FinTech business is developing rapidly now. People are willing to use their mobile apps or tablets to check the bank account, transfer money abroad or pay for goods and services. Therefore, a lot of startups in the financial sector became a successful FinTech companies by incorporating banking technology to provide better services.
However, like any other business, the implementation of a marketing strategy is essential if you want to build a successful startup that eventually will become an established business. But how to market financial services properly or how to sell financial services effectively? Marketing management will be an answer to these questions. By framing a marketing plan for financial services, you will frame a practical application of marketing techniques and methods as well as management of marketing resources and activities to sell financial products while building a strong brand in FinTech.
In fact, strategic marketing is the best way of selling financial products. To prove this statement we picked up the best examples of marketing strategies for the FinTech startup.
Read our article FinTech Startup: What You Should Know to Start Your Business
In the 21st century, the world incorporates the usage of mobile devices that allow staying connected with consumers. The current statistics show that users spend around 3 hours a day on mobile phones, Millennials account for 43% of all mobile banking usage, and 52% of all web browsing in 2018 were on mobile devices. Based on the mentioned statistics, it is clear that the strategy of going mobile will be a highly effective way to promote new financial products and services.
The FinTech sector can use the mentioned data to promote services by means of implementing FinTech marketing strategies. For example, the spread of mobile devices like smartphones and tablets has led to the emergence of mobile commerce (mCommerce). In addition, there is strong growth in spending on digital content like mobile apps, games and online tickets. Nevertheless, the aim of mobile devices in FinTech is not for increasing sales, but rather it is all about engaging customers and making it easy for them to become comfortable with the brand.
Since, mobile is all about ease of use and speed, having a mobile responsive website is key if you want to get better ranking positions in Google search results. Thinking of building a mobile app and incorporate different features to make the app to stand out would be an excellent way for FinTech strategy.
Read our article Top FinTech Apps to Check Out in 2019/2020
Social media your solution to success
Understanding the target audience is crucial for building an efficient marketing strategy on the basis of social media. While 80% of consumers use social media to engage with brands, 87% of financial institutions are active on Facebook.
Social media platforms are great way for financial product marketing. Firstly, social media cuts across all demographics. Once you decide who is your target audience you can decide which platform should be your priority. LinkedIn is a more professional social media platform, so the financial content placing there should be informative and argumentative. On the other hand, Facebook is a broad-based demographic platform of users and more flexible on the content type. Thus, all types of content from the investigative article to a quick mentioning of the new feature will be suitable to place on Facebook.
Secondly, social media allow using crowdsourcing as a key element in building new financial products. Using surveys and opinion-polls, you can find out what the users think about the product's features and their user experience. Perhaps, a survey showed that your customers want a financial software program that aggregates their financial data, future earnings potential, and other factors to provide them with a long-term solution to secure their retirement. If that’s the case, then ask for feedback from customers on social media channels to improve the product.
Content is essential (as well as video content)
Social media platforms should be filled in with educational and relevant content. 45% of Millennials want financial products and services that help them with their budgets, while 78% of marketers in the financial industry report using content marketing.
One of the common mistakes in FinTech content marketing is an overload of terminology. Users are willing to get informative content that explains the main concepts of the FinTech industry, so later they could make better decisions. Moreover, users are more engaged with visual images and educational videos. Note that 39% of users prefer short introductory videos on YouTube while getting familiar with a new product or service. That is why contributing to video content would be a rewarding practice.
Videos should be a powerful storytelling pattern that consequently became a trust-worthy tool to generate awareness to the FinTech product. You can choose to make a video to show how certain financial product works or answer the most relevant and confusing questions, so the viewers will be more knowledgeable on a certain aspect. Short, clear and well-structured videos are all you need for a successful marketing strategy for FinTech.
Be brave with branding
A brand is something that catches attention and increases awareness of the products’ unique features that will stand out from the wide majority in the market.
Nowadays, branding for FinTech might be a set of challenges. Nevertheless, a solution is simple - creating a human-centric brand experience. It would allow establishing a humanizing and engaging approach towards the FinTech brand. Brand experience online (website/mobile app design, development. Digital marketing strategy, social media advertising, etc) as well as offline (logo design, packaging design, merchandise, etc) have to be oriented on the excellent user experience. The aim is to build a strong FinTech company identity.
Engage users as much as possible
Long term strategy couldn’t exist without the customer engagement. As we mentioned before, engaging by means of social media platforms is truly a great solution for building trustworthy relations with the users. Actually, it does not matter whether it is the comments section of one of the social media platforms (LinkedIn, Instagram or Facebook), a reply to an email or tweet - engagement should be the number one priority for promoting the brand within social.
This strategy has a lot of benefits. For example, you as a business owner would get the relevant information in terms of customer preferences or dissatisfaction about certain services or a product. On the other hand, customers will know that their opinion matters in financial product development. Note, that Fintech branding is built on trust, in that case engaging users will create this link between the brand and their experience.
Delegation is a key
Online interaction is important for banking customers. In a hectic sector as a financial one, a smart delegation might be a solution to achieve the maximum effect. In that case, small but powerful ways to deliver a quality service might be giving the customers small benefits and gifts on special occasions. It will build a stronger relationship with the customers and positively promote your brand. Consequently, people could recommend the financial services of the precise company since that could experience the value of the company-user relations.
Smart Ad campaigns
Using modern marketing strategies while promoting the FinTech product is essential. Advertising campaigns should not be only oriented on the target audience, due to the fact, it would not create a positive impact on the users. On the other hand, Fintech requires to show how to make an impact on the use of modern technologies. The best way to put the ads are Google, YouTube, and Facebook Ads. These are the platforms that cover all demographics and could be available for millions of people daily. It would not have the same result if the advertisement will take place on billboards, television, and radio.
Collaborations with the influencers guaranteed to help companies with their marketing efforts. There is a wide range of possibilities of how to involve influencers. For example, product placement or sponsored reviews might be one of the possible choices. Also, you can create a joint event, podcast, webinar or video conference with the chosen influencers. Contributing to the content of your website or blog will be a successful tactic, too. In that regard, social media mentions, quoting influencers on branded content or running contests on influencer’s blogs only a few ways how to involve the top FinTech influencers.
Not only you will have the opportunity to get an influencer’s opinion on a specific issue but a valuable knowledge for your users. At the level of Fintech startup, it is crucial to choose the right way how to approach influencers. Therefore, you can either ask influencers to write posts for your companies blog or use the influencer’s content on your company’s blog. Needless to say, the influencer’s contribution to the content of your blog is a unique experience that will have a beneficial effect on the company, nevertheless, using influencer’s content is a prove of using a reliable source for your own content.
Marketing strategies for FinTech will benefit your business a lot. We mentioned the most effective ones in the article. Note, that has developed a mobile app is a predominant tactic in the FinTech industry. Since it will allow to rank highly in Google search and cover the area of mCommerce. Pay attention to social media strategies since it is a predominant tool for how to stay in touch with your audience and users. Content (including video content) plays a crucial role, too. While social media is good for cutting across all demographics and crowdsourcing, content needs to be focused on explaining and educating users.
Try to engage users as much as possible, so it will benefit both sides. As a business owner, you can get information on what users like and do not like in your product. On the other hand, users will cultivate positive attachments to your product since their opinions have been counted in the product development process. Eventually, you will be able to build a brand. In that case, brand experience online and offline should be focused on the user experience. While thinking of ad campaigns, consider Google, YouTube and Facebook Ads - the platforms that cover all demographics and could be available for millions of people daily. The last but not least, involve influencers in creating content for your blog or contribute yourself.
We hope that the article was helpful by reveling the top marketing strategies in FinTech. In case, you will have any question or suggestion, do not hesitate to contact our team and we will help in any inquiries!