Acquiring a new customer is far more expensive than retaining an existing customer. Customer loyalty comes into the picture here as your loyal customers use your app more frequently when compared to new ones. You miss millions of profitable opportunities if you overlook cross-selling and upselling!
Banks and fintech players who offer a versatile range of products and services can promote by upselling and cross-selling to customers based on their needs, transactional data, and geographical behaviour. They can boost sales, increase revenue, and achieve set goals. But how can banks use mobile banking apps to achieve this?
Cross-selling and Upselling
Upselling, as the name suggests, is an upgrade or a better version of the product or service. It could be done by encouraging them to opt for an upgraded premium version of the credit with lower interest rates and higher cashback rates from the basic entry-level version.
Cross-selling is when the bank sells or promotes complementary products or services related to what the customers are already buying. It could be as simple as promoting a savings product to an existing customer with a mortgage.
How to effectively display ads for upselling and cross-selling
Mobile banking apps have opened new doors in terms of the ability to personalise according to the user’s likes and dislikes. Banking apps can use the user’s behavioural data to promote relevant products and services by adding significant value rather than just sending monotonous e-mails and SMS that lack personalisation and are generic.
Timing is essential: Up-selling and cross-selling can occur at different times, depending on the products and services. In some cases, notifying a customer about a different scheme when there is a special promotion on a particular product or service the chances of convincing and selling are high.
Stay relevant: Do not bombard users with irrelevant information or promotions. Sending helpful information based on their requirements can add value to the user and the banking organisation. Chances of cross-selling or upselling might drastically decrease if you promote unrelated products or services.
Frequency matters: Ads or messages should not interrupt users’ activity on the app. Push notifications and in-app messages are considered less intrusive than SMS; however, mobile banking apps should work on a strategy where they can communicate and promote without distracting the user or interrupting their ongoing activity.
Send simple, interactive, and relevant push notifications showing how they can benefit from using your bank’s product or service.
Make it accessible
When users look at the promotional ad, they should be able to click on it and access it. If users click on a home loan ad, they should be redirected to the home loan page instead of the main page. Apply a call to action button (CTA) where they can be redirected to the expected page to start and finish the process.
How to effectively Cross-sell and Upsell using Mobile banking apps
To increase in-app cross-selling and upselling, it is essential to provide contextual information to customers and make upgrading easy. It is imperative also to state the purpose of your offering, how it can help the users, and why they should buy it. We can understand what functionalities and features users could benefit from using and analysing product usage data.
- Immediate assistance
Consider including upgrade options within your product that provide immediate resolutions to customer problems. For example, if the application requires users to use the UPI payment method, notify them that they have a new feature of UPI payment through in-app messaging and provide a direct link.
Review your product usage data to discover patterns in those who convert to paying customers from your subset of trial users. Once you know which features or workflows drive conversions, you can create in-app walkthroughs to direct users to your product’s specific features or actions. Set initial goals as you start and track your process.
- Add Value
An effective way to upsell using mobile banking apps is to identify a feature that a subset of your customers isn’t using. Then create a push campaign wherein you offer information and examples of that feature and how it improves their present workflow.
- Automated product demo
Walk the users through features they are not familiar with. Automated demos could be small and crisp videos, customer success stories, etc. You can tailor the content accordingly and personalise the in-app message, describing the feature, and creating awareness. A demo should also have links to relevant pricing and purchasing information.
- Nudge via messaging:
Nudges are the key to retaining users back to the app. The user communications should be personalised so that the users feel the banks know them and understand their needs. The resonance of such messaging efforts across different channels consistently creates a subconscious positive opinion about the bank. Once this is achieved, the users’ trust and loyalty are usually inevitable.
- Gamify to engage
Create challenges, competitions, and rewards around certain aspects of your product. The process involves setting goals, tracking progress, and hitting milestones to unlock some rewards, ranging from cashback to discounts on payments. Ultimately, gamification enables you to drive the desired customer behaviour or journey and create a thick brand reconnect in customers’ minds.
Using gamification elements like trivia, opinion polls, mini-games etc., in your banking application, you can make your apps more engaging and fun!
Trivia – Trivia helps users engage in a fun and entertaining way. Interactive quizzes boost engagement and deliver personalised experiences in real-time.
Mini-games – You can leverage games like spin the wheel card shuffle to engage users, educate them about your product, and understand their needs. These provide a fun experience and improve daily active users.
Opinion polls – Polls allow you to find out what your users think and how they feel—asking your audience for their opinion signals that you care what they have to say.
How can Upshot.ai help
Upshot.ai is an omnichannel, user engagement, and gamification platform that helps digital product owners and marketers improve product adoption and conversions.
With Upshot.ai, banks and FinTech firms can enhance the digital experiences with pre-built gamification features while providing personalised insights, actionable recommendations, and contextual nudges designed to deepen their relationship with their users.
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