Starting up a business in financial technology is quite ambitious.
Financial technology (Fintech) is a fundamental innovation that encompasses both business and consumer needs. Since it mainly has to do with anything money or economically related (payments, money transfers, cryptocurrency), it is indubitably a steadily growing industry.
To be a part of such a dynamic and demanding industry entails fintech companies figuring out how to pitch their services in a solid, appealing, and relatable manner.
Money Talks: Why is it challenging to market Fintech Companies?
Money is often associated with confidentiality and trust. People are protective and circumspect when it comes to their finances. Even more so with businesses. It doesn’t help that digital scams and hackers are attempting to breach user accounts and steal their hard-earned money.
If a fintech company is to promote their services to prospective clients, they need to be careful not to offer tools that are too-good-to-be-true or take on a persona that people would automatically associate with scammer’s modus.
Aside from gaining the trust of their target users, fintech companies also struggle with adopting a consistent brand and minimizing the element of human error in their platforms. Most people do not realize that fintech is quite a cutthroat and tricky industry to be in. While an excellent lineup of promos could win new customers, it becomes a different story once a competitor with a better offer steps in.
Conquering the Marketing Maze: 5 Smart Fintech Advertising Strategies
Ideally, a dependable fintech company is capable of combining functionality with practical and sustainable solutions. Below are some feasible tips that give a clearer idea of how to pull off an effective fintech marketing strategy.
Content is King and Information is Everything
The digital age has made a broad body of knowledge more accessible to the public. As such, informative content is the ideal starting point of any financial technology service’s marketing plan.
Why do fellow businesses and customers need their services?
What difference would it make if people choose their app over their competitors?
How do their services improve business-to-business and business-to-customer transactions?
Content marketing includes describing the relevance of their services to their target clientele. Search engine algorithms are constantly evolving, which is why the fintech industry should dedicate time and energy to producing content that educates people about their finances. Producing evergreen articles that delve into the basics of developing innovative finance tech, discussing tips and tricks to block scamming attempts, and describing upcoming trends in the finance industry make excellent launch points.
Play around with text-based content, infographics, and short yet educational and catchy videos. Add a personal touch to it by conducting interviews with renowned leaders in the industry. Share real-life stories from customers about how they handle their finances, or distribute surveys about topics that target users will likely find relatable.
Collaborate with Customers
Customer feedback is priceless. It is a secret weapon that businesses can utilize to boost their competence and enhance their services. Listening closely to customer expectations, experiences, and needs is essential in developing features that will be useful to them.
Create a rewards or cashback system to encourage people to keep using the services. Focus on nurturing the relationship built with existing customers. Ask them directly what they would like to see next in the lineup of services. What could be improved? Which features are already doing a stellar job? Is there a need to conduct additional security training for the company’s in-house developers? Instead of trying to exceed other fintech companies, perhaps it would be better to surpass one’s previous achievements.
Cross-promotion is a clever move, regardless if a company markets its services through traditional or unconventional methods. Promoting relevant services and offers hits two birds with one stone. It gives customers a range and a broader selection of features to pick from. Customers like it when they are given options. From a business perspective, it also shows versatility.
More importantly, startups will help leverage their resources since they can supplement their initial offer with another product or feature from their lineup of services.
Communicate and Gamify
Communicate sincerely with customers. Refrain from using technical terms or complicated jargon when explaining the functionalities of an automated financial service. It is important to build a community with existing customers because it helps foster a mutually beneficial relationship that could aid in garnering word-of-mouth referrals and positive testimonials.
Pair up open communication with gamification tactics to boost customer engagement. Build healthy competition among customers through contests, quizzes, and games with corresponding prizes and rewards. It’s a great way to spark curiosity and get people involved that they would want to learn more about the company.
Invest in Innovation and Consistent Learning
Technology is progressive, and the financial industry is no exception. Fintech companies should commit their resources to learn new developments, emerging trends, and possible advancements that could affect their target market and existing services.
If needed, hire additional people whose skills and expertise are well-suited for fintech services. These individuals may be ruby developers, data security specialists, blockchain experts, or machine learning engineers.
Fintech companies must see that they can adapt to the changing industry demands while staying true to what they have promised to their customers.
Launching and retaining a fintech business can be intimidating for beginners. Even established companies need to be careful not to cause a massive inconvenience to their loyal patrons. It boils down to bridging gaps between customers, staying proactive in augmenting existing services, and feeding target clients relevant information that benefits them in the long run.