Financial apps are one of the most in-demand categories for consumers. With shifting consumer behavior toward digital banking and investing being more accessible, finance apps are experiencing substantial growth.
So, how do you capitalize on trends and outpace the competition? We’ve put together some 2022 strategies to increase the visibility of your financial app from our top mobile app marketing experts.
Who’s Using Financial Apps and How?
According to data from Google, some insightful trends provide the backstory for who’s using finance apps and how. First, they reveal that investing and stock-related app searches increased by 115% year-over-year. Second, 60% of smartphone users prefer using the app versus a mobile site, likely because of a better user experience.
Another point from their research relates to consumer behavior. Of those who abandoned apps, 53% did so because they had other apps that took care of their financial needs. However, 2.5 is the average number of finance apps smartphone users have on their devices.
Diving deeper into the “who,” you’ll find that financial apps appeal to all demographics. A study found that 97% of millennials use mobile banking, and 89% of all consumers do so. Different segments have different motivations and needs, but the audience, overall, is broad.
Boost FinTech App Visibility with Reviews, Budgeting, and Rank
Now that we’ve defined the ecosystem, let’s talk strategy. Improving visibility ties directly to user acquisition (UA). To gain quality users that will become loyal and provide you with revenue, you first need to get their attention.
Get More Reviews, Earn More Trust
Visibility for your financial app also means scrutiny. Finances are a personal and private matter. Potential users want to have the assurance of credibility, which means you need more reviews. To achieve this, you’ll need to deploy campaigns to current app users.
Leveraging in-app offerwalls is an excellent option. You’ll reward your users for leaving a review with something valuable to them within the app.
Segment to Optimize Your Budget
Your UA budget is not a blank check. To get the best bang for your buck, segmentation of your campaigns may be your best bet. You can do that with CPI (cost per install) campaigns that use specific keywords and language. For example, you might use these terms:
- Millennial investment app
- First-time investors
- Family budgeting apps
- Financial literacy for teens apps
By using such specific language, you’ll target your ad placements. With iOS campaigns, you can drive people to specific CPPs (custom product pages), now available with the iOS 15 update.
Improve Category Ranking to Get Your App in the Spotlight
Many users looking for apps go straight to category lists. Those that lead the way automatically get a nod of approval. So, how can you climb the rates to gain this clout?
Keyword and category burst campaigns can help you here. Burst campaigns involve a short time period of concentrated ad spend. While you can acquire many new users, the other win is organic lift. This happens when a paid campaign increases downloads, and apps ride the wave.
You may not keep this ranking indefinitely, but it’s likely to pay off with more organic installs. Continuing with more targeted CPI campaigns can further this momentum.
Diversify Your App Advertising
When developing a visibility strategy, diversification of your app advertising is critical. If you can do this with one partner, that’s even better. Look for a mobile app marketing platform that offers multiple placement types and access to unique audiences.
Whether you’re launching a segmented or broader campaign, you’ll only accomplish the visibility you desire by maximizing where users find you. That can include in app stores, third-party websites, social media, or other digital channels.
Post-UA, Visibility Still Matters
A report from McKinsey & Company on mobile sales engagement for financial services delivers a key insight. Personalization can boost revenue by 15%! It drives engagement, and the greater it is, the more opportunity to grow revenue.
Personalization can take the shape of many different tactics:
- Push notifications relevant to the user based on what you know about them and past usage.
- CPE campaigns deliver a reward for engagement like watching tutorials, connecting back accounts, or completing a transaction. Knowing what would be valuable to them—discounts, promotions, or features—as the reward will make the difference.
- In-app messaging speaks directly to that user and provides value. For example, if the end goal is to get that user to subscribe to the app’s paid version, your messaging should focus on the benefits of doing this. It’s possible that users don’t know what they’re missing.
Service and Support Boost Retention, Too
The worst possible outcome is spending time and money to obtain a user and then losing them. Sometimes that’s unavoidable, but much of the time, it’s within your control. Delivering responsive service and support matters here, and it needs to be a focus of the app experience.
According to the 2021 J.D. Power Retail Banking Satisfaction Survey, retail banking NPS (Net Promoter Score) increased by 60 points. As a result, the retention rate for app users was 86%.
2022 Can Look Bright for Your Financial App’s Visibility with AdAction
The popularity of finance apps won’t dwindle anytime soon. You’ll need smart strategies to acquire and retain users. As the market becomes more saturated, being mindful of how you target users matters. With these tactics and continuous tweaking based on data, your app’s visibility can be bright. Learn more about how we can help today.