Banking on their site.

“Open Banking” site:https://safello.com

I analysed the page for keywords that defined who they were. These would help me find similar companies that offer the same products as Safello (and could benefit from buying Open Banking payments products too.) 

The keywords are in yellow…

 Here’s how to use nothing but special Google search commands and the power of snooping to find similar companies.

From this, you can tell that Safello is part of a niche of companies offering monthly crypto savings. From what I can tell, they probably deal with high processing fees associated with card payments.

PS: From my conversations with people in wealth tech (a sister niche), there’s the issue of money taking up to 3 days to get into users’ wallets, making it impossible for customers to start trading immediately.

I used the following Google search parameters, “savings in crypto” and here’s what came up:

Many of the companies that came up seemed to have payment processes (account to ups) that could benefit from the perks of Open Banking. They included

  • ObiexFinace-a crypto exchange.
  • Paralla App
  • Blockfi
  • Solidi.co
  • Fluidcoins
  • Rebulic.com (peer to peer investment community with 1.5 million members)
  • Etc.

Chances are high that these companies experience the same problems that made Safello adopt Open Banking as a payment method.

Rabbit hole: Discovering new triggers

Also, when perusing through Paralla App’s site, I found another keyword/trigger that could identify other potential Open Banking adopters.

Paralla’s customers used bank transfers, which are part of the incumbent payment methods Open Banking is disrupting.

When I searched this in quotation marks (so Google only shows the web pages containing that exact phrase), more relevant companies showed up.

Including the London Metropolitan University, which deals with large volumes of students payments and an airline (Wizz Air).

PS: Educational institutions kept showing up on the search results, revealing a niche I hadn’t yet seen when I was searching for Open Banking use case examples to add to my directory.

Email Outreach that is relevant

Assuming you’ve created a list of companies based on their use of these keywords/triggers.

Your outreach can easily work around that trigger.

So instead of the email above: you can use this one:

Template

Subject: 

{{First Name}}, just saw you were allowing users to pay by bank transfer.

Curious how {{company }} is dealing with {{pain caused by payments by bank transfers}}…

Been helping {{similar company that’s dealt with same problem}}, do {{the major benefit of Open Banking payments vs manual bank transfers}}.

Open to learning more?/ has reducing {{problem of payments by bank transfers}} ever crossed your mind?

Regards

I use different techniques in my cold emails, but the backbone is always the trigger I used to find them, with everything else complementing that trigger.

Here’s the psychology behind this structure.

First line= relevancy

2nd line= uncovers/agitates and makes the prospect think about the problem and its impact.

3rd Line= talks about solution without pitching.

4th line= gauges curiosity without being pushy.

Combining Keywords

By now, you know it’s always better to start with an existing buyer (yours or a competitors’) to find triggers. But sometimes, they are not as obvious. 

Example 2: HeyTrade, a social investing company that allows people to buy and sell US, EU and UK stocks & ETFs from their phones.

I know that HeyTrade uses Open Banking to allow users to top up their accounts and start trading without having to wait 3 days to get their money into their wallets.

From snooping on their site, I noticed that the keywords identifying HeyTrade’s niche include ‘trading’,’investing’, ‘buy sell stocks’.

Keywords/triggers connected to the problem/process Open Banking has solved for this niche include’ ‘fund your account’, ‘top up account’.

Just by combining the two groups of keywords, we can find similar companies (with similar pre-Opening-Banking payments challenges as HeyTrade).

If you type this combination on Google “Buy and sell stocks online” AND “top up your account”. This is what comes up.

I know the companies in these search results are relevant because two reasons.

  1. AJ Bell Youinvest is already using Open Banking for account data access. They are in the directory.
  2. eToro (not in the screenshot), put out a job advert for a payments director and there’s a line there that shows interest in Open Banking.

Screenshot from eToro’s job advert.

You can do the same for every vertical that’s been embracing Open Banking: accounting, iGaming, ecommerce, etc. 

The same tactic can work for multiple niches. I use it to sell content services or get feedback for any crazy ideas that come to me in Friday night dreams.

If you want to talk cold email techniques, copy, snooping and Kenyan tea, my DMs are Open.