For online lending products, how to do a good job of retention? It is necessary to carry out stratified and detailed operation for newly registered users, first loan users, and then loan users, such as the establishment of a loan user points system, according to the user's repayment performance and the number of loans to give different rate discounts and other concessions, etc. These are the details of the operation, and it is necessary to establish the user's perceptibility to the user. These are the details of the operation, ultimately, the need to establish a user-perceivable value system, so that users feel the benefits of loan retention, so that the user and the product to establish more connection between the relationship.
First, more efficiently find people who have a need for a loan and have the will and ability to repay
Now the biggest problem for financial inclusion enterprises is to find these quality users. Loan products are in demand, and there are many people with loan needs, but distinguishing between people with the willingness and ability to repay is key.
The efficient measure here is the cost of customer acquisition and bad debt rate. How can your customer acquisition costs be lower than the other 2,000 or so businesses?
If your customer acquisition cost is more than 33% of the user lifecycle value, then ultimately, the business will fall, just a matter of time. According to years of experience in the U.S. startup business summary, that is, when your customer acquisition cost is less than 33% of the user life cycle value, it is possible to survive and grow. For example, you a loan user customer acquisition cost of 3,000 yuan, then the user's life cycle value on the platform is not less than 9,091 yuan in order to survive and develop.
But if it's just a game of customer acquisition costs, then it becomes a game of capital. If you can $3,000 to acquire a loan user, then others can do the same through the optimization of channel placement, after all, at least 20% of the more than 2,000 companies are able to find the right talent to do the optimization.
The traffic is still the same traffic, the next is the level of risk control. Lending is not just lending money, it is more important to look at the quality of the user, the follow-up there is no repayment ability and willingness. From the current point of view, the strong characteristics of the data is most effective. But subsequently when everyone has access to strong characteristic data, especially after some companies have opened up the credit system and risk control capabilities, a company can get Sesame Credit, the central bank credit, import credit card bills, carrier authentication, etc., and other companies are also available.
What is the last thing that everyone is competing for? Big data risk control capabilities. The ability to take some structured and unstructured data to learn intelligently and achieve credit. It may not be obvious from the early days, but with the development of computing power, algorithms, especially deep learning, and the feeding of big data, there are several companies that will eventually benefit from these technological developments, and whoever has better algorithms and more data to assist in the development of deep learning will ultimately gain a real advantage.
Because the efficiency brought about by artificial intelligence and deep learning is the highest, if the user can be well profiled and realize the second loan, then the user's experience is the best, and the lowest bad debt rate. This is the core of building a moat, which may not be obvious in the early days, but the subsequent advantages are getting bigger and bigger. Of course for the current online lending platform, this is not the core. The telephone audit is still a telephone audit, the collection is still collection, but never underestimate the efficiency of technology.September 11, 1933, Rutherford (one of the most famous nuclear physicists of that year) declared at the annual meeting of the British Association for the Advancement of Science that "all efforts to derive energy from the process of fission of atoms are futile ". It turned out that the very next morning, another physicist, Leo Szilard, announced the discovery of neutron-induced chain reactions and patented a nuclear reactor. Never feel that artificial intelligence is far away.
Different starting points from the beginning will lead to different endings. It may be because of some effective ways to make the current short-term benefits, but if you can not master the core competence in big data wind control, then the online lending business basically has no advantage. The cost of capital is higher than the bank, the wind control ability is not strong enough, then what is the reason for existence?
While they all say that they attach importance to big data risk control, but the real importance must be reflected in the determination to rather sacrifice profits to develop this strategic high ground. Because almost all of the mutual fund enterprises that want to do things will pay attention to this aspect. The real importance of the performance is: in order to improve the model, in order to improve the effectiveness of the algorithm, would rather spend a lot of money to polish it, and even spend a lot of cost to get data to feed the system of intelligent learning.
Until one day it really grows. It takes five years and ten years of strategic vision. As long as you can ensure that you can survive in these three years and five years, you can even consider shedding other profits and put all your strength into the establishment of this intelligent system.
Second, more efficiently pass your product to these people
Product experience, including product positioning, interaction, design, performance, process and other aspects of each design interface, interaction details, speed, stability are all the time to the user to convey the feeling of the product, although the user can not say where the good, where the bad, but it is these little bits and pieces to the user to convey the feeling of the product, although the user can not say where the good, where the bad, but it is these little bits and pieces to the user. Where is not good, but it is these little by little eventually formed the user's overall experience. The Internet-based products, this is the traditional financial institutions do not have the ability, this is the Internet gene lending platform's advantage.
Many people say that the loan is just needed, is a little slower web page speed, a little more authentication information, credit limit waiting time is a little longer, the user is acceptable. But don't forget that you have more than 2,000 competitors. In the short term everyone may be about the same, but over time, word of mouth comes out.
To efficiently deliver the product to the user, the first point is to have a determination and ability to make the ultimate experience financial products. Do not say that the interface is a little ugly does not matter, do not say that more than one data verification item does not matter, do not say that the user to wait for a few more seconds does not matter, each of these looks like the impact may not be very big, but add up, it will determine the huge gap between you and your competitors.
After making a good product, the most important thing is how to deliver the product value to the target users. This delivery is generally through the application market, news APP and various channels of cooperation. But how to go about packaging, how to improve the conversion rate of each channel, how to do a good job of each channel ASO, is extremely detailed work, ultimately, depends on the team experience. A good team can get more users at a lower cost, for example, it will evaluate the quality of users in different channels, not just the number of users. They will vigorously develop low-cost and high-quality user channels, evaluate high-cost and high-quality user channels, discard low-cost and low-quality user channels, and high-cost and low-quality user channels.
But ultimately, as time passes, as long as the team operating the channel is not very bad, everyone's channel costs will become more and more similar. At this time, there is a fight will ultimately distinguish winners and losers: in the product experience is stable, the channel cost of high competition environment, dare to fight ALLIN a brand battle, the formation of the user borrowing preferred mental impression: want to borrow on so-and-so online lending platform.
This brand station must be at least hundreds of millions of level of large-scale investment and publicity, can form enough brand influence. Of course, this must be done at the right time, and it is important that the product, operation, wind control, credit review has the ability to digest the instant high traffic. For example, the product will not be unstable or delayed due to traffic surge, wind control and credit review can allow users to obtain loans in a short period of time.
The brand is always the lowest cost of customer acquisition play. However, this preliminary need to do a lot of preparatory work, do not fight unprepared for the battle.
Third, more efficiently retain these people
The biggest feature of the loan product in addition to just need, there is is a low frequency. For example, a user loan 50,000 yuan, 12 installments. If you do not consider the early release of part of the amount, then re-lending is 1 year later. Even for small loans, it is more than 7 days. For many loan users, there is no platform loyalty, can borrow money to come, can not borrow to leave.
More efficient retention of users is a major problem for mutual fund companies, basically the vast majority of online lending APP on the market has a poor retention rate, and users have no other needs after the loan. It can't do tools, community or e-commerce APP, the user's frequency is higher, retention is also relatively easy. For example, beauty tools, takeaway group buying, etc..
When the efficiency of the operation is efficient enough to be able to do a thousand people, everyone sees a different loan product, the user and the platform to establish a deep **** born relationship between the platform try to provide users with more competitive products, and the user is also rewarded with loyalty.