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Fintech, as the name suggests is an amalgamation of “Financial Technology”. It describes a new innovation in the market that is intended to revamp and motorize the implementation of financial services. It serves business owners, companies, and customers in managing the financial aspects of business and everyday life. The technology utilizes several algorithms and software designed specifically to be used on computers and mobile phones.
Significance of Fintech Marketing Strategies
Consider a situation where you have developed a Fintech product capable of solving some complex financial issues. You are aware that it is beneficial for a large audience, but only if they know about your product. That is, they can only make a purchase if it is available to them on the right platforms. That’s where Fintech marketing holds its significance.
To change the ways how you approach your audience to buy products, relevant Fintech marketing strategy is the key.
A well-defined Fintech marketing strategy is a lead player in the continuously evolving digital world. When you have selected your audience to sell your products, it is necessary that you let them know you have something of their interest. Without proper planning and resources, you would not be able to reach your target audience.
There are three main reasons why you should consider Fintech marketing strategies for your industry.
Fintech products are complex to understand and implement. Your audience will need proper guidance and support to utilize your product.
- The audience would not waste time searching for your product. Marketing would make it easier for them to find your products on platforms where they are comfortable.
- A robust marketing strategy can change the boring image of financial services into a sleek Fintech product.
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Fintech marketing owes to changing trends and innovations. The strategy that made you succeed the previous year might fail in the present. Therefore, it is necessary to develop a Fintech marketing strategy keeping in mind the current business scenario and needs of your target audience.
If you are unable to start with one, here are a few suggestions that you may consider while developing your ideal marketing strategy for Fintech products.
Digital Marketing & Growth Strategies for Fintech Startups & Companies
1. Take the Fintech Buyer’s Journey Into Consideration
A buyer or customer is a lead in your business. It is important to consider his way of purchasing a product before starting with marketing. Buyer’s journey in this context refers to three phases in his purchasing cycle. You should focus on these phases to interact with a potential lead. The phases are:
- Awareness: When the buyer is searching for a solution to his problem.
- Consideration: When the buyer is discovering the way to solve the problem.
- Decision: When the buyer finally selects a product for it.
When you market your product keeping in mind these three phases, you will definitely reach your audience at the right time. For instance, when you advertise your product at the time of consideration phase, they will have an option to look for your service and select it if they find it relevant. For this, you have to gain insights on your buyer; when they are in need of your product and when they are ready to purchase it.
Related: How to Create a Marketing Budget
2. Concentrate on Mobile Compatibility
According to a study, 50% of the total internet users use mobile phones for their online activities. 5 out of 24 hours are spent on mobiles. It is evident that marketing without mobile compatibility is not going to earn you anything. It is a clear indication from the study that you have 5 useful hours of your audience to benefit from your Fintech marketing strategies.
Optimize your Fintech website to make it compatible with mobile phones. Mobile view is completely different from the desktop view of a website. The unnecessary components like irrelevant content, disturbing pop-ups or widgets that complicate the mobile view should be removed from the website. Using visuals is a better option to make your website responsive and easy to navigate. Make sure that you keep all these elements simple and precise. Don’t forget to add a call-to-action feature for a quicker response.
3. Meet Your Fintech Audience on Social Media
Social media is among the most used channels that has benefited both marketers and customers. Most of the online users are active on social media sites like Facebook, Twitter, LinkedIn, and Instagram, to name a few. Their online presence is a green signal for Fintech marketers to reach them. But to make it come into action, you have to keep in mind your target audience and then decide the relevant channel to promote your product.
An efficient way is to segment your audience into groups according to their social media preferences and then select a platform that suits a particular group. Proceed to marketing with engaging posts.
Fintech social media marketing is one of the proven marketing strategies that can help you to reach potential customers. Therefore, it is important to first identify your target audience on social media sites and then create a marketing strategy well versed with content and visuals.
4. Engaging Content Rules the Fintech Market
Customer can be best addressed with the help of content. You must be aware that online visitors look for product descriptions, reviews, case studies and every other thing that can help them to gain information about a product. As mentioned before, Fintech products are complex to understand. Before using these products in real life environments, users must be given proper guidance to implement properly. This is how your content speaks to your audience.
That was just an instance. Relevant content is an ocean of ideas that can help visitors understand their problem more clearly and find a solution to it.
It is impossible to promote your brand if your content is not able to present it in the right way. When readers go through your content they get more information on how you are going to help them solve their problems on financial issues. Fintech content marketing should focus on addressing the complex financial environment that Millennials face today.
5. Build a Brawny Fintech Brand Identity
Out of the most successful Fintech marketing strategies, building a brand identity for your Fintech product allows you to differentiate your services from others. As a matter of fact, customers are always attracted to the product which stands out from the rest. It involves a clear description of the purpose that your product serves to the people. A brand identity gives a message to your audience about the product and its usefulness in solving their problems.
Before making a branding strategy, be specific to your brand’s culture and targeted demographics. While targeting the young generation, you cannot create a branding that is a decade old. It must align with modern trends and able to attract the specific group for which it has been created.
Branding strategy is something that needs to be designed at an early stage to maintain its consistency for the whole of your marketing campaigns.
6. Engage With Your Fintech Audience
To maintain long term relationship with your audience, customer engagement is a must. Your customers look forward to revisiting your website only if they get a welcoming experience and satisfaction in the first purchase itself. Whether it is responding to comment for feedback, replying to a mail consisting of a customer query or conversation on social media, customers should be given proper attention and someone should be available to address them every time they need help. If you miss out on this factor, you are ignoring a great source of revenue as it takes more efforts to generate a new lead than retaining the ones who already trust your brand.
When you create an engaging environment for your customers, they feel more valued and satisfied. It is even easier to promote your brand through personal conversation with your customers on their experience than investing in graphics or punchlines. Be responsive to social media chats, comments on your posts, and product reviews to give your customers a personalized experience.
7. Over-Delivering Builds Trust
Never miss an opportunity to over-deliver your service. When you address your customers on every good occasion you create an overwhelming reputation of your brand. Over-delivering your products and services reflects a wonderful customer service. It is as simple as doing an act of kindness to make someone happy. Many other Fintech marketing strategies are focused on promotional activities and sales for providing customer satisfaction. But over-delivering is aimed at delivering something that was not expected by the customer as a part of the service.
It is recommended to over-deliver something that makes sense to your audience. DO not bother if it is small, but it will worth more to your customers. For instance, even a short thank you message via email to your new customers can give them a sense of importance. Occasional gifts and vouchers to loyal customers can contribute to the purpose. Free advertisements based on a customer-centric approach allows your customers to converse about your services and even recommend to their friends and relatives.
8. Influencer Fintech Marketing
Influencer marketing is among the proven Fintech marketing strategies so far. When Fintech products are taken into consideration, influencers are a secret that everyone keeps within themselves like their trump card. But still, many companies are missing out to utilize an effective marketing strategy to sell their products. One important thing they need to consider about influencers is their fan base. Influencers have the engagement power that thousands of companies are still struggling to gain. They already have sufficient audience that is needed for a company to promote its services.
By a strong connection with these influencing people having millions of fans, you can easily achieve your brand awareness goals.
While selecting influencers to make sure their approach aligns with your Fintech marketing strategy and are able to portray the right image of your brand. When it comes to the fame of influencers, never underestimate the power of micro-influencers who have more engaged customers than the big named ones.
9. Video – Your Marketing Arsenal
Fintech marketing strategies can be made to rule the best when your content speaks directly to your audience. The media content in your promotion works more efficiently when displayed in the form of motion. Your audience goes through video content with utmost concentration and interest. It is a more informative approach towards publishing content on your website.
Make your videos descriptive and helpful in answering the queries of your customers. You can use your Fintech product to create videos. As Fintech products are hard to implement, you can showcase their working in your video. You could try to explain the problems that your product is able to solve with the help of relevant examples and graphics. It is a direct approach towards attracting your audience to buy your product.
Apart from these practices, you should ensure that your videos are easy to understand and deliver the right message to your audience. Emphasize the fact that videos can make complex topics easy to go through.
10. Add Intelligence to Ad Campaigns
Brand awareness through advertising had never been so amazing and responsive than it is at present. The ad campaigns that you design today will be more fruitful and productive because you have an increased number of choices than before. You can get the most out of Fintech Ad campaigns if you know how and where to use them. Many Fintech companies fail to do this. They still stick to the old and outdated ideas that the used long ago. Their marketing strategy revolves around television ads and radio announcements which are far away from the Fintech industry in today’s digital era.
A Fintech marketing strategy should be built around those channels which mark the presence of most of the online users. The present market is more inclined towards Facebook, Google, Instagram and Twitter ads to name a few, as these platforms are remarkable in terms of generating a higher ROI.
Fintech marketing is no doubt a hard nut to crack. As financial services are part of daily life they tend to be boring. Therefore your audience demands from you the Fintech marketing strategies that are interesting and willing to solve their problems. You just need to tailor your efforts to align with the needs of your audience.