Driving app installations and in-app usage for Bajaj Finserv

The digital revolution in the FinTech industry has enabled consumers to seek solutions for all their financial needs at the touch of a button empowering them to seek for absolute best and nothing less. This extends responsibility to the brands to ensure a hassle-free experience. The powerful 3-in-1 app by Bajaj Finserv ensures a holistic experience for the customers to manage all their financial needs (lending, EMI Shopping, Repayment, Recharge, and Bill Payment, all from the comfort of their homes) With the new launch, Bajaj Finserv aimed to drive massive installations for their app, and for that, #ARM Worldwide supported the financial services company. With collaborative efforts, #ARM Worldwide’s bespoke team devised robust strategies to increase awareness about the app among its existing and potential customers. Leaving one problem statement for us to solve - How do we make our customers adopt?

Goals

Mobile apps have indeed taken the world by storm. A profusion of businesses, like Bajaj Finserv, aspires to be at the fingertips of customers. And for that, Bajaj Finserv joined hands with #ARM Worldwide to increase customer engagement in tandem with business growth. #ARM Worldwide had two goals in front of them –

Drive app installs in an intense and competitive category
Drive a complete digital journey in an environment where offline intervention to close the transaction is a norm

Strategies

The #ARM paid media team conducted an in-depth market analysis to identify the target demographic and narrow the right audience via market segmentation. They were divided into 2 major categories –

Existing customers - A large customer base who had interacted with various Bajaj products in the past and over the years.
Prospect to Bajaj customers - The potential audience data set which has been filtered and refined

The team created a two-pronged strategy to reach out to the aforementioned market segments and

Deployed customized Sequential matching of communication with existing customer base mapped with the products
Deployed download and usage campaigns with multiple ad formats for Prospect to Bajaj customers

The look and feel of the entire campaign were developed to keep the product offering as the hero and a way of communication that was informative for the target audience. Offered format for creative communication were :

Static Images
Carousel Sets Videos
Gifs
Dynamic Ads
Data feed

Solutions

The strategy was put into action in two phases. Phase 1- Product Line Bifurcation

USP, Offer driven creatives were used to ensure audience engagement and action.
Cost cap was implemented to drive installs under the CPI benchmark
Audience and creative refreshes were done periodically to maximize deliveries.
The campaign was scheduled at time slots which delivered the lowest CPI.

Phase 2- The Google UAC Campaigns For the Prospect to Bajaj Customers #ARM Paid Media team deployed

Google UAC campaigns ensured volume in terms of the number of installs and cost efficiency by delivering a lower cost per install.
Ads were placed across Google properties like

Search
Play Store
Display
YouTube and
Discovery to get the best value from each download

Deploying the above, the campaign not only drove app installation but also in app usage which helped us in distribution of loans, sales through emi store, cards and more.

Results:

By implementing the well-devised strategy & executing the aforementioned 2 phase plan, a substantial spike in the app installs and usage was noticed. During the campaign, the Bajaj Finserv app broke into Top 10 finance apps in India’ on Google Play store and noted

20 Mn active users
45lac+ Monthly App Installs
52% in app usage
55% decrease in CPI
90% Sign Ups post App Install
75% Retention rate

The successful execution of the campaign & the result won the renowned Maddies Award 2022 for Bajaj Finserv & #ARM in the category of “Most effective app install campaign”.

Conclusion

From banking to shopping to communicating with people in far-flung locations in the world, there are a myriad of mobile apps available with the progression of smartphones and technology. Businesses, whether modern or traditional, have contemplated developing mobile apps to reach at the fingertips of their customers. Mobile apps help businesses in increasing brand awareness and drive customer engagement, along with maximizing productivity, minimizing costs, and driving sales. Mobile apps have indeed opened a world of possibilities for SMBEs and large organizations, and many companies are utilizing them to advance their business.