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Last Updated on August 2, 2023 by Nikhil
As we inch closer to Q4, it’s time to start thinking about how to end the year on a strong note and kick of 2020 with some gusto. The fintech landscape continues to morph, twist, and turn, and marketing strategies will need to evolve to follow suit. If you have a great fintech product or service, deploying the right marketing strategy will be essential.
As traditional banking and fintechs continue to wrestle and collaborate on the world stage, and as new fintechs flood the market, a marketing strategy can make or break performance. As emerging technologies and automation make it easier to deploy marketing campaigns, we’re going back to the basics in terms of strategy. We take a look at some trends that will continue to gain momentum into 2020 as well as where you should focus your fintech marketing efforts now and in the future.
Fintech Marketing Strategy #1: Optimize the Mobile Experience
On the most basic level, your website should be mobile-friendly. It’s surprising how, in 2019, so many brands are missing the mark here. In fact, all marketing initiatives should be based around handheld devices. In the U.S., adults spend 3 hours and 43 minutes on mobile devices and mobile is expected to surpass television as the medium attracting the most minutes.
App-based fintechs should also improve the efficiency of the onboarding process. Streamlining the registration process can ensure more users complete it and it gives you the opportunity to personalize to and engage with people from the start.
Personalization is also a critical factor when optimizing the mobile experience. Bank of America is an example of a brand excelling in this area, as reflected in first-quarter earnings that showed 27.1 million mobile banking customers are using their app regularly – a 9% year-over-year increase. It’s also planning the launch of Life Plan, a digital portal that customizes plans for users to reach life goals based on each stage of life (think: buying a home, saving for retirement, etc.)
Complacency around mobile innovation will not be an option in 2020. Solidifying your mobile strategy now and investing in ways to optimize will yield dividends in the near- and long-term.
Fintech Marketing Strategy #2: Invest in Content
Content is more valuable than ever for fintechs. Both B2B and B2C fintechs face some level of customer education that must take place. Whether you are teaching Millennials how to better handle their finances or educating a sophisticated business buyer about an industry problem, content can help you tell that story in a meaningful way.
Fintechs in the B2B realm should pay special attention here as buyers are increasingly doing their own research over talking to salespeople. In fact, 45% of buyers spend more time researching purchases year-over-year. The majority of people also report viewing multiple pieces of content from a vendor prior to purchase. To be specific, more than half view at least eight pieces of content and 82% of buyers viewed at least five pieces of content.
While content marketing is one of the top fintech marketing strategies, companies should be careful to value quality over quantity. According to a Demand Gen report, 76% of B2B buyers want content that speaks directly to their company. More importantly, there is a ton of content available. While the data shows that B2B buyers are using content to support the purchase process, they rely on content that adds value and contains unique insights. It’s vitally important to be sure that your content is framed as thought leadership and is differentiated from what the competition is doing.
Fintech Marketing Strategy #3: Tell Visual Stories
The power of video is unrivaled; it grabs a person’s attention and concentration, making it a prime marketing too and one of the top fintech marketing strategies for 2020l. While written content is certainly important for fintechs, video content should not be overlooked. YouTube and Facebook tend to be the most effective platforms when it comes to video marketing, thought LinkedIn should not be passed over (though it often is). According to a Wyzowl survey, 75% of marketers think it is a successful way of reaching target audiences.
There are many different ways to tell visual stories beyond video, too. Infographics and interactive content are both great ways to generate leads, increase sales, and boost brand awareness. According to Forrester, one third of IT and line-of-business respondents in a survey said they preferred to read or use interactive content tools.
Visual stories are attractive to prospects because they captivate the imagination and can also aid in simplifying complex concepts. Whether you’re trying to showcase how your product or service works, explain an industry trend or problem, or just engage with your audience in an interesting way, the visual component should not be neglected. The same rule applies here, too: differentiate. Cisco reports that nearly a million minutes of video per second will transverse the internet by next year. If you’re going to create videos, be sure they are capable of cutting through the noise.
Fintech Marketing Strategy #4: Market like a Consumer Brand
B2B fintechs face a lot of hurdles in getting the attention of decision makers. Credibility, trust, and education can all be stumbling blocks for B2B fintech businesses trying to connect with buyers. Add to that the fact that most B2B organizations stray away from the human element of marketing, and you have a real problem.
B2B fintechs should focus on crafting messaging that resonates with people rather than businesses. Accenture data underscores this: 73% of B2B buyers say they want a personalized, B2C-like customer experience. that While you don’t need to ditch rhetoric that connects with the goals of prospective companies, you should aim to connect more personally with your buyers. That means tuning into feelings, emotions, and experiences over metrics, pricing, and control.
Creating a meaningful brand narrative is one way to do this. Many fintechs focus on campaigns and distinct messaging, but there isn’t a holistic tapestry that these things are weaved into. Creating a brand narrative empowers campaigns by relating them back to the big picture: your purpose and values. A strong brand narrative can anchor all of your marketing efforts and sales strategies, too.
Fintech is comprised of two things that make the world run: finances and technology. The key for fintech companies is to promote the human relevancy and to illustrate real experiences that resonate with real people. At the end of the day, your decision makers want to buy from people who hear them and understand them.
These fintech marketing strategies should provide a good foundation for your efforts moving into 2020. Whether you’re an established fintech or newer to the scene, these strategies can help you meet your marketing goals and build a strong brand that appeals to customers with high expectations.
For more information about how to deploy an award-winning fintech marketing program, check out our Fintech Marketing Playbook. You may also want to download The Financial Marketer’s Guide to Content Marketing.