Achieving effective user engagement with your mobile banking application requires keeping them alert to your app’s content on an ongoing basis. This is the main way in which your app will find its place in a rigorous and competitive market. To that end, push notifications represent one of the best ways to achieve this.
Push notifications have proven to be an effective tool for increasing app retention. Statistics reveal that, on average, users open an app 14.7 times per month after accepting push notifications, compared to an average of 5.4 times when they do not accept them.
Therefore, improving the performance of push notifications should be a priority in your mobile marketing strategy. This will help you improve the user experience by complementing it with performance analysis and campaign optimization.
By allowing you to communicate intimately with users without filters or intermediaries, they are an effective way to connect with them and provide immediate and concrete value.
How can you know if your push notifications are working? In this article, we present the best strategies and key aspects to consider to achieve the best results.
What push notifications are in an App
Push notifications are pop-up messages that are displayed on users’ devices, informing them of updates, promotions, or reminders from your app or website.
These notifications are a high-impact tool in digital marketing because they operate as communications that pop up on the main screen of a mobile device, without requiring users to be inside the application or using their device at the time. App administrators have the ability to send these notifications at any time, providing flexibility in interaction.
Although push notifications are similar to SMS text messages and mobile alerts, their reach is limited to users who have installed your application. Each platform (iOS, Android, Fire OS, Windows or other) has its own particular services to manage these notifications.
In order for users to receive these alerts, they must have granted permission during the installation of the application. Otherwise, the user must adjust their settings and specify that they wish to automatically receive notifications from your app.
Why it is important to optimize push notifications for your Fintech application
Automatic notifications represent a direct way to communicate with individual users or segmented groups of users and have the great advantage of not getting caught in spam filters or being overlooked in an inbox.
According to research, click-through rates on push notifications can be up to 50% higher than on emails. In fact, a significant 68% of customers have opted to enable push notifications for their apps. Beyond this, these messages are responsible for driving an astonishing 92% higher mobile app retention rate. The reason behind this success lies in their ability to remind users to use the app, regardless of whether it is open or not (a vitally important point).
Push notifications have the potential to increase user engagement, retention and conversion. They can also strengthen brand awareness and loyalty by providing relevant and timely information to your users. Due to their nature of direct and intimate communication, these notifications can be used for a variety of purposes, such as promoting products or offers to increase sales, improving and reporting on the customer experience, expanding brand engagement, converting unknown users into known customers, sending immediate transactional receipts, and directing users to other marketing channels, such as social networks.
What the Opt-In Prompt is
The opt-in (one-time confirmation) is the first crucial point of interaction with the user. The most prominent applications are those that motivate users to subscribe by offering incentives and concrete examples of the value of automatic notifications.
The information provided by application vendors is extremely valuable from the first contact. Optimizing acceptance rates, ensuring that new users are onboarded effectively and reducing user attrition rates are critical to application success. Applications that excel in all industry verticals, those that rank in the 90th percentile, have subscription rates that exceed 50%. In sectors such as travel, business and charities, app acceptance rates hover around 70%.
When a potential customer downloads your app, it means that you have raised their interest in your product, service or content. This is the key opportunity and the goal is to get users to allow push notifications. For users to prefer you among the many options available, it is essential to ensure that their interests are the primary consideration. And then establish an opt-in trigger that presents a clear value proposition.
Although it is not possible to modify the opt-in prompt too much, experiments can be conducted based on its location and the reason for the trigger to get those users to become customers.
Best practices for sending push notifications in an app
In the context of automatic notifications, it is crucial to remember that sending them to users is a privilege that depends on the value we provide as publishers of the application. If we do not know how to take advantage of this opportunity correctly, we can generate as a negative consequence the deactivation or even uninstallation of the app.
The delivery of messages, especially those of an “urgent” nature, demands caution and clarity, using a friendly and personal tone. In turn, considering and addressing cancellations and uninstallations is essential to effectively activate automatic notifications since 78% of users may choose not to receive messages if they do not meet their expectations.
After setting up and tracking push notifications, data can be used to optimize their performance. This involves testing different versions of the notifications, customizing them with user data, and using urgency or scarcity to create a sense of opportunity, always offering value and respecting user privacy while adhering to the regulations.
Here are 11 effective push notification practices for successful interaction with your financial app users:
- Ensure User Permission and Acceptance: The first step in maximizing the delivery of push notifications is to ensure that users grant permission to receive them. To do this, you should clearly communicate the value and benefits of receiving notifications and request permission at the appropriate time during the user’s interaction with the app.
- Prioritize Segmentation: Segmentation is fundamental to send effective push notifications. Ideally, you should create audience categories to target specific users of your application, using filters based on data captured from the installation such as location, operating system and app version. Personalized segmentation increases the relevance of your notifications and encourages interaction.
- Use Channels for Responsive Audiences: Channels allow users to subscribe to content according to their preferences. Use channels to categorize content and allow users to subscribe to information relevant to them. Exploit this tool to target content to specific, receptive audiences.
- Automation based on Geotargeting: allows you to increase open and conversion rates in app stores. Use it to segment installations within specific areas or within a certain radius of a fixed point on the map. For example, to send automatic messages when users enter or leave particular locations.
- Personalization and Data Use: The effectiveness of your push notifications depends on the customization of the content shared. Proper data segmentation is essential to achieve this personalization and create relevant messages for users.
- Use Engaging Notifications to Increase Open Rate: including multimedia content, such as images, videos and emojis, makes push notifications more engaging. Add interactive elements such as buttons and quick response options to encourage users to act immediately. You can also enhance interaction by including deep links, URLs and rich notification features.
- Harness the Power of Dynamic Content: dynamic content adapts based on known information about the user. Use profile attributes to personalize your messages and make use of the information collected to improve the relevance and effectiveness of your notifications.
- Strategic Timing in the User Journey: send push notifications at strategic moments during the user’s interaction with your application. Analyze behavioral patterns to identify optimal delivery times to avoid overwhelming users with excessive notifications and keep them engaged.
- Send the Right Amount of Messages: you must find a balance between attracting attention and not exceeding the number of messages sent. In this way, you avoid the risk of users turning off notifications due to an excess of messages.
- Create Urgency and FOMO: use your notification strategy to create a sense of urgency or fear of missing out on opportunities, taking advantage of the current FOMO trend. For example, with last minute offers.
- Keep Users Informed: keeping users aware of new application features can improve user retention. Inform them about updates and relevant features that will help them achieve their goals.
Multi-channel push notification strategy
Adopting a multi-channel approach is a highly effective strategy to help users set up and take full advantage of your app. Similar to push notifications, the key is to provide concise and persuasive messages with clear incentives to demonstrate the value and usefulness of the app in your users’ lives.
When implementing a multi-channel strategy, it is essential to capitalize on the power of user data across all available channels (mobile, web, in-store, etc.), tracking more accurately and adjusting to user behaviors.
Campaigns that exclusively use push notifications experience a 71% increase in retention when they send a notification within a month. However, those that incorporate a second channel manage to increase retention rates by an impressive 130%.
However, it is important to handle this strategy with care. Excessive use of push notifications and internal messaging can trigger high opt-out rates.
In this complex battle of push notifications, the key is to maintain a thoughtful and subtle approach. It’s not only about delivering effective messages, but also about discerning when you need to soften or adjust your strategy to engage your users at the right time.
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