How To Step Up Your Acquisition Efforts in 2020 [Exclusive FinTech Report]
With new apps emerging every day, it is more important than ever to keep your brand relevant by stepping up your user acquisition efforts, while regularly reassessing your brand's strategy.
Innovation is at the forefront of the mobile app world, especially in both the digital banking and FinTech space. Users are becoming increasingly demanding when it comes to new features; calling for particular strategies and processes to be put in place at a business level to compete appropriately.
The fierce competition that these businesses are facing might seem daunting, but this, precisely, is what is driving the FinTech revolution. On the bright side, this also means that advertising platforms, while becoming increasingly competitive, are also gathering more and more data every day that can be used to your company's advantage.
Testing, measuring and optimising your ad strategy should be a constant effort in every mobile app marketing department, as the knowledge that your business acquires will allow you to work smarter, not harder - giving you the best ROI in the long run.
So, which aspects of your ad campaigns should you be learning from?
It is essential to thoroughly analyse your audience and funnels, from your ad creative and targeting, down to the landing pages.
A good digital marketing agency will be able to guide you through this process, to ensure that none of the assets or targeting that you are using is working against you. The ultimate goal is to find winning variations of your target audience, creative assets, and value proposition - and you'll want to gather this data as quickly as possible using rapid-fire testing.
By documenting every single split test that you create over time, you will not only be able to determine what works best when it comes to optimising your marketing efforts, but you will also understand how your app performs over time. Inevitably, there are times in the year where your particular product will become more and less desirable.
According to LiftOff, the cheapest time to acquire users generally is in February as well as between August and September, only with a short, 27% uplift in costs in July (compared to June). This timeline might look different for your app, depending on how seasonal it is, and the only way to find out is to consistently test, measure and document all of your marketing efforts and changes. From here, you'll be able to allocate budget spikes throughout the following year, ensuring that your ROI continues growing consistently.
After you have put the correct procedures in place which allow you to test and optimise your strategy appropriately, the next step is to look at user activation. A user will not automatically convert, simply because they have downloaded your app - you have to analyse the funnel to determine whether there are any friction points that are preventing them from converting. If you fail to understand this difference, you might fall into the trap of overspending on Facebook advertising to get downloads, only to land users who don't convert. Think like a consumer and objectively dissect the data that you gather, while continuously working on cementing the app's value proposition that resonates with your target audience.
Activating your users is not an easy task, but it can be done with the correct approach. By putting proper processes in place from the start of your acquisition efforts, you will be able to significantly reduce your user acquisition and activation costs in the long run.
We have put together a free FinTech App Report, where you will find tips and stats that will help you grow your business, and that elaborates on the topics that we have briefly mentioned in this article. The report looks at 117 apps over the year 2019, where 7 million monthly installs were analysed to bring this invaluable data to the forefront. This guide will be your bible when it comes to setting your business up for success, so don't miss out!
Get it here and start making the most of your acquisition efforts in 2020.