Digital Transformation in Financial Services
The digital transformation in financial services is mor...
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According to their latest report on consumer app usage, App Annie found that, on average, each smartphone user launches around 9 apps per day. To make sure that your app is one of those 9, it’s important to stay relevant and valuable. A good way to do this is through personalization.
Users expect personalisation during each stage of their app journey. They may have just installed your app for the first time, are a loyal user, or even a user who hasn’t used your app for some time and needs to be re-engaged. The way you communicate with your users should obviously depend on what stage of the user journey they are at.
Recommended Reading: 8 Stages of the User Interaction Journey
You wouldn’t ask a user who has just installed your app to leave an app store review, would you? Today’s users wants to see that you value their time and will do all that your brand can to show that they care about giving the best user experience possible.
American writer and lecturer, Dale Carnegie, once said:
“Remember that a person’s name is, to that person, the sweetest and most important sound in any language.”
So why would you not personalise your app communication to your users? Casually include the user’s name, or a past purchase, however, try not to come across like a stalker or you’re sure to scare them off.
Push notifications are the opt-in notifications that pop up on a user’s smartphone giving messages about offers, updates or events related to the app installed. Push notifications are a great marketing strategy that you can personalise for your users and provide tremendous potential for boosting app user engagement. And let’s face it, who doesn’t want to boost their app user engagement? Leanplum found that personalised push notifications had a 4 times higher open rate compared to generic ones.
But before you start sending push notifications for all of your new offers, or announce a new unlocked game level, there are few things to remember. Do not bombard your users. You need to find the right balance as too many will annoy your users and could result in them turning off notifications or even worse, deleting your app, and you certainly don’t want that.
Make sure your push notifications are relevant to the user. There is no easier way to lose the interest of your app users than by sending notifications about things they are not interested in. Be sure to take into consideration the users location and time zone when working out push notification send times. Nobody wants to be woken up in the middle of the night with a push notification to say they have been given a discount code. Not only will this irritate your user, but the chances of them taking any action as a result is slim to none if you’ve disturbed their sleep, so it will also be totally ineffective.
Marketing personalisation is key to driving app engagement. One of the main reasons why most app users churn within just 90 days is due to un-engaged users. Therefore, it is essential that you provide fresh relevant content regularly. If it is always generic and un-targeted then your users will switch off. You need to remember that you are competing for their attention against the many other notifications and emails your users get sent each day. So by personalising their experience using data you have already gathered on them, such as recommended items based on a previous purchase, you are much more likely to connect with and grab your users attention.
Giving your users a personalised experience is key to app user retention and engagement, and thanks to artificial intelligence (AI) it is becoming easier and easier. AI uses insight to bring the user back to the app using personalisation.
Artificial intelligence can look at an individual user through their in-app behaviour and make recommendations about the types of content they are most likely to engage with. A great example is Netflix. 75% of what users watch is thanks to product recommendations based on in-app behaviour. AI can also choose the best time to hit their users with a particular notification that’s more likely to result in them taking action.
Improves User Engagement
Personalisation helps make the app user feel special. Why? Well, because users are all humans. We sometimes forget that! As mentioned before by sending the user relevant messaging, it will encourage increased app engagement and in-app purchases.
Improves App Retention
App retention is measured as the percentage of users who return to your app based on the date of their first visit. When done correctly, personalised push notifications have the ability to boost retention rates by a staggering 180%! This personalisation seems like a no-brainer right?
“I don’t care if my app makes money” said no serious app developer ever! What app doesn’t want to increase its revenue? According to Mckinsey, personalisation done right can “lift revenues by 5 to 15 percent, and increase the efficiency of marketing spend by 10 to 30 percent”.
Personalisation is a key marketing strategy that should not be overlooked. With 49% of users expecting to see some degree of personalisation in the notifications sent to them why would you ignore it. Give the people what they want. If they are expecting it don’t disappoint them. With personalisation you can improve not only your apps user engagement and retention but you can also increase revenue.