818 Financial Festival Activity
Designing an incentive which increases the fund sales to the highest of the year
Mobile Design,Growth
Project Overview
About 818 Financial festival
Similar to Black Friday in the United States, which is an e-commerce shopping festival, Chinese securities firms have chosen to hold a financial carnival on August 18.
While various shopping festivals tend to think of ways to help users spend money, securities firms hope to attract customers to download and use the trading APP and purchase financial products in the online funds mall and investment advisor platform to promote the sales of online wealth management products, and to promote the company's brand.
Project goal
Designing an incentive to let more users click on the banner to participate in the activity and purchase financial products.
My Solution
Incentive discount and awards on the trading app homepage.
Team
1 product designer (me), 1 PM, 1 copy writer, 1 software engineer
Timeline
Design - July 2020 (3 weeks)
Implementation &Usability Test - July 2020
Problem definition
Why did securities company want users to turn on banner notifications?
Increase user retention
Low notification turn on rate
About trading app users
Sensitive to price
Notifications had a high adoption rate
Why did users ignore banners?
They open the app mainly for stock trading, pay little attention to information not related
Disturbed by too frequent pushes（free ads）
Lack of user incentives
Assumption & Scope
Banner notifications were valuable to users.
My project only focused on the incentive part.
Define success
Qualitative method - Usability test
Quantitative methods - Number of user participants, amount of fund product sales, Profit
Design process
How could we change users’ behavior?
Motivation
People have to be sufficiently motivated to change their behavior.
Ability
They must have the ability to do the behavior.
Trigger
They have to be triggered to do the behavior.
Motivation
Communicate the value of activity on official website and official social media account
Extra 2% interest rate
Earn an 2% additional interest rate during August, just by click the banner.
Free of fee
No charge when purchase fund products after enroll to participate in the activity.
Lucky draw
Purchase enough amount and users could get the chance to win an entry in a daily lucky draw .
Trigger
discount and awards
Ability
Developing a new feature in three weeks is not easy, as it requires ensuring the safety of customers' funds, ensuring that it does not affect the normal trading of stock accounts, and also associating the purchase of financial products with the lottery.
I used to be familiar with the client's needs as an investment consultant and took on the responsibility of project manager, meeting with the product manager and engineers to simulate the user flow and assign tasks.My project focused on the incentive part.
User journey map
Task allocation
The task allocation flow before starting my design
Design
Wireframe
Explorations of display funds list and lucky draw flow, after the user clicks on the banner, registers for the campaign, and logs in to their funding account
Final design
1.log in to the trading app and click the banner
Users can log in to the trading app with their cell phones,
click on the banner to get more details.
2. Enter the financial products section
pick a product from the preferred funds list.
Log in to the fund account and buy a wealth management product/fund.
3.log in to the fund account and purchase
4. Eligible for the lottery
Get a chance to complete the raffle.
5.Awarding of prize
Claim the result of prize and show when and how to get the prize.
6. Referral
Share the event with friends to get one more chance to win the lottery.
Project Results
Brand promotion
- contribute to Cai Lian News Agency and Brokerage China, and promote the company's brand through the news of well-known media.
Record sales of online products
- In August 2020,the Financial Carnival facilitated a total of 6,473 people to purchase products through the online platform. The fund sales amount hit a new monthly high of 2020.
Reflections
Learning
-Mobile design on a consumer product
-Domain knowledge of growth
-The mindset of using data to support design decision
What can I do differently if I have more time?
Strategy
My concern: long term result, true value to the company
What I did: voiced my concern, events are completed on time and successfully
What can I do differently: dig into the user segmentation, propose ideas
Test
What I did: first time to hold this kind of activity, relatively hasty in terms of page designs,demand confirmation and test.
What can I do differently: increase the testing time according to the publicity time, warm-up time and implementation time, so that the activity can be presented more perfectly.
Motivational approach
What I did: Traditional spinning lottery
What can I do differently:add more innovative and more diversified activities, such as activity sign-in, user credits, guessing the rise and fall of stock market indices, etc., to provide a more useful toolbox for more users.