Because of restrictions, most ads among financial companies look similar and are primarily sales-focused. Therefore it is very difficult to stand out and grab attention without overspending on the media.
An effective alternative way is using gamification. Gamification is the adaptation of game-related characteristics, particularly those linked with user experience and engagement, to non-game environments such as finance. Gamification enables to reach passive audiences that are tougher to get with hard-sell ads. 🎮
How would gamification bring results in the financial industry ❓
Success comes to those who are focused on their goals and make use of all the right strategies to achieve them. Let’s start with some of the KPIs you could achieve using gamification:
- Social media reach
- Number of website visitors — games can be embedded into your website
- Number of new leads
- Number of new registered customers
- Retention rate — you can activate passive users
Now let’s have a look at each of these points in detail:
✅ Social media reach
Reach KPIs track how many people interact with your social platforms. These individuals may simply interact with the channel in a passive manner – reach and engagement are not the same thing. Consider reach to be a quantitative measurement – reach data shows your current and future audience, growth over time, and brand recognition.
✅ Number of website visitors
Every website visitor might be a prospective client; the more visitors you have, the more likely it is that they will become new leads. Gamification is an excellent technique to engage consumers and keep them on your advergames for a little longer than with a “basic” campaign, so there is a bigger chance that they will come to your website.
✅ Number of new leads
To find new consumers, the business must have a specific quantity of prospective leads. Keep in mind, however, that the gamification does not apply to all leads, but just to qualifying leads. These qualifying leads can assist business leaders in forecasting future client connections and the number of contracts to be awarded.
✅ Number of new registered customers
With the number of newly registered users, you can measure the visitors to your website or platform during a given time period. A registered user is generally someone who provided his or her email address and obtained a login/password.
✅ Retention rate
The higher your retention rate, the more likely it is that your clients will stay with you for an extended length of time. Assume that people enjoy winning something, even if it is a tiny prize. You may use gamification to create small gamification campaigns in which your consumers can win little prizes and get more engaged with your brand.
Gamified marketing funnel
Here, we can talk more about Gamified Marketing Funnel and talk more about real numbers. Let’s see what is happening after you start your gamified marketing campaign.
Between 75% and 89 % of visitors start the game. This indicates that the majority people who view your advertisement will most likely begin playing the game. The average engagement rate ranges from 5 to 16 minutes, which is significantly higher than basic campaigns, which have an engagement rate of less than 1-minute. Then, 96-98 percent of them complete the game. People enjoy gambling, therefore they will almost certainly play to the end. But don’t forget to make your user lose in the first 45 seconds, or he’ll lose interest in the game. Then, between 10% and 30% of visitors convert to leads by completing the registration form or taking some action after playing the game.
What to expect from Adact’s campaigns ❓
As previously stated, 96-98% spend 5-16 minutes on average on the game and complete it. Adact assists in achieving a bounce rate of 11% to 22% and a click-through rate of 10% to 30%. Aren’t these outcomes incredible?
We had one financial company whose goal was to get new loan applications using games. They’ve used Drop, Endless Runner, and other playful games to get people engaged and then point them to the end screen where they have a button that directs players to the loan application page. 4.8% of the players applied for a loan (and were new customers).
More examples 😎
Monobank: Monobank is a Ukrainian online bank with a gamified mobile app. The app includes a lovely cat emoji as well as entertaining gaming elements. Monobank has also introduced the Space Invader mini-game to the app, in which users must collect cats while avoiding the virus. According to Monobank’s CEO, 100,000 users of the application played the game over the first 2.5 days. 🔥
Game ideas for the financial industry
A common misunderstanding is that gamification is meant for playful brands only. But our case studies have proven otherwise. Games are effective lead magnets and traffic drivers for the finance industry.
Here are a few game ideas for a conservative and more rational industry like finance, as well as how to finance businesses that may benefit from them.
5 gamification ideas for the financial services: 👇
1)Personality Test “Find out which type of money-spender are you?”
A Personality Test is used not only to collect leads but also to gather valuable information about the preferences of the leads. Understanding the kind of consumers you have will help you in developing better marketing campaigns and improving client interactions.
Personality tests may also be used to recommend products. Based on the responses, a user receives a personalized product suggestion.
2)Trivia “Test your knowledge to see how advanced you are with money”
You may use this game to build customized tests and check your clients’ knowledge. Furthermore, you may help customers in learning more or just change their way of thinking, which can lead to confidence in your brand.
3)Candy Crush “Swap coins and piggy banks”
Candy Crush is an old and good example of a basic game that can be used for business purposes. In this game, the customer’s only solution is to exchange goods. However, you may customize them and relate them to your financial business in order to educate clients.
4)Drop “Catch coins with our new bank card”
The drop game is an excellent way to have some fun with your brand. You may choose which objects to drop and how many points they reward. You can also make consumers catch coins with your new bank card or any other item.
5)Super Mario “Reach as far as you can in your financial path”
Super Mario is one of the most well-known games in the world, and it’s also a great fit for business. Customize the game with your institution’s branding and make the consumer finish the game. Remember that consumers stay interested if they lose more frequently, therefore Super Mario is a fantastic fit for such competition.
You can take a look at all of our game types here.
The implementation process: Guidelines to follow
Gamification in finance may be implemented in various ways, but it needs precise development and a well-thought-out plan. The procedure is outlined in the following steps:
👉 Program planning — researching your business to identify activities or procedures that may be gamified;
👉 Program designing — consider the features that should be added, how consumers and workers would benefit from them, what useful information you can offer via new channels, and so on;
👉 Implementation of technology – if you have a skilled in-house software development team, you may delegate this work to them. If your company lacks the necessary resources, it might use outsourcing services. There are plenty of expert teams that specialize in developing solutions for the banking and financial industries;
👉 Data analysis — involves using received data to improve existing procedures with new ones. It will assist you in gathering useful information about your consumers, customizing your offerings, and providing more customized services, therefore boosting their loyalty and engagement.
Attracting new clients to a business is not an easy job to perform, especially if it is a financial company. Many companies and organizations encounter difficulties in acquiring new customers because they rely on outdated approaches. However, with gamification, the impossible becomes achievable; you simply need to apply the right methods to attract new clients, for example, with Adact, and keep them returning to you.
Generally, gamification in finance (finance technologies in particular) aims to increase app user engagement and loyalty to the financial service provider. It helps to bring new life to products that might otherwise be dull; in other words, it tries to transform a financial or business app experience from a task on a to-do list into a pleasurable activity.
Book a demo with us to learn how to use gamification in your financial organization’s marketing to reach new audiences and improve outcomes. 💥