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(This article only focuses on online products self-operated by consumer financial institutions. Because cooperative products such as loan assistance and joint loans are subject to the partner’s entrance and traffic, And operating resources, and many other factors, this article will not discuss.)

I. Product Forms of Online Consumer Financial Products

The product matrix of Internet consumer finance is generally composed of APP, applet (WeChat applet, headline applet, etc.) , WeChat public account, Alipay Life number, H5 whole process.

• APP : APP is the most important carrier of the product matrix. It carries all the functions of the product, has completely autonomous operation and risk control, and is the first initiation point of operations and the largest user traffic pool .

  
  

• Mini Programs : Mini Programs, as light products that are ready to go, are very suitable for tool products such as consumer finance, but they also have problems such as weak stickiness and difficult to find entrance.

  
  

• WeChat public account: The WeChat public account has the lowest communication threshold with the user in the product matrix. It is the product storage at your fingertips. It can basically replace the notification function of text messages at the moment, and the arrival rate is much higher than SMS, in the case of less mature APP, the use of WeChat is the magic weapon of the rise of the product.

  
  

• Alipay Life Number : Alipay Life Number is based on Alipay ’s huge traffic and strong financial attributes. If you optimize keyword rankings, you can attract a lot of free natural traffic, which is an important complement to the product matrix.

  
  

• H5 full process : The H5 full process is a light cavalry that crosses its own platform. It is the only product in the matrix with cross-platform attributes. It can implant products across platforms. At the major traffic ends. At the same time, the current technology of the Web has been able to achieve an APP-like friendly experience in the entire H5 process. This lightweight product has a wide range of applications in the client, which is indispensable.
  

  Second, customer acquisition and operation dilemma of online consumer financial products
  

  The cost of customer acquisition has risen, and the cost of withdrawal has risen to thousands of yuan

  Along with the consumer finance APP’s screen in APPStore’s financial rankings, it is the pain point of the industry in which the cost of customer acquisition is rising rapidly, the traffic loss is large, and the operation is difficult. Internet product acquisition methods mainly include brand placement and effect placement. Brand launches are commonly used in variety shows, such as the title of a variety show, advertisements for Focus Elevators, outdoor advertisements for subway buses, etc. Brand launches are difficult to measure accurately due to the immediate conversion effect, and usually the amount of the project is large and the decision-making pressure is high. The proportion of acquired clients is often lower than effect delivery. On the effect side, the current online traffic is mainly concentrated on Tencent, Toutiao and head hanging platforms. In terms of effect delivery, although the front-end conversion effect is visible, does “precision delivery” really save marketing costs? More and more people in this answer have already held a negative attitude after practice. Under the crowded track, the fierce competition of a group of organizations for the same customer group caused the price of traffic to continue to rise, but the quality of the customer group fell rapidly in a round of screening.

  At the same time, low frequency product attributes of credit loan products and stricter approval rates,As a result, its customer acquisition costs are several times higher than other types of products. In the field of consumer finance, the activation cost of 300 ~ 500 yuan is a good level to get the amount, and it is not surprising that the withdrawal cost is more than 1,000 yuan.

  Deeply disproportionate to the high cost of customer acquisition, it is a poor single-user LTV (Life time value, user life cycle value) . Except for a few leading companies whose LTV can reach 500 yuan +, most of the waist and tail consumer financial institutions have LTVs of less than 100 yuan, or even negative numbers. Of course, in the context of the current situation of various institutions, LTV is not the only indicator to measure the quality of the product. The ability to obtain more high-quality customers is the core of the competition, but the high cost of customer acquisition brings The financial pressure is self-evident.

  Obtaining customers is difficult, and operations are not easy.

  At present, the vast majority of consumer finance companies in China have a banking background. At the same time they were born with a golden key, they also inevitably inherited some genetic defects. Funds and risk control are the advantages of consumer finance companies, and scenarios and operations are generally shortcomings. When a financial person does marketing, he talks about finance in terms of finance and finances in terms of finance. He often thinks that finance is “special” and ignores the essence of its service industry. He often displays financial professional terms to users without modification and ignores understanding. Cost has become a stumbling block to user operations.

  “Outsourcing” is another internal cause of difficult operation.

  In the banking system, “outsourcing” is an important component. They widely exist in customer service teams and technical teams. “Outsourced” and “vendor” personnel have real-time combat power and rich industry experience. They can come to the battle; the bank can quickly increase or decrease personnel according to project requirements without occupying its own staffing. Such a configuration is also common in banking consumer finance companies. Although the outsourcing system has been effective in the past with technology as the “technical support”, it has become a resistance to product development on the online track where technology drives products. Online products need the ultimate user experience and rapid iteration. Although the technology and product teams in the form of “outsourcing” have no problems in technology and capabilities, they are subject to employment and cooperation relationships. Project completion is often used as an assessment index. “Master” consciousness, it is impossible to talk about optimization and quick response beyond the level of project delivery. Often, there are operating activities that need to catch up with marketing nodes because the technology “cannot support the previous period” and cannot help but give up.

  Three Ways to Acquire Customers and Operate Online Consumer Finance Products

  Facing rising customer acquisition costs and difficult user operations, various consumer financial institutions, Tencent systems, byte systems, and advertising agencies that hold traffic are racking their brains. Consumer financial institutions have set up precise customer acquisition teams and user operation teams. In the context of profit margin exploration, they will examine the assessment, pay more attention to withdrawal costs and back-end ROI, and pursue stable and high-quality customer acquisition. The Tencent and Byte systems are actively embracing advertisers, listening more to the needs of the industry, and launching new delivery strategies such as joint modeling, pre-risk screening, dynamic crowd packages, and two-stage bidding. Advertising agencies have set up or expanded their performance teams one after another, hoping to drive new growth with performance advertising when brand advertising is weak.

  The joint efforts of the three parties can certainly improve the effectiveness and quality of customer acquisition in consumer finance, but everyone benefits, which is equivalent to no benefit for everyone. These efforts are necessary and inadequate on the consumer financial institution side. More accurate crowd packages, joint modeling, risk screening, enhanced communication with media and agents, and attracting users with better ideas … To do this is to complete the required actions, you are doing it, others are doing it. So how do you break through? Here, combined with the author’s more than three years of experience in the consumer finance industry, I provide several suggestions on the direction that can be landing, for reference only.

  1. Tight integration of advertising and operational activities

  Xiao Lan Cup spreads advertisements on the niche, not only by attracting users with Zhang Zhenshuai and Tang Weimei, but more importantly, its fission activity: the first free, recommend friends each get a cup.

  Whether a brand product or an effect product is delivered, it should not be planned for supporting marketing activities for delivery, but based on clear customer acquisition quantity, quality requirements, and clear marketing nodes, matching is effective. Media combination, combined with operational activities to push. For example: In response to the principle that loans issued by financial institutions in the first half of the year are more beneficial to the annual report, in the first half of the year, plan the user section of your own brand (Example: Zhaolian Fan Festival, 6.6 Sesame Credit Day) , one week before the start of this node, brand launch and effect launch should start with this node as a center for mass promotion, and reserve traffic in advance on the day of the festival to ensure that a large number of exposures will pull the APP in a short period User growth, such investment and product-efficiency combination, can not only increase the scale of assets in the first half of the year, but also make users feel that the platform is very active, with a sense of participation, welfare and belonging.

  Let’s think about a question. When we are talking about reducing the cost of customer acquisition, is it possible to limit our thinking? The customer acquisition cost may not be fully paid to the traffic party. If it can be promoted in conjunction with operating activities, such as the “30-day interest-free” in the 360 ​​financial rise period and China Merchants’ “first application for refusal and compensation”, part of the customer acquisition cost Spend on users. The advantage of this is that ads with operational activities attract more users’ attention, which can obviously increase the click-through rate and conversion rate of the ads, and increase the conversion rate by 10% on the front end, which may reduce the cost of customer acquisition. It ’s important to research creative forms of advertising and joint modeling, but if you can promote products in conjunction with operational activities, it is obviously effective, more cost-effective, and the user experience will be better. When we have hundreds of millions of customer acquisition fees, why would it be good to stand in front of the user and force him to instill our products?

  Here is another example. In order to gain more customers in all aspects of the scene, various consumer financial institutions have launched H5 diversion landing pages and even H5 full-process products. They are used in major traffic platforms such as Douyin, Toutiao, iQiyi Drainage, some even have good display positions, but these H5s often lack operating activities to support them, especially combining with the operating characteristics of the platform. Take iQiyi as an example, the same is a loan. The rich spend is “Activate the quota to send iQiyi members”, and most consumer financial products are general slogans: “Maximum 200,000 quota”, “Last 3 minutes loan “… the appeal of the material is immediate. Even without pre-risk screening and joint modeling, iQIYI’s loyal users, or highly sticky users, will most likely click on the product sent to the iQIYI members, whether this detail will be How does it affect the quality of customer acquisition on the same platform? Worth thinking.

  
  

  2. Build an operation support team and flexibly support marketing activities
  

  Established agile and flexible operation support team, including marketing planning, product manager, UI design, front-end development. It can quickly launch operational activities according to marketing hotspots and product promotion rhythms, and continuously optimize and iterate according to the effects of the activities.

  For example, during the epidemic, masks were scarce, and my team quickly planned a “public mask, free distribution” charity event. Thanks to the flexible operation support team, this event goes from planning to developmentIt only takes 2 weeks. During the 5-day event, 40,000 medical surgical masks were distributed free of charge and mailed to 8,000 families in more than 20 provinces across the country. A total of 750,000 people participated in the event, 230,000 people reposted it, and the page views exceeded 8.65 million. The two WeChat public accounts on the event both read more than 100,000+ WeChat tweets, and 450,000 WeChat fans were added.

  For another example, this year’s Tokyo Olympics, the planning team can dock resources in advance and plan a series of marketing activities, including point quiz activities, staged shopping mall Olympic specialty merchandise spikes, and cheer for the Chinese team. (For example: customizing the new leaderboards of the Olympic cheerleading team, sending the top ten tickets to the Tokyo Olympics, etc.) and activating the quota for new users can get Tencent Sports / PP Sports Olympic live broadcast privilege packages and so on. The purpose of this is not to attract hotspots, but to ensure that the marketing of the product keeps pace, and to attract users with the right topics, the right activities and the right materials at the right time.

  3. Form brand features and drive word-of-mouth communication

  Why do everyone think IKEA is cheap, because the ice cream in IKEA restaurant is only 1 yuan, the hot dog is only 3 yuan, the small side table is only 39 yuan, the glass is only 3.9 yuan … IKEA cleverly sells some popular items To create an “I’m cheap” atmosphere. In fact, everyone who is familiar with IKEA knows that IKEA sofas, coffee tables and beds are not cheap compared with products of the same quality and the same category, but users ’minds already think that IKEA is cheap, so these non-cheap products are It was interpreted by the user as “expensive reason”.

  In another case, when China Merchants Bank ’s handheld life was initially promoted, it did not have the effect of the “National Bank APP”. At that time, in addition to points being an effective weapon of China Merchants Bank, the operation of the handheld life app focused on two One event, one is the old gift with a new gift, and the other is the “perfect ten”: launch a burst each issue, let users at a price lower than the market priceTen installments of interest-free purchases. This strategy has largely boosted users’ impressions of the benefits of the handheld life app, and has become an important promoter of the rise of China Merchants Bank’s credit card.

  The same goes for consumer financial products. Although it is impossible for each item to be cheaper than JD.com or Tmall, it is still feasible to concentrate on building several explosive products. Find a suitable supplier, talk about a better policy, and moderately subsidize the cost of customer acquisition at the merchandise side, supplemented by a 12- or even 24-period interest-free policy to attract users to gather and share naturally with low-price / parity products And growth. In this conversion link, the mall has become a magnet for attracting users, not just an awkward existence in order to expand the scene. You know, although consumer finance is a financial product, finance is also a service industry after all. Users of consumer finance can also be called financial consumers. Since they are consumers, then the user’s psychological insight is necessary, and in line with the user’s psychology, Doing things will do more with less.

  4. Really use up points

  I have to mention the most famous bookstore in Japan: Takuya Bookstore. Born in 1983, Takuya Bookstore is now almost a cultural gas station for young Japanese. It started from a physical bookstore and still maintains a strong competitiveness in the Internet age. Zou Tian Zongzhao, the founder of Takuya Bookstore, said in an interview with the media that one of his secrets is the refined management of users and the user points system. As of June 2017, the T-Card points card launched by Suga has more than 60 million active users across Japan. (accounting for about 47% of Japan’s total population) . Users can spend points at nearly 670,000 stores in 108 companies in Japan, including Takuya Bookstore. Convenience stores, shopping malls, and gas stations are all-inclusive. Points are like the yen issued by Masuda Sotsuki. Hold firmly to the binding.

  Points are a double-edged sword. If used well, it can increase user stickiness. If not used well, it will only increase operating costs and become a waste of food.What a pity.

  Consumer finance user points are generally obtained in two ways: through APP consumption, loan generation, and the use of APP to complete specified actions. The former contributes actual revenue to the product, while the latter contributes to the activity and stickiness of the product. The consumption of points can be designed to exchange for physical goods, virtual card secrets such as audio and video members, performance tickets, coffee vouchers, taxi fares, etc., or brand-related co-branded cultural and creative, etc., or they can be combined with the product itself for redemption. Interest, reduction or exemption of prepayment repayment fees, or even a withdrawal package. Combined with the membership level, it is also possible to launch a monthly limited dynamic rights for different levels of members, based on the fixed rights of members, to further promote activity. Points are equivalent to the “currency” issued in your own product system, and the exchange ratio with real currency must be properly controlled. Do n’t pay out uncontrollably when you go online. After the overpayment, reduce the exchange ratio in order to save costs, causing “currency.” Swell. ” Credits are one of the few effective means of maintaining low-frequency products such as loans with users to maintain their emotions. The generation of credits is accompanied by the increase in the user’s use of the platform and the increase in trust. Don’t make users feel “unworthy”.

  5. User operations need routines, respecting users’ IQ routines

  Everyone may have this feeling when ordering takeaways: It ’s clear that the shop is marked with activities that are full 40-15, but if you come together, you will never get 40 whole, or even just a little over 40; or It was 39 yuan, which was almost itchy. Either it was 48 yuan more than 40 yuan, but it was only 15 yuan less. From the user’s perspective, this kind of subtle scheme may not be seen through, but in the business language, this pricing war, psychological stand, strategic war, and “degree” grasp, is the user operation should spend more energy The “routine” to study.

  Improving the input-output ratio is often not accomplished by adjusting the input resources on the books. Here is an actual case of the author’s team to illustrate: In 2018 we designed an old belt and a new fission activity. People often think that loan products It is not easy to make fission. Users do n’t want others to know when they borrow money, let alone send invitation links to friends. At the same time, because loan products have high review thresholds, invitations are difficult, and gifts are too cheap. Too expensive. The cost of getting customers is too high. Facing the pain points of such an industry, the team did a few small things and achieved unexpected results.

  First, we set the threshold of invitation reward to activation success, that is, the invited user does not need to generate a loan, and does not need to pay the actual cost. As long as the application quota is successful, the inviter can get the reward. Although this seems to increase theCustomer costs are not. After adjusting the reward threshold to the activation limit, the publicity points can be adjusted accordingly to “free credit limit”, “receive up to 200,000 reserve”, and “test your credit limit”. No need to withdraw the psychological pressure on the invitee, although the withdrawal rate of invited users will be lower than normal users. The invitee withdrawal rate of the event is 29%) , but the lower invitation threshold has brought more users. In terms of the absolute number of withdrawal customers, it is more. At the same time, With more credit users, it can be further transformed through secondary marketing.

  Second, when choosing the reward method, we chose gifts instead of cash. In the process of selecting gifts, we consulted suppliers to find the most advantageous products, such as Beats headphones, tide brand, young people like it, and the basic price of JD.com is 599 yuan. However, the channel price of this headset can actually reach 450 yuan or even lower, which has caused a poor cognitive perception for users. The company actually paid 450 yuan, and users felt that they had received gifts worth 600 yuan at the market price. . There are many more products like this. Each month, based on the effects of the previous month’s activities, combined with the hotspots of the month, new products in the market and seasonal features, the gift structure is constantly optimized to ensure that old users can continue to contribute.

  In addition, monthly leaderboards and stepped reward settings are also a great way to optimize activities and save costs. Here it is assumed that the reward threshold is to successfully invite 1 person, 3 persons, 5 persons, and 10 persons. The threshold for inviting 1 person is to minimize the invitation threshold and attract more users to participate in the event. At the same time, the application for loan products has a certain risk of rejection, and the approval result is delayed. In order to get the reward of recommending 5 people, the participating users must recommend at least a dozen people, so a large number of people appear at the end of each month. A user who recommends 9 people gets a reward for recommending 5 people. The 4 overflow customers 9-5 = 4 are the “premium” earned. After one year of practice, the event’s reward threshold overflow rate exceeded 70%. Throughout the year, the user activation cost brought by the event was less than 30 yuan, and the withdrawal cost was less than 100 yuan.

  In 2019, the consumer finance industry experienced a continuous increase in demand from its clients, the emergence of potential risks, fierce competition in the market, and the low rate of deep conversion. Tencent Advertising shared such a view in the financial industry salon in 2020: In 2020, the acquisition of online consumer financial products should shift from extensive thinking to fine placement, from price adjustment to page planning, from multi-channel farming to main channel farming, and from cost control to increasing conversion rates.

  In such aThe overall anxiety of the industry was affected by the epidemic in 2020. All consumer financial institutions are facing huge customer acquisition and operating pressures. I hope this article can bring a little thinking to the anxious industry. The harder it is, the more difficult it should be. Finally, I give you a sentence that the author likes very much: pessimists are often correct, while optimists are often successful and share with the king. In a difficult environment, it is a good time for the rise of adversity and overtaking in corners. I hope everyone can find their own way of gaining customers and operating.