Maximizing opt-ins when launching your automatic cashback program
It is vital to ensure you have planned and prepared communications to be distributed across as many relevant digital and traditional channels as possible during your program's launch phase.
Our large retail banking partners have acquired anywhere from 30% to 50% of their total opt-in users in the first year from the launch period (first 90 days) when sending out four or more communications across different digital channels.
Leveraging all your digital channels
Communicating across all available digital channels at the launch of your cashback program is highly recommended to make the most of this high growth period when most clients will be discovering the feature for the first time.
In the first three months, financial institutions from our partner network have all used in-app communications, websites, social media, and newsletters to generate significant spikes in user opt-ins. We strongly recommend using all the above communication methods during the launch phase to introduce the feature in detail.
Without a communication plan in place, your launch will see an initial increase in opt-ins followed by a natural drop and stagnation, which will be heavily dependent on the placement of the cashback program within your banking app.
Using every channel to acquire new and engage existing users
Getting your communication in front of your audience across all channels is paramount for a successful launch.
In the guide below, we review simple guidelines and best practices that we've learned from more than 25 reward programs across Europe. These programs use these principal channels to generate engagement and more cashback for their clients.
The communication channels at your disposal
Have you heard the saying that every company is a media company? We couldn't agree more and believe every financial institution and consumer-facing fintech possesses the touch points necessary to distribute content and communications supporting your launch.
In the diagram below, we've outlined the in-app channels that contribute to direct acquisition and animation and the channels outside your app where you can reach new and existing clients.
In a series of articles, we will outline the effectiveness of the channels linked below and their essential role in creating momentum and maximizing opt-ins at launch.
You can get started by reading the first chapter on the use of newsletters or skip ahead to any of the following sections:
- Leveraging email and newsletters
- Utilizing your in-app channels: Interstitial ads, banners, carousels and push notifications
- Using traditional media outlets and social media to inform new and existing clients about cashback rewards
Want the complete guide and keep it as a recourse to for your launch? Download our Acquisition and Engagement 101 guide below.
Get the best communication practices for the launch of your automatic cashback program
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