In my previous blog Fintech Sales: Web visits to conversions ; FINTICA, I had talked about the customer journey of visit to conversion and the important marketing methods one can use to improve conversions.
In this second part, I will touch upon specific tools the marketeer can use from his side to ensure better conversion.
As a Fintech, You need to ensure highest possible conversion rate. This is also important due to high chances of limited and timebound novelty of your product.
Let’s see those secret ingredients being used by top companies nowdays:
HEATMAPS: Heatmaps are very common in high end retail stores to mark areas of high footfall. This helps they understand customer interest level in particular products inside the store and accordingly plan their inventory. Then why are we talking it here. Website Heatmaps are a hot trend among digital companies. With heatmaps, you can actually know the scroll depth, the clicks, the movement of customer on your page (pages), areas with most concentration of customers etc. There are many companies like offering Freemium products & tools for heatmaps.
CTA+ (Click to Action with USP & Benefits): CTA+ is superhot and super successful for top brands. Regular CTA are the order of the day with everyone abusing it widely. This has resulted in average to low overall conversions. You need to have a clear & well defined CTA which should have the following:
- CTA should lead to minimal disturbances. Eg. It shouldn’t lead to large forms or, It shouldn’t have hidden charges reflecting at the end.
- It should clear explain & define the scope of purchase along with narrating the USP of the offering.
- The payment page should be clean, clutter free, multimodal and shouldn’t look like a spam link. (Believe me, even lot of top sites’ checkouts inflict such feelings).
- Basis your heatmap signatures, you can place your CTA accordingly to increase conversions.
- In case of any free offering being bundled, you should specify the same in your Call to Action.
- One last CTA tool is having an exit CTA button offering something extra (When your customers are leaving the site)
FREEMIUM+: Freemium is another hot tool being used in fintech digital space. You bring in the crowd, let them experience the product for free, push them for upgrade or make the free trial timebound. This ensures a lot of interest by the real users and many are likely to upgrade.
Now what is Freemium+: You need to provide full spectrum of possible benefits to the customer and let him experience the complete gamut of product offerings. You find alternative ways to charge the customer. One good way to do it is through Ad based offer but for a fintech firm this create a lot of trust issues. So unless you are very sure of the Ad impact, it’s a big No-No.
- You charge your customers on unique and special transactions only. All small transaction cost is either absorbed or retrieved through alternate medium. Till the time they are just using the portal for understanding, comparing and research, it’s free for your customers. One big fintech in Europe has this program where they charge for unique and special conversion while keeping the most other free. Advantages: It may lead to higher retention of the customer base as they are more likely to use the service for lot of product understanding. The tertiary benefit would be a good WOM.
- Tieup with third party companies for cross sell of complementary product and while you keep your offering free, you generate a cut from the cross sell revenue. Like a P2P lending company cross selling MF / Cards to their customer and doesn’t charge customers for use of their site for any lending requirements.
- In App transactions: This is everyone’s favourite. Just ensure one thing that customer does find real value in that in app purchase and it should be done for only most critical items. If you start charging for everything, there is a very good chance of customer flight.
- Subscription based model: You let your customers subscribe to your company for a fee and then they can basically use all services for free except for the premium ones. You can call it the Disneyland model. Few Neobanks have tried this and succeeded well.
Few Models to understand Freemium benefits:
- Freemium model calculator
- Freemium to Paid calculation
- Trial Conversion rate
- Calculations to measure ad performance for freemium models — 3rd & Lamar Media (3rdandlamarmedia.com)
VIDEO TUTORIALS / WALKTHROUGH: Everyone loves video and that includes your customers as well. Now putting a video on frontpage may mean lot of bandwidth and space occupancy. Remember every second lost is 7% of opportunity lost. So should you put it? Yes, Put walkthroughs and tutorials . Video tutorials can be the differentiator, you were searching for. Videos and video infrographics gives a lot of insights on product USP, make people stay at your page longer, and drive good traffic to your page. Most importantly, they instil trust in your product. If your customer starts trusting you, then game is yours to loose from here. Just ensure to keep it short; less than one minute is good.
HYPER PERSONALIZATION: Hyper personalization is the future of web conversions. Imagine a case wherein your customer gets a tailor made proposal customized to his requirements and needs. A loan offering with reduced interest rate based on his credit score; or a customer with banking solutions based on his usage pattern. The probability of the customer getting converted is much higher. The key is knowing the real requirement of the customer, howsoever latent it might be.
CUSTOMER = CUSTOMIZED + REQUIREMENT
CRO (Conversion rate optimization) AUDIT: Smart fintechs are succeeding in getting better conversions and CRO Audits are playing a crucial role in this. It’s like scrum. You keep developing and upgrading based on the 360* assessment of technical / content on a continuous basis. Customers’ feedback is as important as anyone else here and with the right target segment and data, these can give highly implementable insights on your conversion issues.
There are lot of CRO calculators available in market. Make use of them to get to the highest conversion.
