Fintech is one of the most exciting and innovative sectors. It’s also constantly evolving as it disrupts and improves how we think about and work with money and financial products.
One of the most exciting aspects of fintech is how traditional marketing elements, such as product marketing, interact with digital marketing.
While the two have always been connected, fintech startups are redefining the relationship and showing us how vital cohesion between these two is.
This article looks at the role of fintech digital marketing and product marketing and why they need to work together to ensure success.
Fintech Product Marketing
Fintech product marketing is a strategic marketing function tasked with closing the divide between product management and marketing communications. Fintech product marketers define target markets and solidify value propositions – and leverage both to position the product and empower broader marketing teams (and sales) to be successful.
Given the rapid pace of change within the fintech industry, fintech product marketers have their work cut out for them. Customer needs and preferences are not stagnant, so fintech products and services must constantly evolve along with those needs and preferences.
Product marketers own the go-to-market strategy, which requires coordination across various teams from across an organization. Product marketing often collaborates with other marketing teams, customer support, sales teams, and more to execute an effective launch plan.
It’s easy to see why collaboration between product marketing and fintech digital marketing teams is essential for executing launch plans. Product marketing teams help define messaging, value propositions, and positioning in the market – all integral information needed to inform digital marketing campaigns, especially for a successful launch.
Demand generation is crucial for product marketing. Fintech product marketing should focus on driving demand and adoption – and creating happy, successful users.
To do this, product marketing will often work hand-in-hand with fintech digital marketing and content marketing teams to develop thought leadership messaging, partner with thought leaders for top-of-funnel content, and create storylines that support both inbound and outbound marketing efforts.
When product marketing and digital marketing teams work together on demand generation, they can ensure the consistency of the marketing message to promote the company.
Product marketing plays an integral role in sales enablement, helping to create materials that can help sales reps close more deals. This is why it’s essential for fintech product marketers to have visibility into buyer- and customer-facing functions. The better they understand the product or service and how buyers relate to it, the more successful they will be in creating effective sales enablement materials.
Digital marketing has a hand here, too. Often, product marketing teams will call on digital marketing teams to help with some of the content production. Digital marketing teams may not have the same buyer- and customer-facing experience that product marketing has, which is why it’s important for the two to work together. Product marketing can provide insights while digital marketing can figure out the best way to translate that information to digital channels for consumption by prospective customers.
Fintech Digital Marketing
The digital marketing side of fintech is as exciting as product marketing, and as you’ll see, the cohesion of the two is essential to ensure success.
Let’s take a look at the three Fintech digital marketing essentials.
A Customer-Centric Approach
Any fintech product marketer will tell you that the crux of a successful fintech product is all about catering to the customer. Fintech products and services should be helpful, well-designed, and valuable to improve consumers’ lives.
Digital marketing campaigns should be all of those things, too. Digital marketing content and information should present products and services, and solutions in a personal and helpful way.
Segmenting the market is an essential part of Fintech’s digital marketing. By doing this and creating different personas, marketers can better provide personalized content that resonates and inspires customers.
Since product marketing often takes the lead in defining the market, that team can be invaluable in helping digital marketing teams build out highly accurate personas that can guide marketing campaigns and content creation.
Fintech digital marketing is all about the inbound game. Valuable and personalized content is essential. Publishing the right content at the right time in front of the right eyes can make or break fintech digital marketing campaigns.
Getting the best Fintech copywriters on board is more than half of the battle won. But giving those content writers good information to inform content production is essential. This is where product marketing teams can inject some valuable insights into the equation.
Product marketing and digital marketing should work together to ensure that messaging, positioning, and targeting are on point when it comes to inbound marketing campaigns.
Conversions are the number one priority of fintech digital marketing efforts. With a focus on customer needs and a well-planned inbound marketing strategy, you can convert potential customers to actual customers.
Conversions rely on alignment between product marketing and digital marketing teams. Product spends a good amount of time on defining value propositions, differentiators, and messaging upfront – and digital marketing teams should leverage this when optimizing conversions across digital channels.
Teamwork Makes the Dream Work
Digital marketing and product marketing must work together to ensure success in fintech marketing efforts. Here’s why.
The Customer Experience
Because fintech products and services are designed with the customer in mind, the customer experience must be a priority.
While product teams are often hyper focused on customer experience, digital marketing teams must have an eye for this as well, both as it relates to the product itself and digital marketing experiences.
Before customers open an account or download an app, they make their way through a marketing funnel. How that funnel is set up and executed can impact how many people convert on the other end. Marketing funnels that do not take the user into account will not be as successful as those that are built around how users think and behave – and how they prefer to interact and consume content.
This journey depends as much on the quality and usefulness of content and marketing campaigns as it does on the quality and usefulness of the fintech product or service. Alignment between product and digital marketing teams can ensure that the effort is cohesive and effective.
Standing Out From The Crowd
Fintech is a crowded marketplace with every company competing for attention. The best way to ensure that your organization stands out from the crowd is by aligning the efforts of the product and fintech digital marketing efforts.
The digital marketing team needs to work closely with the product marketing team at the product and service development stage to understand key differentiators – and the best way to talk about those differentiators to resonate with the target buyer.
The product team likely has market research and data about trends it can share with the digital marketing team to inform marketing materials and content. Both can ensure their priorities and messaging are aligned at every step along the way.
The product marketing team must also work closely with the digital team to ensure that their products are well-defined and that any feedback the digital marketing team receives is considered and incorporated into future iterations.
When the two teams work hand-in-hand, the customer experiences a seamless journey where the products and services are needed, well-defined, and well-received.
Growing a fintech customer base hinges on credibility – and new companies within this rapidly changing industry face a credibility challenge. Customers can be hesitant to adopt new technology or services they have never seen before.
When product marketing and digital marketing teams work together, they can create messaging and marketing campaigns that build trust and credibility. Product marketing teams’ knowledge of the facts about the product can be used to create informative, truthful, and insightful digital marketing campaigns that educate the target buyer while capturing their interest and attention.
At the end of the day, product marketing teams and digital marketing teams should both be focused on the best ways to form relationships with potential buyers. Even though execution may be different, the customer is the belle of the ball and where the company should put its focus.
Creating strong, unified messaging that puts the customer first can go a long way, but it requires input and collaboration from both product marketing and digital marketing teams from start to finish.