Expanding in the North American finance app market poses a challenge for many developers. As the Federal Trade Commission began rolling out tighter restrictions on fintech innovation and consumer data usage, American consumers became aware of their vulnerable position and lost trust in finance platforms.
With this market schism, it is becoming increasingly difficult to develop relationships and acquire new subscribers for financial apps. Due to this difficulty, during their first 2 quarters attempting to penetrate the saturated and competitive North American market, overall ad performance decreased both on the upper and lower funnel.
After mutual sessions, aiming to pinpoint the app’s most immediate KPI’s, it was established that prioritizing CTR was most in line with the goal of improving upper-funnel traction for the fintech company. Alison was then able to attribute creative features to CTR performance and glean meaningful, actionable insights to apply to future ad campaigns.
72% of the company’s ad campaign spend was allocated towards videos featuring information on in-app features and capabilities. The other 28% included influencer and civilian testimonials and showed on average a 23% higher CTR and 16% greater IPM than the informative creatives.
Digging deeper into what makes these creatives so successful, Alison’s data showed testimonials featuring a lock symbol and mentioning the word “secure” or “safe” performed even higher.
The platform provided these key insights in the North American market:
- Creative Concept: Testimonial (+23% acc avg CTR)
- On Screen Character: Woman ages 30-50 (+18% acc avg CTR)
- Sound: Voice Over Male (-12% acc avg CTR)
- End Scene Elements: Lock Animation (+37% acc avg CTR)
- Southeast Asian market showed strong preference for On Screen Character: Man and Sound: Voice Over Male
- Excluding a CTA shows higher CTR performance but also higher CPI and CPA
The app’s campaigns showed an increase in upper funnel activity in North America within the first 30 days of applying Alison’s insights to their creatives.
Collaboration with Alison yielded three major results:
- Shifting campaign focus from platform features to security and safety led to a 28% increase in CTR, exceeding our initial projection.
- Including safety and security motifs bolstered the app’s standing in the North American market, opening new doors for growth.
- The success of testimonial advertisements allowed Alison to analyze the wealth of incoming data on the app’s creatives and glean new insights, such as whether influencers or unknown civilian character testimonials perform higher.
With Alison’s input, the fintech company is able to thrive in a challenging market, establish themselves as a trustworthy institution, and gain a dynamic edge on their competition.