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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.
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:
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.
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.
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.
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.
