Fintech apps embrace alternative ad channels to optimize performance campaigns
By Zion Rufus
The fintech industry is experiencing a significant surge, with Sensor Tower reporting a record-breaking 1.74 billion cumulative downloads of fintech and crypto apps in Q1 2022.
Despite this impressive growth, the intensified competition resulting from the proliferation of new fintech apps poses challenges to achieving success. As a result, relying solely on the largest mobile traffic sources may no longer yield the desired outcomes. In response, industry experts are recommending the exploration of alternative ad channels to enhance the performance campaigns of fintech apps.
The notion that the most popular platforms are automatically the most profitable no longer holds true. Since the 2018 crypto boom, several ad platforms have become more accommodating to fintech ads, making it easier to scale campaigns within diverse markets. While Google, Meta, and Apple drive the majority of fintech traffic due to their large user bases and relative lack of fraud, the principle of diversification becomes crucial in the realm of fintech mobile apps.
By diversifying ad channels, fintech apps can broaden their reach and engage with diverse audiences. Relying solely on the dominant and competitive platforms may hinder their ability to tap into potential audiences and lose ground to competitors who have explored alternative traffic sources. Consequently, marketers are advised to explore the untapped potential of smaller traffic sources in terms of both quality and quantity.
Among the recommended alternatives to large traffic sources are Twitter, TikTok, in-app ad networks, demand-side platforms (DSPs), local publishers, and influencer platforms. Twitter, with its engaged audience interested in financial topics, presents an ideal platform for placing fintech mobile ads. Understanding the target audience, utilizing keywords effectively, and creating compelling ad texts tailored to the platform’s text-based format are key strategies for success on Twitter.
TikTok has witnessed a maturing audience with expanding interests and increasing purchasing power. As finance-related content gains traction on the platform, it has become more receptive to fintech ads. Statistics indicate that a significant portion of TikTok users turns to the platform specifically for finance-related content, making it an opportune platform for promoting finance apps.
In-app ad networks provide access to untapped audiences not found on social media platforms. These networks offer greater flexibility and ease of moderation and whitelisting, allowing fintech apps to navigate both regulated and unregulated markets. Selecting platforms that actively develop fintech-specific inventory and support cost-per-action (CPA) or return on ad spend (ROAS) optimizations is recommended for optimal results.
Demand-side platforms (DSPs) enable automated bidding on mobile ad inventory from various publishers. Choosing a high-quality DSP that optimizes towards the desired key performance indicators (KPIs) is crucial. Evaluating available campaign setting tools, such as targeting options and fraud protection measures, is vital for maximizing campaign effectiveness.
Collaborating with local publishers and leveraging influencer platforms also present valuable opportunities for diversifying traffic sources. Local publishers provide access to specific regions and audiences, while influencer platforms allow fintech apps to tap into engaged and loyal audiences through partnerships with bloggers and micro-influencers.
While advertising on large platforms remains popular, fintech apps must adopt a diversified approach to protect against unexpected algorithm changes, ad policy updates, or shifts in audience behavior. By exploring alternative ad channels and embracing agility, fintech marketers can reach a wider audience, guard against fraudulent activity, and achieve their marketing goals in an increasingly competitive landscape.
Statistics: AppsFlyer, AdQuantum
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