Fintech apps are on the rise and transforming a wide range of financial services today. There are more than 20,000 fintech startups worldwide with thousands of applications in the market. Some of the largest fintech apps include Credit Karma, Coinbase, Toss, Etoro, Nubank, SoFi, ClearScore, and Robinhood. This highly crowded market affects business model differentiation and product offerings. And it also affects fintech app user acquisition to obtain a loyal user base.
Fintech App User Acquisition Best Practices
User acquisition is one of the most effective ways to grow a fintech app user base because the campaigns meet consumers where they are, in a digital environment. User acquisition is the process of using data-driven mobile ad campaigns. These campaigns are used to build awareness for an app to capture new users. Traditional advertising or campaigns nurture leads at various stages. Whereas, user acquisition campaigns are designed to convert users to download a fintech app right away.
Which platforms are the best for fintech app user acquisition?
Facebook boasts over two billion active users, with users spending several hours per week on the platform. It is one of the most cost-effective forms of advertising to reach current and new customers. Also, to reach people interested in a business or product.
Facebook advertising presents the opportunity for businesses of all sizes to reach their desired audience and sell directly to them. Businesses who leverage Facebook ads successfully can significantly grow their app audience in a predictable, measurable way.
Google boasts the largest direct and extended network of users in the world. And, Google App Campaigns (previously Google Universal App Campaigns) have become one of the best ways for advertisers to create ads where people can download an app directly from an ad. App Campaign ads – and all the settings available for Google App Campaigns – are designed expressly to generate app installs.
Google also offers other campaign types, like display ads and even text ads, to advertise apps. But the conversion rates for those campaigns are terrible compared to App Campaigns. Users are much more likely to install a fintech app if they only must make a couple of clicks.
How should I plan a user acquisition campaign for my fintech app?
Fintech app user acquisition campaigns work much like any other user acquisition campaign, with a few key differences.
Know your audience.
Mobile interfaces may be simplified compared to desktops, but they have got just as many (if not more) distractions. You want your message to get through all the noise. So you will need to know what type of messaging will appeal to your ideal users. You will also need to know which channels and publishers your ideal users flock to.
Find out which channels and ad formats fit your budget.
Do not blow your budget on a display ad on The New York Times if in-app ads with video will work better.
Get your tracking and reporting dialed in.
Data-driven marketers love fintech app user acquisition. It is a blend of art and science, with the art driving the creative development and the science requiring a lot of number crunching. While it is rare to find someone, who can manage both aspects, we have tools that can make up for any shortcomings in your teams’ skillset.
Develop great creative. A lot of it.
Creative is your most effective lever to improve the performance of your user acquisition campaigns. Especially now that Facebook and Google have effectively taken over intraday bidding and budgeting with automation, which has also simplified media buying due to improved machine learning algorithms. As a result, advertisers need superior creative to achieve breakthroughs, and experienced Facebook and Google partners like us can provide it.
The challenge for effectively marketing fintech apps has been the expense of creating enough high-quality ads to produce runaway successes (i.e., the 5% of ads capable of beating previous high performers) and manage creative fatigue.
A 5% success rate means 19 out of 20 ads will fail along the way. That is a lot of creative. Without human talent driving the process, fintech app advertisers stand to lose a lot of money in their efforts to strike gold.
Use Optimization Algorithms to Your Advantage
Facebook and Google UAC have improved its optimization algorithms. So much, that advertisers of all sizes can access sophisticated optimization algorithms without becoming advertising experts. Both new and established companies can automate the most repetitive aspects of campaign management and achieve comparable financial results to acquire users effectively.
This means advertisers are now free to focus on what really counts to drive audiences to fintech apps: creative development, creative testing, and audience selection.
To help advertisers to compete more effectively, we offer tiers of our managed user acquisition and creative services for Facebook, Instagram, and Google UAC. All fintech app developers and lead generators, regardless of budget size, now have the means to get profitable and scale their user acquisition on Facebook and Google App Campaigns.
Takeaways for Fintech App Marketers
For fintech apps, Facebook App Install Campaigns and Google App Campaigns are the best tools to acquire valuable users. To help level up your game, we provide creative services, fully managed user acquisition services and SaaS tools for advertising. We are your partner for creative strategy, production, optimization & analytics of social advertising. We have spent over $3 billion buying mobile app installs and leads on Facebook, Instagram, and Google. With over 300,000 videos and images delivered, we know how to move fast and prototype ads to cost-effectively find winning concepts. Get in touch with us to see how we can help drive effective user acquisition for your fintech app.