How you can buy low and sell high in Apple Search Ads (ASA)
For as long as markets have been around, the phrase “money talks” has always been true. For the fintech app market, it could be said, “Money talks, but volume matters.” More active users mean more in-app activity, and one of the best places to find and keep those active users is through leveraging Apple Search Ads for fintech.
According to Statistica:
- Total revenue in the Finance segment is projected to reach US$1.02bn in 2022.
- Total revenue is expected to show an annual growth rate (CAGR 2022-2027) of 6.39%, resulting in a projected market volume of US$1.46bn by 2027.
- In-app purchase (IAP) revenue in the Finance segment is projected to reach US$301.70m in 2022.
- Paid app revenue in the Finance segment is projected to reach US$51.67m in 2022.
Almost by definition, the iOS market is the target audience for fintech apps. Apple users tend to be more affluent and, therefore, more apt to use and spend for apps and continue to spend after install. With such a large rate of growth for fintech and with the target audience being on an iPhone, it is easy to see why there is almost twice the average in cost-per-tap (CPT) in Apple Search Ads for fintech apps.
Therefore, it makes good “cents” to know what you are getting for that cost. Today, we will review how novice and even expert fintech marketers can optimize their ASA strategy.
What are fintech apps? fintech apps allow businesses to optimize and streamline their financial operations by providing users with automated and improved financial services. The fintech industry is expansive. No one app does it all. That is why many sub-verticals within the fintech category provide unique services for their users.
Money Transfer Apps
Money transfer apps, also known as peer-to-peer apps, are any apps that allow the user to transfer currency from one person to another quickly and securely. Users set up money transfer apps by linking bank accounts or credit/debit cards to a digital wallet. Once established, the user can send and receive money with only a few clicks.
Online Banking Apps
Online banking apps link users’ bank information to an online banking system so that they can access or deposit funds, view credit card statements, and see transfer details. Many brick-and-mortar banks, businesses with physical locations, have created banking apps to increase accessibility and make it easier for their customers to engage with their service.
Personal/Business Tax Apps
Tax apps allow users (personal or business) to prepare and e-file federal and state taxes on a mobile device. These apps can also provide taxpayers with information about the tax process and updates on the status of their taxes. By linking a bank account, users can also set up a direct deposit to receive their tax returns faster and more securely.
When using ASA, Fintech apps should consider these as the top factors:
Ad Groups and Target Audience
ASA doesn’t offer very much demographic data to work off of. The only data we have is sex, location, and device type. Yet there is one more that can be very powerful with Apple Search Ads for fintech: age.
The key to proper bidding is matching the right keyword with the right age group. Older people will look at apps to help with investments and retirement funds. The middle aged are looking into homeownership. Younger people will still want to use apps to help with convenience, money exchange, and budgeting apps. Then again, these needs shift and change depending on the country.
Make sure you tailor your custom product pages for these individual ad groups. Your conversion rate can be raised quite a bit if you focus on what makes the app valuable for those specific age groups and regions.
Keyword Optimization and Value
As stated earlier, fintech CPT is the highest in the App Store, so it’s important to know the value of a keyword you are bidding on. This is where an MMP is essential to trace a bid to the lifetime value of that install. Additionally, if you have ads served inside your app, you can show more relevant content to users based on what keywords they used to search for your app. Check the keywords you are ranking in not only in your home region but elsewhere as well. Showing what keywords you rank highly in organically in some regions can help you target keyword bids in others.
Check up on what your suggested competitors are in the Search Ads Maven keyword analysis tool often. There are many high-value keywords that you may be bidding on only to discover a game or a sports betting app that is outbidding you. Try taking those high-value keywords and creating longtail versions, which could have a much lower bid amount while also making your competition more relevant.
For example, the keyword “money.” Let’s say the CPT for the keyword is too rich for your blood because there is a new game with “money” in the title, but if you used “money management,” you could focus on people who aren’t interested in grabbing virtual coins but instead are looking to use your app for stock trades.
Ad Design and Conversion
Apple, and the users of Apple products, place a strong emphasis on design for everything about or inside their devices. You need to ensure the ad has a visually appealing and professional design that stands out from others.
Check out these two ads I got when I searched for “stocks” and “bonds.”
As you can see, the WeBull app made it very clear, using their creative screenshots, that I would get six free stock trades with a $5 minimum and no commission. Besides your app name, rating, and category, you have three creative screenshots to get your message across. Remember that less can be more, so don’t clutter up your screens; focus on what is most important: cost.
Looking at Tradovate, it appears that the biggest advantage their app has is its visual charts and that it has received an award. They even utilized the creative to show how easy their UI is to understand and work with. The app’s high rating contributes to building trust, which is essential when linking bank accounts to any app.
Today, Product Page, & Search Tabs Ads
Are these useful within Apple Search Ads for fintech? Today and Search Tabs Ads will be good for exposure depending on the cost. Yet, exposure is perfect for specific ad groups and can be worth the bid. For the Today tab, make sure you focus on very visually appealing, creative screenshots and images that build off a sense of trust and value. You only have a few seconds before a user passes along so, make it easily understandable.
Product Page ads should be used to round out your budget, but at this point, it will come down to the individual app to determine how well they could work. As fintech apps are very specific in what they offer, you should probably focus on your specific category or similar ones. Banking apps can fuel quite a few installs if they already have a trusted name and if a person sees it after scrolling down to the bottom of a competitor’s page. If you need exposure, this may not be the best way to build it but you should always keep some of these campaigns in your mix.