Retention & Engagement

How Acorns’ CMO James Moorhead Drives 99% Retention With Personalized Gamification and Customer Education

4 min read

From time spent to revenues generated, metrics for finance apps don’t just break records. They also cement the central position of finance apps in consumers’ lives. Frequent app use and increased trust are intertwined. It follows that increased consumer dependency on fintech and insurtech apps for assistance and advice at every step of the journey presents marketers with an unparalleled opportunity to engage customers primed to act.

But turning interested users into loyal customers doesn’t only demand marketers to target communications to inform users. They must also get granular with their segmentation strategies and map multiple journeys to reinforce positive savings and investment behaviors.

Marketers also need guidance to reimagine the customer journey map and optimize opportunities to change financial behavior – and engagement metrics – for the better. With this in mind, our CEO Sunil Thomas wrote The Rethink Fintech Playbook 2021, a  companion resource as you evolve strategies and expand your toolbox to drive deep-funnel engagement and lasting retention.

Retention is the prize. But some finance app marketers don’t just achieve impressive retention rates. They set new benchmarks.

This is the case with Acorns, which stands out as the first company worldwide to offer micro-investing, allowing members to round up purchases and automatically invest the change in a diversified portfolio. Acorns counts more than 4 million subscribers on its platform who have saved and invested over $9.6 billion. And these subscribers stick around for the long term. Acorns reports nearly 99% retention – solid numbers that position them to achieve another milestone: doubling its numbers to reach 10 million subscribers by 2025.

It’s an ambitious goal that will undoubtedly get a massive boost from marketing and messaging that “simplifies investing and rewards positive, long term behaviors,” according to Noah Kerner, CEO of Acorns. Pursuing this – and fulfilling Acorns’ mission to bring financial literacy to the mainstream requires expert execution and a deep understanding of what it takes to help subscribers on their journey. This includes badges, push notifications, nudges, and other approaches that activate and motivate members to pick and stay the course.

Much of the work – and a lot of the credit – for orchestrating the strategy to establish Acorns as a one-stop shop for savings and investment rests with James Moorhead, Acorns’ CMO. Named by Adweek Grand Marketer of the Year for leading the iconic Old Spice “Smell like a man, man” advertising campaign, Moorhead has a proven record of scaling businesses and catering to customers. Prior to joining Acorns, Moorhead served as the CMO of the satellite television giant Dish Network, where he helped increase the market capitalization by 3X from $10 billion to $30 billion. Before that, he scaled the car insurance start-up Metromile from $1.5 million in revenue to $100 million in 3 years.

Read the full article on the CleverTap blog.