Call for fitness
Difficulty level — medium
The knight received armor and an enemy's horse for winning the tournament. Your clients will receive privileges for their fitness achievements. Encourage them to create a fitness account, which allows them to upgrade their banking terms by exercising. Install a custom application on a client's smartphone when they create their banking account. It will function as a fitness tracker, and keep track of their physical activity. This application will set goals for users to achieve, like a certain number of steps or minutes of exercise. They can then be rewarded with a lower interest rate on a loan or a higher interest rate on a deposit. The Emirates NBD is a great example of this solution.
Client loyalty will increase
Clients will notice their influence on banking terms and that you care about them and the product's quality.
Clients will become attached to the product
Clients will also become attached to the product through frequent use of the tracker application, as they will feel its benefits.
Key Performance Indicators
Measure the Net Promoter Score (NPS). This indicator reflects clients' willingness to recommend your product to others. The higher the employees' level of satisfaction is, the higher the NPS is. If NPS is above 7, everything is done correctly.
Time to reach the goal
Be sure to track how quickly clients complete the tasks set in the tracker application. When the time to achieve the goal is too short, you need to increase the goal's value.
Client attrition rate
If the client attrition rate increases due to the tracker application, then the rewards for the tasks are most likely not relevant to the target audience. Reconsider the rewards in this case.
How to apply the Potion
Define your target audience
It is advisable to not focus on the age or gender of your target audience during marketing. Instead, we suggest explaining the tracker application's benefits to each client. This way they will decide whether to use it themselves. Nevertheless, if you have initial concerns about client's loyalty to your product, we advise targeting the most fitness-oriented audience and informing them about this application.
Develop a tracker application
There are two paths to choose from. You may either use an existing tracker application or develop your own. The advantage of the first path is in the absence of a developer's resource necessity. However, you may face some issues with your product integration. If you develop your own application, you will be able to update it when needed and have full control during integration. Be sure to ask users to fill out the profile during the first launch of the application, if you choose not to target a specific age or gender audience. A completed profile will indicate users' abilities and, hence, allow customizing the tracker application. Set up quests and goals within the application for clients to achieve. If users do not achieve their goals, their privilege level should be lowered to its previous stage. This way users will understand the need to constantly use the system. Reward clients with points and badges for each quest. They will then see you interacting with them even within the system. Show encouraging notifications when a task is not completed, to keep users interested in the tracker. We advise setting a time limitation for quests.
Launch the tool and track the indicators
First, launch the application within a limited audience to find and fix bugs. Then launch it within a wider audience. Be sure to track task completion and client attrition rates during the first stage. When everything is done correctly, the first indicator will be reasonable, i.e. around 20—25% of clients will achieve the goal, whereas the second indicator will be minimal.