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Apps for Financial Literacy - Understanding the Apportunities


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A basic understanding of mobile apps - what they are, how big the marketplace is, what the rate of adoption is, what are financial literacy apps, why your organization may want one, and a sample marketing plan if you decide to build an app for your organization.
Jenni Brand, Bastille Marketing

Published in: Mobile
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Apps for Financial Literacy - Understanding the Apportunities

  1. 1. Financial Literacy in a Mobile World: Apportuni4es Abound Jenni Brand Chief Strategist Bas4lle Marke4ng September 30, 2014
  2. 2. What We’ll Cover Today ! What are Apps, Really? ! Do Enough People Rely on Mobile Phone/Tablets? ! What Apps are People Using (Besides Facebook)? ! Who Is Using All Those Apps Anyway? ! Types of Popular Financial Apps ! The Strategy & Marke4ng Of An App ! Entry into the App Market – Is It For You? ! App Audience: Who Should You Target? ! How to Successfully Promote Your App (or How Social Media Can Drive Awareness (and Usage!) of Your App ! Bonus Material
  3. 3. What are Apps, Really? ! According to Google: ! Na4ve (or Mobile) Apps v. Web Apps? ! Na4ve/Mobile – Built for the Device & Resides on the Device (Plays nicely with it) ! Web App – Built for the Web & Runs on the Mobile Browser
  4. 4. Do Enough People Rely on Mobile Phone/Tablets?
  5. 5. Who Is Using All Those Apps Anyway?
  6. 6. What Apps are People Using (Besides Facebook)? According to ComScore: 79% of SmartPhone Users (US) access apps 26 days out of every month
  7. 7. Mobile Opportunity for Financial Apps ! Entrepreneur Magazine es4mates that by 2017, the App Market will be a $77BILLION Industry ! According to mPay: ! 60-­‐100Million Un-­‐ or Under-­‐banked people in the US ! Un-­‐Banked and Under-­‐Banked HAVE CELL PHONES Represents a $2BILLION Mobile Opportunity
  8. 8. Types of Popular Financial Apps ! Banking Ins4tu4ons ! Checking/Savings; Mobile Deposits; Account Management ! BillPay; Mobile Payments ! PayPal; Google Wallet ! Investments/Stocks/News ! Yahoo Stocks; iPhone Na4ve Stock App; LikeFolio ! Shopping; Purchasing ! Amazon, eBay, iTunes ! Rewards; Discounts/Coupons ! Wallaby, Larky; RetailMeNot ! Budge4ng ! Mint, Budgt, Spendee, LevelMoney ! Literacy/Educa4on (Gaming) ! Tools & Calculators ! Business/Travel ! Expensify ! Re4rement
  9. 9. The Strategy & Marke4ng Of An App: Entry in the App Market – Is It For You? Ques4ons & Considera4ons: ! Do you have the BUDGET? ! Build It, Test It, Launch It, Performance Daily Maintenance, Deliver Regular Updates, Track Performance, and Re-­‐launch It as Technology Changes? ! Where (Which Marketplaces) Will You Release It? ! iTunes, Google Play, Amazon App Marketplace, Blackberry ! What Is the App’s Future? ! Do You Have a Plan for Its Sunset? ! Have You Researched Compe4tors? ! Is There An Exis4ng App That Achieves Your Goals – That You Could Partner With/Promote?
  10. 10. The Strategy & Marke4ng Of An App: App Audience: Who Should You Target? Ques4ons & Considera4ons: ! Know Your Exis4ng Audience (& Involve Them) ! Survey them on Mobile App Usage; Ask Them What They Want; Release it to Them First…) ! Know the Mobile App Market & The Rates of Adop4on ! While your target today many not be school-­‐age kids, they will be your target soon – consider including them in your decision making process for the longevity of the app ! Consider HOW Each User Audience Uses Technology and Their Comfort Level With It ! KISS: Keep It Simple, Stupid…. ! Design for Your Users – Yes, But Design for Users Who Don’t Yet Know You – What’s In It for Them?
  11. 11. The Strategy & Marke4ng Of An App: Leveraging Social Media for App Awareness ! Be Specific And Strategic in Selec4ng What Plaiorms to Engage In ! Do You Already Have A Community (audience) Within that Site? ! How Will You Engage With Your Community? ! What Will The SPECIFIC Message Be for that UNIQUE Audience ! Launch/Promo4on; How-­‐To; Customer Service; Reviews & Feedback
  12. 12. The Strategy & Marke4ng Of An App: Leveraging Social Media for App Awareness General App Launch Ideas for Social Media Plaiorms: ! Facebook: Contest & Adver4sing ! Twijer: Tweet Reviews and Feedback from Other Sites ! YouTube: How-­‐To Videos; Q&A Videos on Most Frequently Asked Ques4ons ! Pinterest: Screen-­‐shots; News Coverage; How-­‐To Docs ! Instagram: Screen-­‐shots; Contest ! Tech Communi4es: Pre-­‐Release Tes4ng; Reviews ! Blogs/Bloggers: Contests/Giveaways (Giveaway a SmartPhone with Your App Pre-­‐loaded)
  13. 13. Bonus Material
  14. 14. The Strategy & Marke4ng Of An App: “If you build it, it they will come…” This is no Field of Dreams – You NEED to tell EVERYONE about your app Have a SOLID plan for your app, including: ! Pre-­‐planning the app ! What are your goals for the app? Do they align with the target audience’s goals? ! Who is the target audience? Are you sure…? ! What else is out there – how is your app bejer/different? ! What are your compe4tors doing? Are you filling a need or jumping into an already crowded pool? ! What is the lifecycle of the app? ! How do you plan to sunset the app and when? ! Are you going to charge for the app?
  15. 15. The Strategy & Marke4ng Of An App: ! Building the app ! Are you building the app yourself with a DIY op4on or are you hiring a contractor? ! Have you budgeted enough to cover tes4ng and unforeseen issues? ! Have you planned for tes4ng, tes4ng, and more tes4ng… what about a limited release to beta-­‐testers? ! How complex do you want your app to be? Is that necessary? ! DON’T FORGET TO SUBMIT THE APP TO THE iTunes App Store – approval is not automa4c! ! Marke@ng the App ! Do you have a solid marke4ng plan to support the roll-­‐out of the app? ! Is there a strategy behind the plan or is it just promo4onal efforts? ! Have you allocated enough dollars for the marke4ng ini4a4ves? ! How does the marke4ng of this app fit within the overall marke4ng plan for the organiza4on? ! How will you market it at various intervals in its lifecycle? ! New Feature Upgrades & Roll-­‐Outs (Timing/Schedule)
  16. 16. The Strategy & Marke4ng Of An App: How Will Your App Be Perceived (in real-­‐life)? Answer The Following QuesBons BEFORE You Build the App: ! What Is It? ! This should be a 1-­‐2 short sentence explana4on – a 10 second or less elevator pitch. ! What is it – is NOT about you! The what should not include your company’s name, goal, mission or marke4ng slogans… ! Who Should Use It? ! Why Should They Use It? ! WIIFM – What’s In It For Them? How does it make their life easier, bejer… ! When Should They Use It? ! How Should They Use It? ! Why Should They Tell Someone Else About It?
  17. 17. The Strategy & Marke4ng Of An App: Once You’ve Nailed Down the Message… What Are the Nuts & Bolts of Marke4ng the App? ! Website ! Feature the App Descrip4on/Announcement Prominently on Your Website with a Link to the iTunes App Store/Android Marketplace ! Email Newslejers/Print Mailings ! Inserts in unrelated mailings ! Invoices, Quarterly Statements, Lobbying Updates, etc ! Email Signatures & Voicemail ! Press Release & Tradi4onal Media Outreach
  18. 18. The Strategy & Marke4ng Of An App: Social Media For App Awareness ! Social Media Release & Online Outreach ! Industry AND Audience Bloggers ! Don’t target everyone & anyone – be strategic about who you market to with which message ! Offer exclusive content ! Release it strategically online BEFORE the tradi4onal media gets it ! Rather than announcing the app is going to be on their blog in your social media outlets – LINK to their blog post about it… Idea: Know a blogger with a huge following among your key audience? • Let them try a pre-­‐release of the app and write an honest review • Let them be the ONLY place people can download it for one week before it goes live in the App Store • Or give it away FREE on their site only for a limited 4me
  19. 19. The Strategy & Marke4ng Of An App: Social Media For App Awareness (cont’d) ! Use a Plaiorm Manager Like HootSuite ! Monitor Before, During, Aoer ! Preload Your Messaging ! Frees your 4me to respond/converse authen4cally ! Use the sta4s4cs to analyze the effec4veness of your messaging ! Adjust if necessary! ! Coordinate Your Social Media Ini4a4ves ! Make sure you know which hand is doing what ! Each plaiorm should SUPPORT the others, not override or ignore ! Have a defini4ve day-­‐by-­‐day plan ! Which plaiorm (and why there!) on what day(s) ! Customized messaging ! Based on the unique characteris4cs of each plaiorm ! Determine which social media sites make the most sense ! You do not need to use ALL of your social media sites – be strategic
  20. 20. The Strategy & Marke4ng Of An App: Social Media For App Awareness (cont’d) TALK (2-­‐way engaged conversa4on) With Your Audience About The App ! ASK them about it: ! What do they like? What do they not like? ! What else could you add to it? ! Would they recommend it to a friend? ! LISTEN to what they are telling you and respond accordingly – highlight some great feedback in your posts. ! SAY THANK YOU! And mean it. ! Does your audience want a change? Make it and TELL them you did! ! Can’t change something? Tell them you HEARD them. ! Did you screw something up? SAY YOU MADE A MISTAKE… ! INVITE them to tell their friends – and make it easy for them… ! REQUEST that they “Rate” the app in the App Store or Marketplace
  21. 21. Produc4vity Apps That Rock! Want a Lijle More Free Time in Your Day? Check out these Awesome Apps ! Evernote – Your Brain…On Your Phone ! HomeRou@ne – For the List Maker Junkies ! LucyPhone – Hate Wai4ng on Hold with Big Companies? ! Readability – Make Mobile Web Browsing Easy to Read! ! Slice – Mail Order Manager Extraordinaire ! HoursTracker – When Every Minute is Billable ! Doodle – Scheduling Mee4ngs Made Easy ! HootSuite – Manage Mul4ple Social Media Sites at One-­‐Time
  22. 22. References & Resources ! Devices: ! hjp://­‐Apps-­‐Vs-­‐ Web-­‐Apps-­‐Which-­‐Is-­‐The-­‐Bejer-­‐Choice.htm ! CNBC – Best Financial Apps of 2014: ! hjp:// ! CNN – 15 Best Financial Sites: ! hjp://­‐financial-­‐apps/index.html ! LifeHacker – 5 Best Personal Finance Apps: ! hjp://­‐best-­‐desktop-­‐personal-­‐finance-­‐tools ! Entrepreneur Magazine: App Market $77B by 2017 ! hjps://­‐app-­‐market-­‐77-­‐billion-­‐industry-­‐ infographic-­‐161200481.html ! Entrepreneur Magazine: 5 Strategies to Get Your Users to Market Your Mobile App for You ! hjp://
  23. 23. Ques4ons?
  24. 24. Thank You! Jenni Brand 202/714-­‐0071