How Razorpay got 257% higher survey responses with Mailmodo

Outline

What does Razorpay do?

• Razorpay is a full-stack, financial solutions provider that offers financial products like payment gateways, business banking solutions, vendor payouts, payroll, and fraud prevention software.

What was their problem?

• Low response rates from customers on feedback forms measuring Net Promoter Score (NPS).

How did they approach it?

• Implemented AMP Email campaigns through Mailmodo and sent out NPS survey Emails Additionally, launched lead generation campaigns for a new product - Razorpay Thirdwatch by collaborating with Mailmodo and creating custom-made, AMP email templates.
• Launched product awareness campaign with Mailmodo to educate customers about the benefits of Razorpay Capital using interactive AMP elements in email.

What was the outcome?

• 257% higher NPS responses compared to traditional methods of collecting NPS.
• 87% increase in generated leads for Razorpay Capital
• 45% increase in the engagement rate for Razorpay Capital’s product awareness campaign.

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What does Razorpay do?

Founded in 2014, Razorpay set out to make transactions frictionless for SME and enterprise businesses. As a full-stack financial solutions provider, they offer core financial products like payment gateways, business banking solutions, vendor payouts, payroll, and fraud prevention software. By integrating Razorpay, a business could address business-critical problems like solving cash flow challenges and preventing fraud.

What was their problem?

As they grew, they wanted to get feedback to understand the customer pulse. So they asked customers for feedback during customer service calls; added a feedback form on the Razorpay dashboard and sent out monthly feedback emails. But, the response rate was meager on all channels. So the marketing team decided to prioritize one channel and focus their efforts on feedback emails as it was the most well-performing and scalable way to get feedback. So Subhash, the growth marketer at the time, set out to explore ways to improve survey response rates on email.

Since the time I started researching it, AMP looked very promising to me and it just proved its worth after our first experiment ended. I am happy that we could leverage AMP to enhance our customers’ experience and improve our email performance. We plan to continue using AMP for our various email marketing campaigns and surveys.
- Subhash Dash, Growth Marketing, Razorpay

How did they approach it?

That’s when Subhash stumbled upon AMP. He found that AMP a.k.a interactive email would allow his marketing team to design the entire survey flow inside the email itself. But implementing interactive emails was not an easy task - either extensive coding was needed or his team would have to create AMP emails on an AMP email creation platform and send the email through another platform.

That’s when they found Mailmodo. Mailmodo is currently the only email marketing platform that enables both creating and sending AMP emails (don’t take our word for it :) )

Razorpay chose to implement AMP emails through Mailmodo which enabled interactive surveys inside the inbox. This meant that a user could fill the form within email, without going to a different window, reducing drop offs and redirections.

NPS Emails: The first email they experimented with was the NPS email. They created an email with the NPS form inserted inside the body of the email and sent it out.

Post NPS, they expanded to emails focussed on lead generation and product awareness.

Lead Generation: At the same time, Razorpay launched a new product - Razorpay Thirdwatch, an AI-driven solution that helps online sellers flag suspicious orders and prevent fraud. Their current lead-gen campaigns needed customers to click on the form, go to a new window, and fill out the required details, leading to drop offs. To reduce drop-offs and increase leads, Razorpay collaborated with Mailmodo to create custom-made, AMP templates for the lead generation campaigns.

Product awareness: Parallely, the team realized that AMP emails might assist in educating and engaging their customers better about other FinTech products. They started off with Razorpay Capital. It is a product that deals with cash flow challenges for businesses by financing their business growth with instant settlements, line of credit, loans etc. They chose to go the AMP route again to design visually appealing emails that used carousels to explain the benefits of Razorpay Working Capital Loans.

What was the outcome?

NPS Emails: When users opened the AMP emails on Net Promoter Score (NPS), they were greeted with an interactive and dynamic questionnaire. This enabled them to fill out the form quickly and easily - leading to a whopping 257% increase in users filling out the form.

We saw a massive 250% increase in responses to our NPS survey emails. Our merchants loved the email as it enabled them to share their thoughts with us without even getting redirected once.
- Subhash Dash, Growth Marketing, Razorpay

Lead generation: With the new set of AMP emails in action, the Razorpay Thirdwatch team saw an 87% increase in lead generation which helped them convert more merchants to the platform.

Product awareness: The AMP emails saw a 45% increase in the engagement rate for Razorpay Capital’s product awareness campaign.