The term “fintech marketing” refers to using the best marketing strategy for fintech startups. In other words, a marketing strategy developed specifically for companies involved in the financial technology sector, often created by a fintech marketing agency. These companies are using new technologies to improve and eventually automate the delivery and use of financial services to consumers..
The first step in differentiating your business or brand in this industry is to build a great product, but it can be difficult to make it big in an increasingly competitive market. With the rise of new technologies, best-in-class user experiences and consumer expectations, traditional banks are finally catching up.
Fintech marketing is based on the same principles as other industry-specific marketing; it’s not about how you market a fintech, it’s about how and where your customer wants to be marketed to. When it comes to traditional financial institutions, trust, credibility, and reliability are the most important aspects of a financial institution. In order to use a fintech, even the most forward-thinking early adopters will want to be sure that these characteristics are present.
Because of this, the term “transparency” has become more than just a buzzword in the fintech industry. Fintechs can no longer rely solely on technological innovation as a selling point because banks will eventually catch up. What excites me about fintechs’ collective stance on transparency is that it will eventually become the industry norm, and that excites me even more. It’s inevitable that traditional financial institutions will have to follow suit, because the market demands it.
At the same time, let’s face it: from the perspective of a customer, financial services are dull. You can’t hide it from anyone, and neither can most companies who are trying to sell their services.
Fintech firms raised $37.3 billion in 2021, making it one of the fastest-growing industries. It’s estimated that there are currently more than 162 “unicorns” (fintech startups valued at over $1 billion) in the industry.
It’s because of this that newcomers find it so appealing. As early fintech startup employees continue to start their own businesses, observers and analysts in the industry expect another wave of companies in the coming years.
Established financial institutions and incumbents have also begun to adopt new technologies and join forces with the growing ecosystem of fintech startups. They do this by either partnering with startups, forming their own accelerators or incubators, or digitally repositioning their existing models.
As a result, the fintech industry is getting more and more competitive. Fintech companies face a slew of additional issues beyond just fierce competition, all of which can have an impact on their ability to effectively market their products and services. There is a lack of trust and credibility, complexity, increasing regulation, low budgets and limited access to funding, data privacy risks and cybersecurity, as well as shifting consumer needs and behaviour.
Nonetheless, what if I told you that there are a total of nine strategies you can use right now to boost your marketing efforts, acquire new customers, and propel your business into the future?
A few simple but effective marketing strategies can ensure that your fintech company cuts through the sea of grey and ends up in a pool party of colour that everyone wants an invitation to.
Marketing Strategy for Fintech Startups
1. Make your fintech marketing efforts mobile-friendly.
You’re missing out on one of the most effective ways to connect with customers if you’re not focusing your marketing efforts on mobile devices in today’s world.
According to recent studies, we now spend five hours a day on our mobile devices, with app usage increasing by 69% since 2016. There are five hours a day where fintech companies have the opportunity to target mobile users in order to maximise their marketing efforts.
In other words, how exactly do you do it?
Make sure your website is mobile-friendly before anything else. As a result, not only will your website rise in the search engine results, but the traffic it receives will be more likely to convert. You can’t afford to have a subpar digital experience in an age where mobile devices account for 52% of all online searches.
It’s all about convenience and speed in the mobile world.
Use visual elements like infographics, icons, imagery, large fonts on the responsive side, and non-intrusive animations to make your web copy more engaging. Before you spend money on advertising, traffic, SEO efforts, and more, make sure your website looks and functions flawlessly on mobile devices.
The best way to get started on mobile is to keep things simple, clear, and feature a prominent call-to-action.
However, this is just the beginning.
In the marketing world of 2022, a full mobile-based experience must be created, optimised, and analysed frequently to convert users.
2. Produce high-quality content
It’s exactly what it says on the tin: valuable content. Even if it’s something as simple as a step-by-step guide on how to poach an egg, as long as it provides value to the reader, you’ve hit the jackpot. Even if this article isn’t your cup of tea, you’re reading it because it’s useful, interesting, and you found us on Google
Content needs to be relevant and timely as we saw with this campaign from Klarna in 2021 after the Covid-19 Lockdowns ended.
The value of content has never been higher. Particularly in the marketing of fintech products!
As a result of many financial institutions ignoring this generation, many Millennials, for example, are left feeling helpless and desiring more information about their financial situations.
When asked how they would like to learn more about managing their finances, 37% of Millennials said they couldn’t find any online sources that could help them, according to a recent study. In addition to being a shocking statistic, it’s a great opportunity for your fintech content marketing efforts to make a difference in the world.
The key to positioning your fintech company for success is creating valuable content for Millennials and making it available in a way that they can find the information.
It’s no secret that in today’s digital-first world, a company’s organic traffic and SEO (which has become “a must”) can be boosted by a well-executed content strategy. Customers’ confidence and trust will be bolstered by this move.
Wealthsimple, a Canadian investment app startup, is an excellent example of a fintech that has mastered the art of content marketing and storytelling.
If you’re looking for solid, in-depth content, rather than “tips and tricks” and “five things you need to know,” you’re going to have a hard time finding it in this industry.
The ability to sell anything, especially a financial product, requires the ability to build trust through the use of valuable content.
Increasing your company’s revenue and profitability are a given when you establish a solid online presence by creating and distributing high-quality content.
Marketing through word-of-mouth, affiliates, or influencers
The traditional marketing principle of forming partnerships with third-party “marketers” or “influencers” and paying them a commission for each conversion they generate is known as “referral, affiliate, or influencer marketing.” They can be professionals in the marketing and media industries (such as comparison websites) or industry bloggers and influencers.
In order to gain exposure for the product they are endorsing, companies rely on influencers because of their pre-existing fan bases and large audiences.
Simply choose influencers who align with the fintech marketing strategy you’re attempting to implement and who accurately reflect the brand image you want to project. When searching for influencers, look for those who have a similar way of life to what the brand is hoping to promote.
As a go-to-market strategy, affiliate programmes are a common growth tactic in the fintech industry and a great way to quickly and directly reach your target audience and gain their trust.
To put it another way, gamification is the process of incorporating elements of gameplay and game design into non-game contexts. So, how does this relate to marketing? It can be done in a variety of ways; the most common are:
Create contests and award prizes for the winners.
Referrals and completed purchases/transactions, for example, can be rewarded with points.
Make ‘boring’ content more engaging and shareable by incorporating games, puzzles, and other visual elements.
There are many pre-launch campaigns where gamification is used to generate buzz and awareness and attract new users.
When Monzo, a UK retail challenger bank, first launched its banking app, it included both a waiting list and a referral programme. There was a waiting list for users who downloaded the app, and the only way to move down it was to refer a friend.
Because they appeal to people’s competitive nature, desire for exclusivity, and natural curiosity, waiting lists have proven to be particularly effective marketing tools over the years.
5. Community Marketing
In fintech and tech in general, community marketing is one of the most common strategic marketing tactics.
However, what is community marketing?
As a business, you want to build a relationship with your customers and make sure you’re responding to their specific needs and wants through community marketing.
Loyalty and long-term relationships can be built through community building, which taps into the most fundamental human needs of belonging and sharing.
However, starting a community from scratch is extremely challenging. Crowdfunding is a popular and effective method for rapidly building a strong community. That’s exactly what Revolut did in the beginning.
6. Direct customer interaction
One of the most critical elements of your long-term marketing strategy is ensuring that your intended audience is actively involved in your campaigns. Social media engagement is the most important aspect of promoting a brand on social media, whether it’s in the comments section of an Instagram or Facebook post, a reply to an email or tweet, or a conversation on LinkedIn.
One of the biggest red flags we see is that too many companies aren’t paying attention to their customers. A company’s message and the personalities of its employees can be shared more effectively if someone is available to man the social fort, keep chatting, and feed back to the comments section, tagged images, or individual tweets.
Customers and potential customers should be able to see a face-to-face interaction between you and them.
In order to promote the company without having to deal with complicated graphics or well-thought-out puns, this is an excellent strategy. Just the simple and raw human-to-human contact is appreciated by the consumer and respected by other people who may be interested in engaging with your company.
Engage your customers on social media and in person by adhering to a clearly defined engagement strategy (phone, email, chat). And before you know it, your brand will be sought after by a wider audience.
7. Don’t Forget About Branding
You should start with a strong brand if you want to make an impression with your fintech marketing. Make sure your branding is top-notch because it’s the first and last thing people see.
Something is amiss when your branding looks like it was designed back in the days when dinosaurs roamed the Earth, no matter how good your content, social media strategy, or mobile platform may be.
Trying to stand out in a crowded marketplace is becoming increasingly difficult as the market grows. Minimalist design, flat illustrations, and pastel colours have all become the new uniform for fintech companies. As a result, it’s more important than ever to think outside the box and be bold with your branding.
N26 is one fintech that excels at this. The #nobullshit campaign is a great illustration of N26’s daring and out-of-the-box branding.
“Bullshit is flying around these days. It’s not always easy to tell what’s real and what’s just bullsh*t. We’re here to help. We at N26 are sick and tired of the nonsense that comes with banking, and we hope you are, too. That needs to change. You can use our bank wherever you are because we don’t charge any additional fees and keep our costs low. And one that behaves and speaks like a real person..”
The campaign’s goal was to establish a more personal connection with the millennial demographic by using a more conversational and direct tone of voice and language. Of course, some customers and critics will find it offensive and divisive. In any case, the campaign was successful in bringing N26 to the attention of the general public and industry professionals alike, positioning it as a true disruptor of the fintech industry.
Your company’s culture and the demographics you are trying to reach will have a significant impact on your branding strategy. Be bold with your branding if you’re trying to reach a younger demographic. You must keep things fresh and memorable in order to avoid slipping into ‘nothingness,’ even if you want to convey a strong, powerful, and imposing feeling through the use of a large splash of colour.
The bottom line is to choose a branding strategy early on and to make sure that everything is consistent throughout the marketing campaign.
The identity of your fintech company must be clearly visible in all materials that leave the office. Keep it fresh and consistent, whether it’s a key message, colour palette, or similar image style.
8. Over-promise and over-deliver on your promises
We like to tell our clients that if they are happy with the service they receive, they should keep telling their story about how they exceeded their customers’ expectations.
Overdelivering on products and services is one of the best ways to provide outstanding customer service. If you put in good work, good things will come to you.
You can go a long way toward establishing trust with new customers by simply thanking them for signing up.
You could also give your customers a small gift on their birthday (for example, Starbucks gives a free coffee or food item to all of its loyal customers).
These are simple but effective ways to go above and beyond for your customers and build a relationship with them. A simple act of kindness can go a long way toward promoting a positive company culture and a customer-focused approach (aka free advertisement).
People do talk, and while the focus of office banter tends to be on the negative, those who go above and beyond the call of duty provide a welcome breath of fresh air.
Because these discussions aren’t typical, people pay attention when their friends or colleagues give them recommendations. When it comes to organic marketing, this is the simplest and most basic.
To summarise, if you’re just getting started and trying to establish a name for yourself, go above and beyond and make your service a talking point wherever you can. Make an excellent first impression in the market with this strategy.
9. The importance of search and SEO is undeniable.
PPC (pay-per-click) advertising is an option for FinTech startups, but it’s not the only option. For FinTech companies, content marketing is a great way to gain visibility, provide a service, and connect with their ideal target audience.
Every SEO campaign begins with a thorough investigation of keywords. We discussed SEO for fintech startups in detail in this earlier post. It’s best to start with a long list of keywords, which is more than any SEO campaign can handle, and then narrow it down.
As you go through this list, be ruthless and keep in mind the search intent. What is the searcher hoping to accomplish by using this term? What kind of content will you need to produce in order to meet their needs?
“What is the best digital marketing strategy for fintech startups?” versus “how to i market my fintech startup?” are two very different questions. Whereas the former is ready to make a purchase, the latter may simply be gathering information.
Finding technological solutions to financial issues is the goal of FinTech. When it comes time for your customers to make a purchase, you’ll be at the top of their minds because you used SEO and content to answer their questions.
You can easily focus on what others are doing and how you can do it better when you start a search marketing campaign. However, because you’re in a new market, it’s possible that the information you have to offer isn’t widely known.
As opposed to trying to copy what has worked in other industries, take a risk and go against the grain. Thought leaders don’t wait around to see what’s popular; they set the trends themselves.
Putting off the creation of content because you are worried that there will be no traffic is a poor strategy, especially if you are presenting disruptive alternatives. You’ll be well-positioned as an expert on the subject once the rest of the world catches up with your technology.
Spend more time focusing on quality rather than quantity.
We see allot of poor SEO advice today. It’s up to us to interpret Google’s broad guidelines, even if they are published. If you’re not careful, you could be wasting your time and money on a fruitless endeavour.
Experts claim that the only way to achieve high rankings is to publish articles which are longer than anything else. And if you have any additional information to share, please do so. There is nothing wrong with writing long articles for the sake of writing long articles.
Put more emphasis on the content’s quality and usefulness rather than its length. Ask yourself, before you hit publish, if you’re adding value or just trying to hit an arbitrary word count goal.
What we see from the above is the importance to not only understand what marketing strategy for fintech startups work best, but to ensure that we implement marketing tactics which appeal to our audiences. Use the opportunity to collect marketing data in order to measure the effectiveness of your marketing campaigns and adjust them on an ongoing basis to improve your ROI and build the profitability of your business.