Let me tell you a personal, real-life story.
Sometimes last year, I read an article about savings app. It prompted me consider automating my savings. For context, I faithfully save at least 30% of my income (all thanks to my wife’s effort). So, this decision was not supposed to be a big deal.
But as soon as I was ready, my wife began to raise concerns about how safe “our money” will be with any of them. To her, banks are safe: these fintechs are not. The mere fact that they are not real banks and they will have access to my ATM card to automatically charge my account were reasons for her to worry.
She began to imagine several “what if scenarios”:
- What if piggybank shuts down….
- Is CowryWise secure…..
- What if PayLater becomes insolvent, what happens to my savings?
- Wouldn’t this be like another wonder bank?
Those were the kind of burning questions I had in my mind while I visited the websites of Cowrywise, Paylater and Piggybank last year. I checked out how the apps allayed my fears and instilled confidence in me and my wife to go ahead.
My Aha Moment.
Even though I work in a fintech company myself (an online payment platform), I suddenly developed cold feet to go ahead.
Then it hit me that there is a high bar of risk aversion that people face whenever they want to part with their money. This is the single biggest reason why customers do not patronise any business (especially online ones).
This is not just a problem for my wife and I.
In fact, there is a general lack of trust for every type of business, including eCommerce. I once wrote about how pay on delivery is making it a nightmare for digital commerce to thrive in Nigeria.
Lessons on creating landing pages that convince people to buy.
Back to my story.
We eventually overcame our concerns and have literally invested/saved N1million with these apps over a period of time.
Here are some of the tips these apps used to make the deal happen.
1. Lead with your unique advantage
When users visit your websites, they really want to know how your product is the solution to their needs. No one cares how much you raised or the size of your company. Hence, your homepage should make it easy for them to choose you, based on the promises you want them to deliver to you.
Take for example, Piggybank.
The website copy deeply resonates with the fears, hopes and dreams of the target customer.
Good mention is that Cowrywise speaks to the same concern but used different wordings. Paylater focused on its higher return on investment, capped at 15.5%.
Make customer testimonials part of your growth strategy
Piggybank prominently features testimonials of customers as a key part of their growth strategies.
This makes new customers to be convinced of their offer, especially if they have connections with or can relate with the experiences of the person sharing the testimonial.
Asking users to share their testimonials is one of the best form of marketing for you. This is because word of mouth is proven to do better than any paid marketing channel.
When is the best time to ask for testimonial ?
Just after someone had a good experience with your product or service. Piggybank succeeded in making this a big part of their product marketing.
Capture people’s email.
Sometimes, your target customers are not ready to invest yet. Capturing their email enables you to continually indoctrinate them until they are ready.
After capturing their email, send out engaging emails, share tips about your business, success stories of others and call to action for them to sign up.
You will find a good email newsletter strategy helpful for this.
Don’t just tell, show users and get them involved.
There is power in simulation.
The best example for this is Cowrywise finance calculator. Just play around the calculator to see how Cowrywise subtly communicates the desire to invest by helping you to estimate what you can potentially earn over a period of time.
This is a good micro-commitment from user that ultimately leads to sales.
To make it interesting, they created other calculators tools to show me how much I can save to meet specific financial goal etc. Each calculator has a simple button that prompts me to “start saving now” after I have simulated a desirable future result.
My Final thoughts and 8 Other business growth lessons I learnt.
Those 4 lessons are powerful.
What is central to all this is that whenever your ideal customer visits your website, it must be clear to them that you understand their needs. The first step to do this, is to create a customer avatar of your ideal customer.
Your customer avatar is based on user demographics, interests and trends. You can use these findings to write a clear website copy that deeply resonates with the fears, hopes and dreams of the customer avatar.
There are other valuable business growth lessons I learnt from these apps.
These include building a thriving community around your product, hosting events, storytelling etc.
If you apply any of these lessons to your business, you will generate new growth as well.
One of the favourite things I share with my readers is the opportunity to book a FREE 30 minutes business growth session with me.