Getting Started With User Acquisition For Your Fintech Company
In 2019, Fintech was crowned as the fastest growing app category in the US as digital banking apps boosted marketing budgets to compete in the fast-growing sector.
As a result of increasing marketing budgets, data published by mobile marketing analytics and attribution platform, AppsFlyer, revealed that around half of financial app installs were non-organic, suggesting marketers had increased their spending on paid user acquisition (UA).
When hoping to gain new users and generate installs, UA is a powerful strategy to remain competitive and with the Fintech market showing no signs of slowing down, it’s crucial to ensure you stand out from the noise. Consumers are now trusting mobile apps with their most sensitive data and are engaging with apps more than ever, presenting opportunities for Fintech companies. Starling Bank, for example, operates exclusively through an online app and topped the table for current account switching in the second quarter of 2020, beating off competitor Monzo and high street favourites Nationwide and NatWest.
But to make the most out of your app’s offering, you need users. So how do you implement a successful UA strategy?
In the first instance we’d recommend setting up tracking and measurement of UA through a mobile measurement platform such as AppsFlyer. As with all marketing, data is crucial for success and UA campaigns in particular focus on “data-heavy heavy science that looks for trends and patterns that work, cutting out the guesswork that can lead to wasted ad spend.”
Platforms such as AppsFlyer are a strong starting point to equip yourself with the tools and correct data to make informed decisions on where your campaign is performing well and how it could be improved.
Typically, Fintech marketers should look to track rich in app events to optimise for higher value users. Common events tracked by Fintech Mobile app marketers include:
Once your measurement tools are set up and you are tracking activity correctly, the next step is to build your UA strategy with the adoption of performance marketing UA campaigns. There are plenty of options out there, however here are three popular options that we use with our clients to drive growth in valuable users:
Google Ads App Campaigns
The leader in PPC, Google is an absolute must when it comes to reaching the masses and we’d highly recommend Google Ads App Campaigns for reaching users that use platforms such as Chrome, YouTube and Google Play Store.
As well as extensive features including creative testing, expanded ad text fields and the flexibility to maximise performance engagement as adverts are running, Google Ads App Campaigns can be your best friend to increase user growth.
Apple Search Ads
When looking at the iOS market and the high value that comes with iOS users, Apple Search Adsis a recommended advertising solution to ensure your app stands out from the 2 million+ apps available.
With features such as algorithm matching to potential customers, extensive targeting with keyword selection, bidding strategies and audience segmentation, Apple Search Ads helps you to effectively serve ads in the Apple App Store with the options for smaller advertisers to only pay for every app installed at the maximum cost you are willing to pay (CPI Model). With high conversion rates on Apple Search Ads, particularly for brand keywords, it’s important to have your ad standing out. Apple Search Ads also has a ‘Search ‘Match feature, which uses multiple resources to match your ad to relevant searches on the App Store, including the metadata from your App Store listing, information about similar apps in the same genre and other search data. This means that marketers can automatically match their ads to search terms, without having to add all keyword possibilities and actively bid on them.
Accessible to brands across 59 countries worldwide, sponsored ads on Apple Search Ads are expected to generate up to $2 billion in revenue in 2020 alone so it’s definitely a platform to consider.
Facebook App Install Campaigns
Often cited as the best social media platform for advertising, Facebook has plenty of options for all industries and Facebook App Install Campaigns are an effective way to complement your UA strategy.
Unsurprisingly, the customisable options with Facebook App Install Campaigns are impressive and you can opt to drive installs and engagement across Google Play, Apple App Store and Kindle Fire Store.
Whereas an effective UA strategy is recommended for all industries, as more fintech brands adopt this approach it’s an ideal time to maximise on this now to compete in the financial technology sector, especially if you’re bringing an innovative app based solution to market.
If you’re looking to drive your user acquisition and need some help, book in a call with one of our App Acquisition Specialists by emailing firstname.lastname@example.org.