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[Finance] Need to Boost Members on Your Fintech Community? Here’s How.

Posted by Kenny S. on Mar 27, 2018 1:27:43 PM

3 minute read

 

fintech

If you’re struggling to obtain (and maintain) greater numbers of forum members for your fintech community, you’re not alone.

Any purchase of a financial product, and the costs associated with it (both in time and in finances), are what are known as “grudge purchases”. A grudge purchase is a purchase made out of some form of obligation, rather than a pursuit of pleasure or self-gratification.  

This means that you have to overcome a certain amount of natural resistance from your customers when you ask them to join your community. Unlike sports , or hobby-related communities, fintech doesn’t necessarily have the “hedonic factor” behind it. Except for a small selection of people, your customer base will likely lack interest in spending their free time discussing your brand or products.  

Here are a few simple, quickly actionable strategies to boost your membership in no time.  

Financially Incentivize Your Memberships

Money talks… and people listen.  That’s perfect if you’re trying to boost membership in your community because you have a number of built-in avenues that play off of this.  

The key is to prioritize the fact that your goal is to help your customers (in marketing and reality). The forum membership itself must genuinely benefit them, so the incentive you offer is simply icing on the cake.   

Taking a page from Paypal’s early days, using cash is a great incentive.  Provide a small credit for individuals who sign up to your forum that they can redeem for your service. This idea is especially effective because it allows you to kill two birds with one stone. Not only will you grow your forum membership, you can have a direct tie-in to use your company’s services.

Everyone wins -our prospects get to take advantage of a great value, your forum membership increases and your overall community membership will probably also grow over time which means a larger customer pool to draw from.

Educate Your Target Audience

When you make it clear to your customers that their financial education is a priority to you, you also make it clear that you’re on the same team and you want them to succeed. That’s a powerful message, especially in the financial sector which is so characterized by distrust (not always without reason).

A new education section on your site can give your customers a large array of topics to discuss on your forum. It would also contribute to an overall tone of helpfulness and general care. Again, it goes back to establishing  alignment with your customer. You want them to succeed because their success is also yours (quite literally, since it raises your bank’s capitalization levels).

If your site currently lacks a forum and an education section, definitely consider rolling them out in tandem for all of the above reasons.  

Gamifiying Community Referrals and Activity

This is a particularly powerful strategy, because it paves the way to obtaining and keeping greater numbers of forum members. Here’s how it would theoretically work.

Using our gamification engine, you can begin by offering a reward for referrals or other activities. .  

The main point to be understood here is to progressively increase the rewards for membership activity, including referrals. If your gamification rewards are achievable, and tied into tangible rewards, you’d be able to identify your super-users. . These passionate fans not only can be your advocates, they can be tapped to become your unofficial moderators, saving your community manager time in moderating a large community.  

Boosting forum membership can be difficult even for niche forums and hobby forums, which naturally draw large numbers of people with similar interests. It’s much harder to get people interested in (much less unified around) the topic of finance. So don’t beat yourself up if your numbers aren’t soaring right out of the gate.  

Whether you offer financial incentives to members, boost membership through educational efforts or through a time-tiered approach, the key is to actually make the effort and to diversify your tactics.  

Operate intelligently and keep a healthy dose of guarded optimism, and you can expect solid results in a relatively short period of time.      

Topics: Fintech, Community

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