How to improve user stickiness for Internet financial products?

In recent years, Internet finance has become very popular, and Internet finance platforms have sprung up like mushrooms after a rain. Due to its unique industry attributes, Internet financial products have relatively higher requirements on user entry threshold, customer acquisition cost, user asset capacity and understanding ability. On the other hand, Internet financial products, like other products, will also encounter problems such as user stickiness. So, for Internet financial products, how to improve user stickiness? To answer this question, we first need to understand two other questions:

1. What are the characteristics of users of Internet financial products?

The biggest difference between P2P users and users of other Internet products is their “profit-seeking” nature. Financial management is indeed for the purpose of making more money. At the same time, because users place their own funds on your platform/product, they naturally have high requirements for the security of funds and the services provided by the platform. Therefore, it can be seen that the three points that users are most concerned about in Internet financial products are: yield, security, and service.

2. How to measure the stickiness of an Internet finance product?

The main behavioral characteristics of users of mutual financial products are "depositing money on the platform, buying certain money market funds/fixed-term loans/insurance and other products, and earning returns." To put it bluntly, it is "money and time." Therefore, to improve the user stickiness of Internet finance products, we can mainly start from improving user acceptance and activity, increasing the subscription amount, and extending the retention time of funds.

Based on the above analysis, how can Internet financial products improve user stickiness? It can be divided into two perspectives: product and operation :

【Product perspective】

1. Provide good products of various terms

Good products - the definition here is a product with a yield higher than or equal to the industry average and a certain degree of security guarantee.

Financial products are the foundation of the Internet finance platform. In fact, many users of Internet financial platforms are novice users. Even if they don’t like your platform services, they may still stay because the returns of financial products are high enough. On the contrary, if the product yield is too low, it may be useless even if other aspects are done well.

Various terms - users have diverse requirements for financial products, regardless of product categories. However, in terms of product terms, products with multiple terms, such as deposit and withdrawal at any time, one-month, three-month, six-month, etc., can meet the needs of users from different classes, and at the same time meet the multiple financial management needs of the same user.

2. Safety/Brand Education

Safety/brand education should be conveyed to users as soon as the product comes into contact with them.

After many user surveys, we found that users' interpretation of "security" and "brand" is often understood from the perspectives of banking background ( Lufax , backed by Ping An), state-owned enterprise/large enterprise background (Tencent Wealth Management, Ant Financial, JD Finance ), and compensation insurance ( Alipay Account Security Insurance). Therefore, many Internet finance platforms often educate users on this aspect, and gradually form users' brand awareness and retain them.

Humans are animals that lack a sense of security. Once their subconscious mind accepts that a place is safe, they will settle down.

3. Complete basic services

Basic services refer to the underlying services that are closely related to the financial management behavior itself, such as the redemption time of funds, transfer appointment function, message delivery, etc.

Redemption payment time

From the perspective of user needs, they certainly hope to earn income when their funds are idle and to withdraw the funds quickly when they are in urgent need. The emergence of repeat purchase behavior is likely related to a good redemption experience. In this regard, withdrawals from Yu'ebao and quick withdrawals from Wealth Management can basically be credited to the account within 5 minutes.

Transfer appointment function

Nowadays, many P2P financial platforms will use a money market fund to package as a current account. The funds can be deposited to earn returns or directly used to invest in other financial products. It is similar to Yu'e Bao in essence, solving the pain point of users having nowhere to put their funds when there are no good products. In addition to Yu'e Bao, the Balance+ of Licai Tong, JD Small Treasury, WeBank Current Account+, etc. have all implemented this function.

The reservation function allows users to transfer funds in advance to reserve the next period after a popular product is sold out. For users, it is equivalent to buying a good product in advance. For the platform, users' funds are coming in, so why worry about stickiness issues?

Message Reach

Good product sales, subscription completion, interest accrual, income arrival and other status closely related to users all need to be notified to users in a timely manner. Continuous and effective platform feedback and user behavior can establish a connection between users and the platform.

4. Differentiated value-added services

For Internet financial products, homogeneity is actually more serious, and because they are under various regulatory scopes, innovative behaviors are also more difficult to implement. Therefore, in addition to the basic services related to subscription and redemption, value-added services are an important part of differentiation. Currently common ones include: membership system/ points system , information content services, financial planning services, etc.

Membership system/points system

The membership system is essentially a stratified operation of users, which divides users into multiple levels according to one or more criteria, provides them with differentiated services and creates excess profits. Provide good services to top users, drive growth among bottom-level users, and set different privileges at different levels, such as exclusive high-yield products, investment voucher packages, exclusive account managers, quick cash withdrawals, exclusive customer service, etc., to attract users at different levels to grow through subscription and other behaviors.

For P2P platforms, the points system mainly rewards users with certain points based on factors such as their funds and value behaviors, and provides a points mall. Users can make profits through the model of "obtain points → redeem goods", and the platform can also make profits through the model of "users obtain points → redeem goods → users gradually grow and become active after making profits".

The membership system and the points system are effective tools for promoting user activation and retention. They can operate independently or in conjunction with each other. Proper use will have significant effects in promoting user activation, increasing user growth, and attracting user fund deposits.

Information content services

The financial management market is becoming increasingly complex. For novice users, an advanced guide is needed to know how to choose financial products and how to use their functions. For advanced users, how to make good investment decisions and how to understand and grasp the information in the financial investment circle are very important points. A good platform will provide different information content for different investment and financial management users. When users are accustomed to reading and accepting your information services, stickiness will naturally arise.

Lifestyle financial management scenario services

Financial management originates from life but is higher than life. Users are often more receptive to financial management through daily life scenarios. The companies that have performed relatively well in this field include LicaiTong’s salary financial management and dream plan, and JD Finance. Here is an example:

Licaitong’s salary financial management is essentially a packaging of the fixed investment function: set up a plan, choose which day of the month to save money, how much money to save, and which financial product to save it in (money fund, insurance management, etc.); then every subsequent month on the deduction date, it will automatically help users deduct money and save money, making financial management extremely convenient; insist on saving money to earn returns, and withdraw money within 5 minutes at the fastest, and the turnover is also very flexible.

The Wealth Management Dream Plan allows users to set a wish/goal (fitness plan, first 10,000 yuan in life, etc.), and then achieve the goal step by step by manually depositing money or transferring it at regular intervals.

The life-like financial management scenarios let us know that financial management can actually be so warm.

【Operational means】

1. Reward Mechanism

The profit-seeking tendency of users of Internet financial products is relatively obvious. Therefore, in terms of operational means, some user reward mechanisms can be established based on this feature, providing experience money, exclusive products, fund vouchers, income doubling cards, etc., as rewards for users when they complete valuable behaviors recognized by some platform. For example, users can get different prizes if they sign in, subscribe for RMB 1,000 or deposit funds for a full month, etc. This encourages users to experience subscription and retain funds.

At the same time, you can also try various operational activities, such as smashing golden eggs, drawing prizes, etc., to enhance the user's sense of participation, which is profitable at the same time, and they will naturally continue to come.

2. Sharing invitation mechanism

The stickiness of a user who comes through a friend’s introduction/recommendation will definitely be much higher than that of an ordinary new user. Therefore, many Internet finance platforms will use various methods to encourage users to share and even invite friends. For example, with Orange Finance, after users invite friends to become Orange Finance users, the friends can get corresponding fund vouchers and interest rate increases. If the friends complete a 10,000 yuan investment in a fixed deposit for March/June/September within 24 hours, the recommender can get a 50 yuan cash back. If the friends subsequently invest in the product within 30 days, the recommender can also get an annualized 1% rebate. This type of sharing invitation behavior can bring certain benefits to both the invitee and the inviter, which naturally promotes the user's self-propagation.

I'll just write this much for now. Students who are interested are welcome to discuss it together~~~

Mobile application product promotion service: APP promotion service Qinggua Media advertising

The author of this article @DZ compiled and published by (Qinggua Media). Please indicate the author information and source when reprinting! Site Map