Cross-channel marketing strategies boost conversion rates for fintechs: Clevertap

Fintech apps can witness up to 31% conversion rates and up to 23% uptick in engagement where email, push notifications, and in-app messages are pivotal, revealed CleverTap in its latest report.

The all-in-one engagement platform in its market research report on 'Unraveling the Cross-Channel Marketing Strategy highlighted the necessity of tailoring marketing approaches to resonate with regional audiences while maintaining a cohesive global presence.

It underscored the importance of understanding local and industry-specific nuances to optimise cross-channel strategies as businesses grow.

The report has looked at more than 600 businesses across the globe and examined factors that could influence or shape the omni-channel strategy such as business growth stage, geographical nuances, industry dynamics, customer lifestyle milestones, and user retention.

"The cross-channel strategy of a business involves selecting the right number of channels and the right mix - depending on the stage of growth the business will be in at any given point in time and where the customer is in their lifecycle," it said.

A key indicator of the stage of growth a company is at is the number of monthly active users. It is observed that businesses witness up to 49% increase in conversion rates by using four or more channels as part of their omnichannel strategies, CleverTap said.

While email remains dominant in markets like the US and UK, SMS holds significant sway in regions like China and the US, and WhatsApp emerges as a powerhouse in South America and Asia. The report found that adopting an omni-channel marketing strategy impacted the following key areas: app stickiness, conversion rates, and onboarding rates.

Key highlights include:

Engagement:

- 23% uptick in engagement on Fintech platforms with email, push notifications and in-app messages.

- 16% increase in engagement for Subscription platforms with email, while combining it with other channels can take it beyond 20%

- 13% elevated engagement in Gaming platforms with a combination of email, push-notifications, in-app messages and app inbox.

Conversion rates:

- Up to 31% conversion rates in Fintech apps, where email, push notifications, and in-app messages are pivotal.

- 16% uptick in conversions in Subscription apps from push notifications and in-app messages

- 10% increase in conversion in the Gaming industry from push notifications and in-app messages.

- 6% increase in conversions in Ecommerce as a result of a cross-channel strategy incorporating in-app, app inbox, email and push notifications.

App-stickiness:

- Over 28% increase for Fintech platforms with more than three channels.

- 30% to 70% increase stickiness in Subscription platforms, such as streaming platforms,or grocery shopping, with two to four channels.

- 32% increase in stickiness in Gaming platforms, with more than three channels.

- 26% increase in stickiness in E-commerce platforms, with more than three channels. Commenting on the report, Jacob Joseph, VP - Data Science, CleverTap said, "Many organisations often dive into customer engagement with a narrower focus, which, while important, can limit their effectiveness. However, by strategically utilising a mix of channels, businesses can significantly enhance their engagement efforts. The report findings demonstrate that a comprehensive, all-in-one martech stack is vital for marketers who must navigate the complexities of diverse channels. This approach not only addresses the numerous challenges but also amplifies overall engagement and effectiveness, ensuring that no customer touchpoint is overlooked and every interaction is optimized for success."