Financial product operations: 4 key conversion funnels you must know

People tend to be wary of financial products. After all, people tend to be more cautious when it comes to money. Therefore, for financial products , the conversion of the entire user behavior path from attracting new users, registration to investment is destined to be more difficult. In this case, it is necessary to build a funnel from traffic to user conversion, analyze each link and improve the conversion rate .

For financial products, it can be roughly divided into: registration conversion rate, investment conversion rate (1 transaction), repurchase conversion rate (2 transactions), and user retention rate from the first investment to the fifth investment (5 transactions) . The operation of financial products should start from these four aspects to improve the conversion rate.

1. Conversion Funnel 1: Registration Conversion

1. Improve the quality of promotion channels

Attracting new users is the basis of operational work. Without users, there is no user operation . Channel acquisition requires refinement, otherwise the quality of users attracted by the promotion will be low, and the registration conversion rate will not be high either. Currently, there are innumerable financial products in the application market and the competition for traffic is fierce. In order to acquire customers, all kinds of operational means are tried, such as novice gift packages, experience money, interest rate coupons, etc.; the field of Internet financial products is narrow, the industry is hot, and the cost of acquiring customers is high, so refined operations are required.

In terms of customer acquisition channels , there are advertising , organizing online activities, or spreading interesting content and activities through self-media platforms . Basically, every method and every channel requires some cost. At this time, it is necessary to analyze and evaluate the effectiveness of the channels, abandon channels with poor results and high investments, and optimize channel quality.

2. New user guidance, design and experience are in place

Financial products require a registered user to complete card binding and real-name verification. Therefore, after the user downloads the APP, the new user needs to be guided to complete real-name verification. From the perspective of product design, you need to think about how to reduce the steps from user registration to real-name verification to reduce user churn ; and from the perspective of interface design, you need to make users feel that you are professional.

3. Use operational means to improve registration conversion

There are many financial products and fierce competition, so companies are trying their best to convert new users. The most widely used ones are gift packs for beginners, free experience bonus for registration, interest rate coupons, etc. Triggering new user activities to users at the right time will play a big role in improving conversion. Secondly, we need to increase brand awareness and let users let down their guard.

2. Conversion Funnel 2: Investment Conversion

The investment conversion funnel is aimed at the first investment conversion of new users. You can give new users experience money or gift packages, recommend some novice financial products to users, and improve investment conversion.

1. Recommend financial products suitable for new users

Many new users are financial management novices, so you can set up several financial management products and inform them through text . Secondly, add some forum sections for financial management knowledge to exchange ideas on how to better choose financial management products and become investment experts. Doing so can increase user recognition of the platform and effectively improve investment conversions.

2. Remind the newbie gift pack that is about to expire

The novice gift packages that users receive after completing registration and real-name verification usually have a validity period. When the novice gift packages of new users are about to expire, the operator should remind them, through Push, SMS, pop-up windows, etc., in order to enhance the user's sense of urgency and pressure, and remind users not to waste these novice gift packages and to invest quickly.

For example: the user successfully registered, but did not complete the account opening within 24 hours. We can send him a message through SMS or APP and then measure whether he has completed his first investment within three days after reaching him. At this point, it is very likely to greatly increase the conversion rate.

3. Conversion Funnel 3: User Repurchase Conversion

The purpose of any financial product is to retain users and encourage them to continue investing. Therefore, it is necessary to increase the conversion rate of user repurchases and improve user stickiness and loyalty. How to do this specifically?

1. Recommend some reliable and diversified financial products

A user may use financial products from multiple platforms at the same time. For investors with a certain degree of experience, they simply want to find better products to invest in. For novices who have completed their first investment, the novice red envelopes are no longer attractive. The operation recommends better financial products, which can benefit users. Why don’t users stay and continue investing!

2. Provide various preferential activities, such as free handling fees

When users choose any financial product, they are required to pay a handling fee; therefore, by giving users some fee-free coupons and continuing to give them some sweet benefits, users will naturally be willing to continue investing.

Conversion Funnel 4: User Retention Rate from 1st to 5th Investment

User operations are ultimately aimed at extending the user life cycle . Generally speaking, users are relatively active at the beginning, but as time goes by, if there is no operation on users, user stickiness and retention will decline.

For financial products, to increase the user retention rate from 1 to 5 investments, it is necessary to build a membership system and a points system to increase user activity and retention rate, thereby increasing user reinvestment conversion and allowing users to continue to grow.

Summary: For any product, the goal is to retain users and realize monetization. Internet financial products range from attracting new registrations to completing real-name verification and card binding, first investment, and reinvestment. In this series of core paths, operators need to set appropriate marketing nodes and improve the funnel conversion rate and operational efficiency of each link through refined operations, ultimately achieving the goal of allowing users to continue to invest. The more user transactions, the greater the profit contribution to the platform, thereby effectively reducing marginal costs and maximizing commercial value.

Source: Zhugeio Data Coach (ID: zhugeio1 )