Last Updated on February 9, 2021 by admin
Digital-first is the mantra of 2021. Before the pandemic, digital was already a well-established channel for just about everything. People pay bills online, take classes online, work online, shop online, get directions on their phones, and more. As COVID-19 hit, more things switched to the digital realm, and its use for activities that already occurred there accelerated.
Similarly, the fintech space is booming. While many people were experimenting with different fintech products before, the pandemic has presented a compelling reason for more people to adopt new financial technology as a way of life. From using mobile order ahead to getting PPP loans, people are accepting fintech solutions into their lives at a rapid rate.
As more and more fintech startups enter the crowded market, finding unique ways to differentiate and stand out has become critical. We’ve put together a guide to help new entrants master fintech startup marketing.
Fintech Startup Marketing: Digital & Inbound
Having a digital presence is the obvious first step, but leveraging that digital presence to connect with prospects can be much more challenging. As cold-calling and outbound lose momentum, fintech startups must become keen digital marketers that tap into data, research, consumer preferences, and market trends.
Inbound marketing is a winning strategy for fintech startup marketing as it enables fintechs to personalize messaging and build trust and credibility. Taking it one step further, adding authenticity in fintech marketing can quickly build bridges between you and your target customer.
Fintech Startup Marketing Strategies to Consider
Digital inbound marketing is all about attracting the right audience with informational, educational, value-added content that fosters trust and credibility. By leading with a data-driven content marketing strategy that caters to your target customer’s needs, you can create an effective marketing funnel that catapults your growth. The key is to remember that digital and inbound marketing are fluid and require iterative changes based on analytics and your audience.
Mobile-First Mentality. More than half (53%) of internet traffic comes from mobile, which is an important statistic to keep in mind when designing your website and creating content. Recent research revealed that investment apps saw an 88% surge in average sessions in the first half of 2020, with payment and banking apps also seeing increases in sessions of 49% and 26%, respectively. People love the convenience of doing things on mobile. You’ve probably designed your fintech product or service with this in mind, so don’t forget to apply it to your fintech startup marketing plan.
Lead With Content. Quality content stands out in a sea of digital noise. Ensuring that your core content is helpful, honest, well-written, and valuable will enable the rest of your fintech startup marketing strategy to flow in the direction of success. Help your audience understand and troubleshoot common issues they face without making it a pitch for your product or service.
Be a Brand. Branding is a critical part of fintech startup marketing. It’s important to let people know who you are in a definitive way as early on as possible. While this includes things like color schemes and logos, it also entails conveying your unique value proposition and what makes you different from your competition. Remember to be authentic in your branding and allow people to connect with your values and purpose by making them crystal clear at the onset.
Engage With Customers. Sounds straightforward but many miss the boat on this. The operative word is customers and you should tune into their preferences and where they like to interact. This means keeping lines of communication omnichannel so that you’re available via social media, telephone, email, chatbot, and any other way your customers prefer to stay in touch. Personalization is also important. Use data about your customer to personalize not only communication options but the actual communications themselves.
Use Influence. Since trust and credibility is such a foundational element to selling fintech products and services, it can be helpful to leverage some influence from people connected to your target buyers. Micro-influencers can help spread the word about your product or service without seeming self-serving or overly salesy. These are people that have a few thousand followers who are very well targeted to what you’re selling. Since they have fewer followers but, perhaps, followers with closer ties, their influence is likely to be great in their circles. This is a great, low-cost way to build credibility and drive awareness.
Fintech’s role in finance for both people and businesses will continue to grow in 2021. As more businesses and people find themselves spending time on digital channels and as the pandemic shifts preferences away from in-person experiences, fintechs have a unique opportunity to grab market share. Implementing some of these fintech startup marketing strategies can put your organization on the path to success.
Want more in-depth strategies and tactics for fintech startup marketing? Check out the following: