Post by account_disabled on Jan 23, 2024 12:37:01 GMT 8
What is Performance Marketing? How does it differ from the concept of Internet marketing aimed at achieving specific goals, KPIs, which in turn are fixed on certain business indicators of the company? Read more about this and more in the publication of the director of marketing at MyCredit company Serafyma Nekhody. The challenge of the microfinance market: money VS traffic Working according to the performance model: how to solve marketing tasks What to measure in a performance model for fintech? TOP-5 reports that are important to monitor every day KPI for fintech employees What can be said about performance marketing in general? Performance-marketing ( from the English Performance -based marketing) is a concept of Internet marketing, the goal of which is to achieve specific, financially measurable business results (KPI) in the shortest possible time.
The MyCredit company has been building and developing a marketing C Level Executive List component based on this model for 5 years. Today, the company has almost half a million unique customers. For 5 years of work on the market, for three years it has been among the TOP-3 best players in the industry and successfully operates in three countries. The challenge of the microfinance market: money VS traffic Working in the microfinance market is always a challenge that you have to face and work every day, overcoming obstacles, challenges and difficult tasks. The challenge of the microfinance market: money VS traffic Both before and after the quarantine, 12 strong players continue to work in the MFI market. In addition, we have to compete daily with 1,040 registered microfinance companies, of which 400 are active MFIs. In addition to them, there are banks, pawnshops, and money-issuing companies on the market.
The cost of issuing a loan to a new client sometimes reaches 1,500 hryvnias - this is very expensive. And constant blocking and limitations of algorithms, as well as customer complaints do not allow us to quickly optimize advertising. In 2020, we were left without one of the cheapest promotion channels - SEO. The Google company carried out an update in part of the financial market, as a result of which all microfinance companies simply fell out of service. Even the quarantine did not help the microfinance market to grow, as many experts predicted. On the contrary, we recorded a market decline of 40%, and the rate of non-return increased by about the same amount. And after the lockdown, many companies registered a list of accounts - there is money, but no traffic. Working according to the performance model: how to solve marketing tasks In the company, we have created a performance model to solve these situations. But looking ahead, I will note that it also has its pros and cons.
The MyCredit company has been building and developing a marketing C Level Executive List component based on this model for 5 years. Today, the company has almost half a million unique customers. For 5 years of work on the market, for three years it has been among the TOP-3 best players in the industry and successfully operates in three countries. The challenge of the microfinance market: money VS traffic Working in the microfinance market is always a challenge that you have to face and work every day, overcoming obstacles, challenges and difficult tasks. The challenge of the microfinance market: money VS traffic Both before and after the quarantine, 12 strong players continue to work in the MFI market. In addition, we have to compete daily with 1,040 registered microfinance companies, of which 400 are active MFIs. In addition to them, there are banks, pawnshops, and money-issuing companies on the market.
The cost of issuing a loan to a new client sometimes reaches 1,500 hryvnias - this is very expensive. And constant blocking and limitations of algorithms, as well as customer complaints do not allow us to quickly optimize advertising. In 2020, we were left without one of the cheapest promotion channels - SEO. The Google company carried out an update in part of the financial market, as a result of which all microfinance companies simply fell out of service. Even the quarantine did not help the microfinance market to grow, as many experts predicted. On the contrary, we recorded a market decline of 40%, and the rate of non-return increased by about the same amount. And after the lockdown, many companies registered a list of accounts - there is money, but no traffic. Working according to the performance model: how to solve marketing tasks In the company, we have created a performance model to solve these situations. But looking ahead, I will note that it also has its pros and cons.