The Lending Market
According to Credit bureau CRIF High Mark’s comprehensive market study for FY17-21 titled ‘How India Lends’, the credit landscape in India has been ever-evolving and has witnessed changing consumer preferences, shift in demand towards smaller ticket loans, ease of access to credit and increased usage of digital platforms.
Incidentally, in a market swamped by banks and other big players who chase high-value customers and high net worth individuals, fintech lenders have started to emerge with latest technologies to cater to lower income segments – such as college students and blue collared employees.
These fintech lenders have the knowledge and the know-how to not only streamline the traditionally out-of-date and non-transparent lending process, but also the power to speed up their payment processing times.
Introduction
One such leading Fintech company, BadaBro, ventured into the business of lending loans using its Mobile App of the same name. Through a tie-up with NBFCs and Financial Providers registered with the Reserve Bank of India, BadaBro released loans of values between 3000 INR and 30000 INR for college students and 10000 INR to 40000 INR for salaried employees.
With BadaBro, immediate loans can be applied for, applications can be processed within minutes and loans can be availed within 24 hours of a thorough back-end verification process involving the customer’s CIBIL rating.
Challenge
With big dreams come big challenges. In the case of BadaBro, taking a relatively new brand into a sensitive finance market and building a loyal customer base from scratch was the biggest challenge.
Due to BadaBro’s business model, the number of downloads was directly proportional to the loan disbursal. The second challenge, thus, was to increase mobile app installs amongst the relevant audience at the lowest cost per download.
Our Approach
Phase 1: Branding Exercise
The first phase of our approach involved a branding exercise which was a take on the name of the brand, BadaBro. This was done in order to ingrain the name into the minds of their primary audience, college students, increase visibility and boost downloads. Campaigns were rolled out on Social Media handles Facebook & Instagram, which were well received and highly appreciated. Promotions garnered substantial impressions and engagement.
Phase 2: App Install Campaign
In the second phase where we targeted salaried employees as well, we decided to run App install Campaigns on Google network with a planned budget, followed by frequent monitoring of the performance and dynamic optimization of both creatives and promotions.
The campaigns took off, in that they enabled BadaBro to become visible on Google Search and display networks, Google Play, Good Discover and Youtube.
Continuous optimization brought down the Cost Per Install and achieved 90,000+ installs from June 2021 to October 2021.
During the course of both the campaigns, we continuously managed the bids, optimized the ad texts (headlines) and closely monitored the performance daily to ensure that we got the highest number of installs at the lowest cost possible.
Desired Results
- 97 LACS Impressions
- 5 LACS Link clicks
- 1 LAC App installs
Conclusion
At Pixel Studios, we have a remarkable suite of branding, campaign management and digital services to help raise awareness, increase visibility, and promote business app downloads for your growing fintech business. To know more about our services, speak to an expert.
The post How We Built Trust in the Mobile App of one of India’s leading Fintech start-ups appeared first on Pixel Studios.
