New data shows women could be a profitable, untapped market for financial apps

Andy Boxall

In App Business. April 5, 2018

 

New data suggests finance app marketers may be able to acquire more loyal users by engaging female users. In a study, Liftoff reveals that while men are a, “safe bet if you want to buy low and engage high,” by using campaigns aimed at women — who cost less to acquire — could, “be rewarded with app use and loyalty that’s off the charts.”

The chart shows at $6.95, men cost 30.4% more to acquire than women, who cost $5.33 at installation. It’s at this point where women get more expensive than men, and Liftoff suggests that more effective campaigns could come into effect, due to a lack of engagement.

The install-to-register cost for women is $22.99 for a financial app, compared to $19.85 for men, and the percentage rate is dramatically different. For men, it’s 35% and for women it’s only 23.2%.

Moving on to install-to-activation, men cost 20% less than women, and have a 22.6% conversion against a 13.9% conversion for women. That’s a massive 63% difference. Men, says Liftoff, represent a “win-win” for finance app marketers by costing less yet having a higher engagement rate.

Why spend more on engaging with women? Liftoff says:

“The fact females cost less to acquire and more to activate may be linked with a lack of effective and emotive app campaigns aimed to truly inspire females to take control of their finances.”