Last Updated on January 4, 2022 by admin
As 2022 edges closer, companies that specialize in financial technology must embrace the most effective fintech marketing strategies to succeed in the new year. Fintech is a competitive space, with the global industry estimated to reach a $309.98 billion market valuation by the end of 2022. By using digital technology, fintech is disrupting traditional financial systems through automation of services, AI-driven processes, and user-centric business models to improve financial services for consumers.
Marketing is crucial to differentiate and grow your brand. Not only is it a necessity to stand apart from the competition, but it’s critical for building trust and credibility among prospective customers.
Given the fast pace of the industry, fintechs do well to stay one step ahead when it comes to fintech marketing strategies to employ. As we move into 2022, here’s a look at 5 fintech marketing strategies that you can use to help your business dominate the fintech sector in 2022.
1. Create Engaging Content
Engaging content is table stakes for fintechs in 2022. That said, a granular approach is the best way to cut through the noise and make an impression on your audience. For B2C fintechs, the ability to create customized content that meets customers where they’re at during every stage of their journey is key.
It’s not much different on the B2B side of things. B2B fintechs should focus on creating industry-leading content that positions the brand as a thought leader. As more and more decision makers opt to do their own research ahead of talking to a sales person, high-quality content is more important than ever.
Fintechs should also embrace and cater to the younger generations; millennials and gen Zers have grown up in the digital era and demand seamless digital products, services, and content to improve their lives. Compared to older generations, 95% of millennials use fintech in some capacity, either exclusively or partially.
Valuable content builds trust with consumers and engages with them on a personal level. Producing great content can bolster a brand’s reputation while also increasing organic traffic and inbound opportunities.
Here are some fintech content ideas to consider:
- Create long-form blog posts to educate readers
- Interview consumers and provide case studies
- Develop whitepapers and other premium content for B2B fintech marketing
2. Develop an Emotional Connection
This may be the most overlooked “marketing” strategy. Why? Because it may not sound like a marketing strategy at all — but it is. Fintechs face several unique obstacles to selling in addition to the friction that every industry faces. Namely, fintechs may find it difficult to build trust and credibility with an audience.
Fintechs embrace advanced technologies and new ways of moving money. To a prospective customers, this equates to a lot of unknowns. To overcome those questions and concerns, fintechs must educate their audience while also proving to that audience that the brand is trustworthy and reliable. It’s a tall order and it requires an emotional connection.
This is where storytelling plays an important role. Illustrating your brand’s value proposition and successes through storytelling enables you to help prospective customers see themselves as the hero of the story. It allows them to step into hypothetical scenarios and experience how your product or service may help them succeed on both a professional and personal level. Doing that well requires the ability to connect on an emotional level with your audience.
3. Create Community with Social Media
Social media continues to play a large role as a marketing channel — even in the fintech space. The benefit to social channels is that they are two way streets: brands can communicate, educate, inform, and even sell to their audience…but they can also engage with that audience, answer questions, and solve customer service issues.
Finding the top social channels where your audience spends time and tailoring content for that audience can equate to big wins for fintech brands. You can even take it one step further and create your own digital communities and forums where decision makers and other influencers can gather, engage in dialogue with one another, and share insights. Facilitating this type of community and user-generated content can go a long way in building trust with your audience.
Fintechs may also consider the power of social advertising, depending on their niche and how their audience engages on social platforms. Facebook (now Meta), Instagram, TikTok, or LinkedIn all offer different advertising avenues along with analytics data that you can use to modify your ad campaigns to most effectively reach your audience.
4. Use the Power of Influencers
One of the most effective ways to boost brand awareness and increase sales is through influencers and affiliate marketing programs. By partnering with influencers, fintech companies can gain access to niche markets and target consumers, especially with younger demographics.
Having your business endorsed by an influencer can help an audience develop trust for your brand. It also presents the opportunity to leverage an influencer’s audience to drive brand awareness and broaden your reach.
5. Go Mobile
The ultimate goal for fintech companies is to reach their target consumer as effectively as possible. Many consumers search for information online via their mobile phones. According to statista.com, the number of mobile users worldwide will grow to 7.26 billion by 2022.
By it’s very nature, fintechs are built to embrace technology, including mobile technology. But it’s important to remember that being mobile-friendly applies to every stage in the customer journey. Everything — from demos and trials to ebooks and web articles — should be easily consumable and usable across all devices. Not only is this key for a positive user experience, but it’s critical for web rankings and conversion rates.
Both the fintech industry and digital channels are getting crowded. Standing apart from the crowd requires an understanding of the best fintech marketing strategies and a willingness to step outside of your comfort zone. Using the strategies above can broaden your reach, boost engagement with prospects and customers, and improve conversions in 2022.
For more information about boosting customer acquisition in 2022, download our Fintech Customer Acquisition Playbook.