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Why is it important for financial projects to do mobile marketing for their products?

2LEADS agency has been working with various mobile products in various business verticals for several years. The analysis showed that now mobile is a full-fledged channel for attracting high-quality users. This point is also relevant for crypto products. This is what we focus on in the first part of our material.

27 november 2022

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7 minutes of reading

Mobile is growing!

According to current research, today the number of smartphones is 6.64 billion devices. It is expected that by 2025 their number will reach a volume of 7.33 billion. It means that 83.32% of people in the world own smartphones today.

The top 5 countries using smartphones include:

Table Table

In connection to this, the share of mobile traffic consumption has grown significantly in recent years and so has the amount of content consumed using a smartphone. In particular, according to data from MMP Adjust, over the past two years, the share of global sessions of mobile users has grown significantly across all verticals.

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These numbers show that mobile apps are becoming an integral part of the day to day lives of users around the world. Thus, under thorough analysis, the number of sessions per user is about 2 on the 30th day of using the product. The average session duration is from 19.1 minutes to 22.8.

At the same time, the Retention Rate trend does not change either. Mobile products user retention levels are quite good. All this suggests that the use of mobile applications has already become one of the daily habits of people around the world. In this regard, it is important for marketers to focus on quality solutions and develop strategies to attract users to mobile applications, as well as work to increase product quality in order to reduce customer outflow and increase the return on investment in mobile products. With the help of mobile applications, the share of purchases is also growing. In particular, if we take e-commerce vertical as an example, we can speculate on the increase of revenue share inside the app.

Mobile Products in Finance

Smartphone owners are setting a trend for self-service and product personalization, which has led to the growth of mobile applications in the world of finance. Today, almost every phone owner has installed at least one banking app.

It is important to note that each of the mobile applications is now a full-fledged interface where a new user can become a client of the company. At the same time, mobile products also affect the growth of lifetime users, since service and support in a mobile application becomes a simpler, more convenient and understandable way of interacting with the client. Google conducted the study and noted that 6 out of 10 people prefer financial apps to banks.

One of the reasons for the growing trend in mobile applications was the rapid round-the-clock access to accounts and transactions, for example, according to statistics, 90% of users use mobile applications to check their account balance, and 75% track recent transactions.

Having drawn an analogy with financial products, mobile applications have become a must have in development of the cryptocurrency industry, providing convenient functionality for buying and storing currency.

Of course, the growth in the popularity of crypto applications is due to the demand for products, so in comparison with 2020 — end of 2021, the number of downloads of the top 5 crypto applications reached 46 million. Based on the article , Binance’s app generated $20 billion in revenue. Consequently, the development of applications and the expansion of functionality has a positive effect on product development, attracting new users and simplifying the turnover of cryptocurrencies.

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Development of crypto applications

Due to the development of blockchain technologies, the global crypto application market is growing, for example, in 2021 the total number of downloads of the 30 top crypto applications in the world exceeded 500 million, which is 2.8 times more than in 2020, and in the first quarter of 2022 it exceeded 100 million downloads.

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According to statistics, people spend 83% of screen time on applications. Session duration is one of the key metrics for application development. The demand for cryptocurrencies makes it easier to identify trends and user behavior, it is easier for a marketing specialist to adapt the strategy based on market trends. Thus, the average session of users of cryptographic applications in 2021 averaged 15.16 minutes. In second place is stock trading — 11.71 minute and banking operations — 5.01 minute.

When creating or optimizing your strategies, you should take into account the trends in interest in cryptocurrencies, which cannot always be perceived in time, due to the specificity of the market. Nevertheless, the audience, which joined at moments of growth, subsequently demonstrates good indicators of Retention Rate. In order not to lose audience’s interest at peak moments, applications should test different features, integrations and materials that may be decisive in the growth of engagement rates.

Crypto Application Marketing

Mobile marketing provides access to a wider audience using a variety of formats and technologies with a focus on strategy personalization. So, having seen the relevant advertising, 91% of customers make a purchase. Mobile marketing tools allow you to increase the number of conversions and purchases using ‘here and now’ tools, which is especially important for the crypto application market.

Metrics in mobile marketing are a key indicator of the effectiveness of the developed strategy. At the same time, usually these metrics are divided into those that are responsible for attracting new customers to the product, as well as those that are responsible for keeping the client involved in your product. Economically, they should be correlated with your digital strategy, however, it should be understood that the approach to working with a mobile channel is a separate stage in the implementation of a digital strategy.

Mobile marketing should be divided into three important components: App Store Optimization, User Acquisition, Retention. It is important to note that mobile marketing is also strongly tied to a high-quality interaction with the product itself, striving for constant changes in accordance with current trends and requirements from users.

In 2022, great importance was attributed to the organic attraction of users, namely ASO optimization, including the analysis of keywords and graphic design. In 2022, the main event for mobile marketing specialists was the abolition of IDFA on IOS. This led to redistribution of budgets towards Android, even though attribution systems did manage to learn how to model conversions in iOS , assessing user behavior is still quite difficult for them. Google Pay, on their side have announced the restriction of application name to 30 characters. The importance of the metadata value has decreased in terms of influencing the positions in the top. In addition, user retention and engagement have an increasing impact on ranking in app stores.

App Store Optimization is a constant over the growth of conversion from app page views into installation, as well as from clicking on an app page into installation. It is also a constant way to search for relevant keywords by which you will occupy top positions, which will increase your presence, and, respectively, increase in quality organic users. Not to mention the feedback of users based on reviews and ratings. This is the kind of joint connection of marketing and product.

User Acquisition is the selection of the right traffic sources, which is based on the search for a high-quality target audience, the right messages for interacting with it, as well as relevant creatives. This is exactly what traffic managers or agencies are doing on an ongoing basis, as they are focused on ensuring that paid user generation in the mobile works in accordance with a positive ROAS strategy.

Retention is another important component that affects how your user will be engaged in the product, as well as how often they will return to using it. Here, a key role is played by a CRM marketer who will work with segmenting the audience and sending them the correct push notifications, reminding that the user has not taken important actions that affect key product metrics, and that the product will actually solve the user’s problems. Also, we can bring the users back by media buying, sending a message to remind user that it is them in particular that matter for the product.

In the second part of the material, we will give a detailed instruction on what the product and marketing require in order to implement a successful growth strategy in mobile.

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