Fintech marketing is a type of marketing focused on using technology to improve the efficiency and effectiveness of financial technology companies.
The rise of fintech companies has created an environment that’s very attractive to new talent. With more companies entering the market, it’s expected that there’ll be more waves of startups in the future.
Due to the rise of the fintech industry, it has become more competitive. Aside from competing with established companies, startups also face various challenges, such as a lack of trust and credibility, increasing regulation, and low budgets.
On the other hand, building a great product is the initial step toward revolutionizing the financial services industry. However, it’s also a challenge to deploy the proper marketing techniques to make it big successfully.
Here are the best strategies for creating a successful marketing strategy:
1. Automate Your Marketing Tools
By using marketing automation tools, you can better understand your prospects’ behavior and improve the likelihood of converting them into customers. Through behavioral tracking, you can also identify areas where they might be interested in purchasing.
Initially, getting more leads is a vital step in any business’s growth. It allows your team to focus on the details that matter most to them, giving them more time to nurture those leads. In addition, nurturing leads can be a challenging and time-consuming process.
Unfortunately, not all of your leads will convert into sales. Even though you know that half of them are qualified, you still need to nurture them. However, you can’t always keep up with all of your leads with a small team.
However, the rise of fintech has created a need for brands to evolve their offerings to meet the expectations of their customers. To do so, they must continuously improve their offerings by leveraging data-driven insights.
As a result, it would be easier for you to use your marketing automation tools that combine various elements such as analytics, reporting, and campaign management with helping your business measure and improve your performance.
Furthermore, the use of artificial intelligence (AI) and personalization in fintech marketing are two of the most critical factors that success requires. To be successful, marketers need to strike the right balance between these two.
2. Create Valuable Content
A good content strategy is essential for any fintech company to be successful. It can help generate leads and improve customer acquisition. Most marketers believe that content is king. And in order to stay relevant, financial companies must provide valuable content to their customers.
Note that a good content marketing strategy aims to solve your customers’ pain by delivering helpful content. The more content you provide, the better it will give them value. It must be useful, whether it’s a listicle that helps clear up a topic in mind or a how-to guide on poaching an egg.
Content marketing and lead generation will remain strong in the future. Blog posts are among the most effective media tools for increasing lead generation. If you need more help in these areas, one of your options is to hire a fintech marketing agency to work with your technical search engine optimization (SEO), content marketing, and link acquisition.
Significantly, creating valuable content for millennials is the key to positioning a financial company for success. Because, regardless of the number of people who want financial services, many still lack the proper resources to educate themselves about critical financial topics.
3. Go Fully Digital
One of the most critical factors that a fintech marketing strategy must consider is making its website fully digital. Consumers may abandon a website that isn’t mobile-friendly. Your fintech should be able to operate seamlessly on mobile devices and should be able to handle complex transactions. It should also be able to run smoothly on desktop computers.
Having a mobile-friendly website is very important to ensure that you’re ranking higher in Google search results and generating more leads. Also, with over half of all online searches being done on mobile, you can’t afford to have a poor digital experience.
For instance, suppose your site has a lot of unnecessary pop-ups and content that makes navigation incredibly frustrating. In that case, it’s time to consider removing these elements from your site.
Moreover, make sure that your website copy is short and to the point. It should include visual elements such as icons, images, and infographics. Also, ensure that your mobile-friendly design is responsive.
Unlike traditional financial businesses, fintech is a digital platform that provides a better and faster service. As a result, they’re becoming part of the world’s digital economy.
4. Make Your Fintech App Usable
With the growing number of people who use fintech apps, you need to check the daily usage rate of your mobile apps. It’s essential to know the level of engagement of your potential leads.
You can easily monitor and grow your app’s usage by sending out notifications when someone uses your platform. Also, suppose you have a list of people interested in learning more about your services. In that case, you can start a nurturing campaign to find new leads.
Note that the app’s usefulness describes the extent to which it enables its users to reach their goals. Even if the system doesn’t meet all of the requirements, it should provide enough support to allow users to achieve their goals.
5. Be Distinct With Your Branding
Do you know who you are in the fintech industry? Please take a look at some of fintech’s marketing campaigns, showcasing their distinct brand voice and bold messaging. It resulted in a massive increase in the number of new customers.
It’s important to be bold and stand out from the crowd when it comes to branding. One of the most critical factors that a good brand can help you achieve is differentiating yourself from the competition.
To be considered a distinctive element in your branding, it must score highly on both fame and the uniqueness of its design. You can do this by ensuring that the element represents the entire brand.
As the brand owner, you’ll want to maximize support for the assets that evoke brand connections, not merely the brand’s broad category. This strategy can benefit your competitors since it may drive them to follow suit, resulting in healthy competition.
On the other hand, an aspect that’s very distinctive but not well-known will need more exposure in marketing efforts to get widespread recognition among customers.
6. Engage Your Users
One of the essential factors in any marketing campaign is engagement with your target audience. This statement is especially true when it comes to social media platforms such as Facebook and Instagram.
One of the biggest red flags that you can see is companies that fail to monitor their consumer engagement. Thus, it’s essential to keep an eye on the people interacting with your brand on social media.
An excellent way to boost brand recognition and attract more potential customers is to create a personal experience. Have a raw and straightforward interaction that will make them feel valued and respected.
In addition, follow a clear strategy and make sure that you constantly interact with your customers on social media. It will help boost your brand’s engagement.
7. Focus On The Target Audience Through Effective Ad Campaigns
There’s never been a better time to be marketing in fintech. Unfortunately, many financial companies fail to capitalize on this opportunity. Thus, Fintech companies must increase their marketing efforts by focusing on their target audience.
The people that make up your target market are those who are most likely to buy your goods or services. The demographics of the target audience, including age, gender, income, region, and hobbies, have a role in determining who’s targeted. As a result, the target audience for your advertising campaigns should be narrowed down.
Unfortunately, many companies still rely on radio and television advertisements. Setting up social and Google ad campaigns with the proper budget is critical to achieving success. However, with the help of simple and powerful tools, you can easily target your marketing efforts to the people who are most likely to purchase from you.
Meanwhile, instead of focusing on traditional mediums such as television, radio, and billboards, fintech companies should consider targeting their ads to specific audiences. This strategy will allow them to maximize their marketing efforts.
8. Educate Your Audience
Don’t put yourself out there to advertise, but rather educate. Financial literacy is an essential part of any consumer’s financial well-being. Unfortunately, only a small portion of millennials believe they’re financially literate.
In an increasingly digital world, many children don’t have the opportunity to visit a bank branch. That’s why fintech companies try to help parents teach their kids about money.
Getting a customer early is very important to ensure that you have the best chance of securing their financial future. It allows you to keep them and be there for them throughout their life-changing moments.
Thus, you can create bite-sized videos to educate consumers. Share these on all platforms to build brand authority. In addition, you can also consider creating evergreen content that can be used for years. For instance, your blog post can be a go-to resource for anyone looking for financial advice.
Despite the unique issues that Fintechs are facing in the market today, developing a successful fintech marketing plan is doable if you follow the steps outlined in this article. It’s also beneficial to collaborate with a marketing agency if you’re a startup and don’t have a strong marketing team.
To get the most out of your fintech marketing approach, the marketing agency can work with you to integrate anything from dynamic creative ads to transparent e-commerce marketing software.