How can an international trading company engage and convert its million customers across the web & app platforms? AvaTrade bet on a centralized communication strategy. Using Pushwoosh as a customer engagement platform, the online broker developed an omnichannel messaging strategy incorporating web & app push notifications and in-app messaging. As a result, AvaTrade has seen a 12% boost in conversion to the target action + growth of more metrics along the way.
About AvaTrade
AvaTrade is an online broker with over one million returning customers worldwide and multiple platforms. The company is headquartered in Ireland and has offices and sales centers in all the world regions.
Since 2006, AvaTrade has been a pioneering online broker and has grown immensely. As part of that growth, the company sought innovative solutions. One of the valuable and efficient tools in their portfolio is Pushwoosh.
AvaTrade is a customer-oriented company providing its web & app audiences with some unique services for the online trading market. From its 24-hour multilingual support desks to its broad range of platforms and services, AvaTrade has created the optimal trading environment for every level of trader.
In its communications, the company also strives to adhere to its iconic customer-centric attitude.
Challenge: Orchestrate user engagement across the platforms
As a multinational company, AvaTrade owns 30 website subdomains in local languages and three mobile apps on both iOS and Android. Customer engagement across the platforms had to be centralized, so in 2019, AvaTrade looked for a solution that would:
☑️ Be equally powerful in targeted web and mobile communications;
☑️ Fit into an existing ecosystem of messaging automation and analytics tools;
☑️ Be accessible via API and UI;
☑️ Offer great value-for-money.
Pushwoosh checked all the boxes, and since 2019, AvaTrade has been engaging its app and web audiences with the help of Pushwoosh.
Solution: Pushwoosh – one platform to engage and convert app & web users personally
Push notifications: sent from one platform, received on customers’ favorite devices
AvaTrade has over 400k registered customers globally, executing more than two million trades a month. To reach these customers and convert unregistered users shared between websites and mobile apps, the company chose push notifications. Ori Matarasso, CMO @ AvaTrade, comments:
“Mobile push notifications have become increasingly popular as a powerful communication channel for us. They offer a highly effective way to engage customers and communicate important updates and information in real time.
By leveraging push notifications, we can deliver targeted and personalized messages directly to our audience, resulting in higher engagement rates and better customer satisfaction.”
“While using web pushes, the results have been positive, but less so, as users are less likely to opt in for web pushes.”
To make the most of push notification campaigns, AvaTrade leverages all the relevant Pushwoosh features, such as:
API for transactional notifications
One of the most common messaging use cases in trading and fintech, in general, is sending relevant updates. For AvaTrade, this includes informing customers of assets placed on the stock exchange, price changes, and positions closed at a specific rate.
To deliver such updates, AvaTrade sends transactional push notifications via Pushwoosh API:
👍 The integration was simple;
👍 The cost of each transactional push is lower than it could be for SMS.
The tricky part is that for traders, transactional messages must feature a lot of personalizable parameters… And AvaTrade can embed any of them with Pushwoosh! Here is what the team has done and achieved.
Deep personalization with Dynamic Content brings higher CTRs
Since the early days of using Pushwoosh, AvaTrade has been customizing its transactional push notifications using Dynamic Content. The team goes far beyond generic personalization parameters like a user’s name and enhances the copy with multiple variables specific to the trading industry.
Here is what it looks like when AvaTrade’s marketers configure personalization parameters for the push copy using Dynamic Content in Pushwoosh:
And here is what the resulting push looks like for its recipient (an example):
Result: average CTR is 9.4 times higher than the industry benchmark
“One key metric we track is our content's click-through rate (CTR),” states Ori Matarasso, CMO @ AvaTrade.
“When we've personalized our content to specific segments of our audience, we've seen a significant increase in CTR compared to non-personalized content. This suggests that our audience is more likely to engage with content tailored to their interests and needs.
Of course, we recognize the importance of not overdoing it with personalization. We want to provide value to our audience without being too pushy or intrusive. That's why we carefully consider which pieces of content to personalize and which to leave more general.”
Behavior-based segmentation allows for targeted communication
The turning point in the AvaTrade customer journey is creating a real account. Without it, users can play around with a demo account but can’t complete any actual transactions.
Non-registered users (‘Anonymous’, as the AvaTrade team calls them) act differently and require a different approach to get converted, so AvaTrade marketers:
1️⃣ Start with creating segments: users who have registered a real account and those who stay ‘Anonymous’ get marked with corresponding Tags.
2️⃣ ‘Anonymous’ users are then targeted with engagement messaging that is supposed to convert them to registration – here is how it works:
Omnichannel engagement campaigns result in a 12% higher conversion to real account registration
To convert users to real account registration, AvaTrade has dedicated messaging flows planned and executed with Pushwoosh Customer Journey Builder.
During seven to ten days, ‘Anonymous’ users receive a series of push notifications encouraging them to register.
A new message is sent every other day unless a user stops being ‘Anonymous’ – this will be known when the Conversion Goal set in the message is reached.
As motivation for registration, the AvaTrade GO app suggests the benefits of trading with them (as opposed to plenty of other apps in stores) and welcome bonuses.
Have a look at the sequence of push notifications and time delays between them. On the canvas of Pushwoosh Customer Journey Builder, you can easily organize a similar flow to reach your objectives.
AvaTrade doesn't limit its customer communications to one channel – instead, they opt for the omnichannel approach. While push notifications give reasons to return to the app, in-app messages remind users to open a real account when they are in the app:
Has the use of segmented communications produced results?
Result: 12% conversion to real account registration
Ori Matarasso, CMO @ AvaTrade, is happy to report:
“We've been able to convert an impressive 12% of ‘Anonymous’ users with our engaging campaigns that utilize push notifications and in-app messages when using Pushwoosh. This is a testament to the effectiveness of our targeted approach and the value of providing personalized and timely messaging to users.
We're constantly striving to improve our conversion rates even further and look forward to continuing to deliver outstanding results for our clients.
We're confident that we can continue to improve using Pushwoosh.”
Opt-out recovery campaigns lift push notification opt-in rates above the average
Since AvaTrade bets on push notifications in its engagement & conversion strategy, it is crucial for the team to keep push notification opt-in rates at a high level.
To keep the number of opt-outs close to the minimum, AvaTrade reaches out to its opted-out customers with a dedicated messaging flow made with Pushwoosh Customer Journey Builder. Every seven days, the journey starts with a Scheduled Launch, updating the segment of opted-out users and sending them a recovery in-app message.
Result: in the AvaTrade GO app, push notification opt-in rates exceed the averages both on iOS and Android.
Broadcast messaging boosts engagement with educational content – conversions bring 16% of registrations
Without any segmentation, AvaTrade broadcasts trading news, hints, notifications about webinars and special promotions in the app and on the website. The entire audience stays informed about trends and news in the trading world.
“Our company is firmly committed to providing our users with valuable educational content and engaging webinars to help them stay up-to-date with the latest industry trends and best practices.
To achieve this objective, we've implemented several strategies to encourage user engagement, including push notifications. We've found that pushes effectively reach users and generate interest in our webinars and educational content.
We've seen impressive results, with around 16% of all registrations coming from push messages.”
Pushwoosh’s support has been essential in reaching the company’s goals
Besides the technological features needed to orchestrate app & web user engagement, Pushwoosh has been able to provide AvaTrade with prompt and helpful service. Ori Matarasso, CMO @ AvaTrade, affirms:
“Having access to reliable and timely support and assistance is essential for AvaTrade, especially when it comes to technical services such as push notifications. One of the key benefits of using a service provider like Pushwoosh is the level of support and assistance they have offered us.”
