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I’ve been helping fintech and crypto businesses navigate the bear market. Whether you’re building a brand or nailing down your acquisition strategy, let’s chat about how I can help you reach your marketing goals.

In this bear market, fintech businesses face an arduous, two-sided task. The first, getting more value out of our existing customers. And on the other side of the coin, winning back the ones we’ve lost. As marketers, our eyes are often trained on acquisition strategies, but in the current landscape, it's time we turned our focus to the real MVP - retention marketing.

Some data to consider:

1. it costs 6x to 7x more to acquire new customers than it does to keep the ones you already have.

2. You have a 60-70% chance of selling to an existing customer compared to a meager 5-20% chance with a newbie.

3. Boosting customer retention by a mere 5% can skyrocket profits by 25-95%.

So, how do we capitalize?

Understanding Your Customer

In the center of successful retention strategy lies the art of knowing your customers. Understand what draws them to your product or service, what keeps them hooked, and why they chose you over competitors.

Ask yourself:

• What is it that they like about your product or service?

• Why do they pick you over the next company?

• What is it that keeps them coming back?

• Or what made them leave?

This customer profiling exercise forms the foundation that you can design campaigns and strategies on top of.

Engagement Tactics

The core of retention is driving engagement. That can mean a number of things depending on your business. Is it logging in? Is it trading or depositing? That’s up to you, but the focus should be on driving the user to engage with your product.

Contests and giveaways are a great way to cultivate brand favorability. Everyone loves free stuff. And it’s an easy way to keep your brand top of mind. But, I recommend having multiple winners, maximizing the feel-good factor. As for the prizes, they don’t always have to be money. Think swag, experiences, special access, and so forth. Unleash your creativity!

Content is another powerful tool for engagement. From social media to videos, to written content, to experiential campaigns, employing a 360-degree approach ensures a footprint that maximizes success. Just remember that the key to this tactic’s success is a compelling narrative, again underlining the significance of knowing your customer. It’s gotta be something they want to hear.

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Win-back Strategies

Let's face it, some customers will slip away. But with clever win-back strategies, we can get them back on board.

Incentives can be a highly effective tool, but the way they work will be different for every kind of business. For example, for a trading platform, deposit bonuses can serve as an attractive lure to reactivate dormant accounts. But don’t forget to keep compliance rules in mind. Stock trading platforms can’t incentivize trading, so incentivizing deposits is a better option. For crypto platforms, I recommend working closely with your compliance team to understand their level of comfort, particularly given the heightened regulatory attention.

The ultimate win-back strategy, although typically beyond the marketer's direct control, is launching new products. It not only offers a good reason to reconnect with churned customers but also presents a new narrative to attract them back.

In essence, the success of a fintech business hinges on its capacity to keep customers engaged and coming back for more. As marketers, it's our mission to make this happen. The bear market might seem tough, but with a strong focus on customer retention, we can turn it into a field of opportunity.

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