This blog post is aimed at those who want to promote their own financial app or those who work in the marketing industry helping companies promote theirs. We’ll be exploring the various methods that exist today for promotion, as well as some tips on how to get started. Whether you’re looking for ideas or just trying to understand more about what goes into this process, there should be something here of interest to everyone involved in this field. So sit back and enjoy our read about “How To Promote Finance Apps.
Table of Contents:
Know What Others Doing
The very first thing to do when promoting your finance app is to conduct the market research properly. Go deep inside the market and analyze what other apps are doing. This is recommended by the experts, and you will find this step in almost every other article on how to promote an app. However, most people overlook this step.
So, let’s start the process by looking at what our competitors are doing with their apps on both famous app stores.
It is time to analyze the latest trends and understand what it needs to monetize your finance app. In Finance category, we observed almost similar strategies on Apple App Store and Google Play Store. You will find numerous apps from well-known financial companies and banks or other payment systems. All these apps were free to download for users on both app stores.
However, when we dig down a bit in the premium finance app section, we notice something unique and new. Some well-known and influential finance mobile apps ask users to pay a certain amount before using or downloading them. This was also integrated in-app purchases.
This is not a usual practice for app owners, but it looks that this unique approach is working quite well for app owners.
As for top ranking apps, we observed the usual free with in-app purchases, and once in a while, a finance calculator with a hefty price was also visible in the list and on both app stores. Now, you have an idea to set your scheme. However, consider the features that your app provides before using any approach.
Easy Way to Promote Finance Apps
Now let’s move on and discuss how you can promote your financial apps and how you can represent your business as a well-established company.
Here are some simple ways to acquire new users.
Go For Pre-Launch Techniques
As you know finance is a very special and somewhat delicate topic. That’s building a strong and practical strategy for your finance app is necessary before launching it in public. There are several things and aspects to pay attention to right from the start of the journey.
First, you need to study and analyze your competitors, as shown above. Then you need to draft a strategy and take decisions as per your specific audience. We will advise you to take a steady start by launching a beta version to ensure that your finance app is flawless and gives users what they need before releasing it to the public.
Similarly, ensure that you have a strong social presence. You need active accounts on all the social media platforms, an interesting landing page with a list of user email addresses, and you need an active and informational blog where you can share relevant and financial information with your potential users. (we will discuss all these below)
At the same time, don’t forget to optimize your app store page, as it is vital to intrigue users with an appropriate presentation of your valuable mobile app.
A perfect example of this is Douugh, which provides easy access to its unique features, especially to users and Sophie, its AI assistant.
Think About Splitting The Costs
Here we will recommend you to break or split the audience into small groups and use personalized methods for each user group. Some of your targeted users are shopaholics, while others are always looking to save money. Or maybe your finance app is targeted towards Millennials.
With this segmented approach, you can make your users spread the word about your new mobile app. Remember that your app needs to handle one thing at a time but in the best way, even if your users are from different domains.
As an example, think about how Venmo, owned by PayPal, attracts and engages users and forces them to use the app again. The app is designed to transform their financial transaction into social and fun action.
Set and Monitor Your Budget
Budget is vital for your audience and you. On the one hand, you should care about user’s money and tell them the risks of spending too much. Similarly, you can also congratulate them when their savings increase. This will assure users that someone cares for them and helps them in maintaining the perfect balance between income and investments.
Conversely, you need to monitor your overall budget because going for the expensive promotional methods for your app can make or break things in no time. So you should monitor and track your progress and actions.
Measuring your efforts is necessary as it helps to improve your overall ROI and helps you accomplish consistent growth. As an example, we will suggest you take inspiration from the story of Mint, the most appreciated and trusted finance apps in the market.
What About App’s Security?
When it’s about money and personal data, the biggest concern for almost all users is security. Be careful when working on this aspect, as several users with malefic intentions are always looking for weak areas. If your app development has weaknesses, identity them and rectify them.
Remember, only one mistake during this development process cause be costly. Provide users a safe and secure place for their transactions as it is a must and the most valuable feature of your finance app. You need to have a proper development plan and security protocols right from the start.
Furthermore, ensure that people are satisfied with your app’s security and try to remove this fear from their minds. This is good for user retention and gives you an edge over your competitors.
So, do whatever you can to ensure people that your financial app is safe and secure. Show and speak to them about this again and again until you get their trust. For example, PayPal assures a simpler, safer way to pay others and get paid.
Users’ Demands and Need Are Priority
Many financial companies are after profits; that’s why they are adding more and more features to improve their services and bottom line. For users, the best app is the one that answers their problems and cares about their needs in the best possible way.
According to many Google studies, when it comes to finance, many people prefer to turn to mobile applications for various activities such as money transfers and investment checks.
For example, look at Acorns, the leader in the finance category. The app owners realized that the app’s “Potential” feature is beneficial to users and serves them many benefits. In an interview, the team behind the app said that the feature caught the attention of many during its initial launch and testing phase.
This immense popularity encouraged them to develop another helpful feature, “Round-Up Multiplier,” which combined the first feature and allowed people to recognize that they could easily invest more from their purchases.
Referring back to that Google study, about 64% of respondents stated that ease of use and simple navigation are the key points that help them choose whether an app is worth their attention or not.
Reach Out to The Media
Users demand and are always looking for the relevant content as per their taste. The content needs to be meaningful and should offer real value to them. Telling them how your mobile application can help solve their issues and meet their needs is beneficial for the audience and brings new customers to your business.
So the next step is to convey this message to as many as possible through valid sources and press coverage.
However, the common mistake that most app owners and small businesses make is that they are after major publications with immense reach, rather than starting with local and niche media channels that are more likely to be interested in your app.
Now the question is, how can you select the right media for the job? It is simple just by doing a Google search containing your app’s relevant keywords; you can find niche-based media outlets. You can also use various other websites for this purpose.
Another way is to look at your competitors and follow their press coverage with third-party tools such as Mention or Google Alerts that allows you to monitor the pulse of industry news and provide you new ideas about your campaign. So, start compiling a list of relevant media outlets and pitch your story.
Don’t just look at your mobile application through the lens of what it contains or needs. We all like formal bullet points of the app’s features, but UX is also important.
One recent research published in PaymentsJournal states that people are hungry for simple use and minimal effort when it’s about financial institutions’ digital experience. Almost all users prefer simplicity and an effortless experience.
A perfect example of a well-defined UX is Capital One’s mobile banking app. The app has many fascinating features, but it also sends notifications to its users about their every purchase.
Although automatic notifications are annoying, and if you know how to use them in the right way, they can be helpful in the promotion of your app.
Provide Them Sense of Control
Want your finance app to be the most effective and the best on the market? Again, we will advise you to properly analyze the famous Mint app and check out how it provides a sense of control to its users through amazing features. In Mint’s case, users can pay their utility bills through the app, and the app also helps them to monitor and analyze their spending habits.
Besides, the app allows users to create different budgets as per their spending, and they can set up alerts that notify them when a budget limit is reached. Most users are drawn to this type of budget management. Mint’s app is the ideal example that demonstrates how to capitalize on users’ needs and help them control their expenses.