It has been estimated that US$ 43 billion will be invested in the fintech industry in 2019. Marketing is not an easy process for a majority of businesses. It becomes even more difficult for businesses operating in a complex and dynamic sector such as fintech. Startups and established fintech firms face similar issues when it comes to marketing their products and services. This is where best practices can help achieve an effective fintech marketing strategy. Here’s a look at 10 best practices for fintech advertising.
1. Know Your Audience
Market research is the first thing that any fintech marketing agency will do. The fintech industry is evolving rapidly and the best way to gain an edge is to build trust among the target audience. This is why analysing and understanding the needs and demands of your target customer base should be given utmost importance. It will help create engaging and appealing marketing content, which in turn will boost your fintech PR.
2. Set Realistic Goals
When you set actionable goals, it helps you measure progress. So, first understand what you wish to achieve through your offline and digital marketing efforts. Ensure that you have quantifiable targets that can be tracked and your strategy fine-tuned accordingly.
3. Go Mobile with Your Strategy
It has been estimated that 2 billion people will start using fintech applications by 2020. So, apart from ensuring that you have the best fintech website design, also make sure that it is mobile compatible. This will help your fintech website rank higher on Google’s search results, making you more visible to your target audience, apart from giving them the convenience of browsing your offering on the go.
4. Use an Experienced Marketing Team
Executing an effective fintech marketing campaign requires expertise and hard work. Hiring an experienced fintech digital marketing agency will help you achieve better results, faster, than attempting to implement your campaign in-house. It will also free up resources that can then be used to offer cutting edge products.
5. Get Influencers to Influence
Studies have proven that 49% of consumers depend on the recommendation of influencers. This is especially true of fintech solutions. In fact, millennials tend to prefer peer recommendations over advertising. Consider involving micro-influencers in your marketing strategy too. They might have fewer followers, but their follower base is loyal.
6. Show, Don’t Tell
As they say, “Actions speak louder than words.” Customers engaging with your brand would be eager to know how you are going to solve their problems and meet their needs. Show how your fintech products will work for them via your marketing campaign. You can use social media, articles, white papers, webinars and explainer videos to make your campaign more action-oriented.
7. Personalised Marketing
Data can be collected from various platforms where customers engage with brands. This will help you create a more personalised marketing strategy. Personalisation is something that millennials, the largest consumer segment today, value above all else.
8. Be Social
Social media plays an important role in brand building. It not only provides a platform to advertise your brand but also helps to engage with the customers. So, make sure you are present on social media platforms, such as Facebook, LinkedIn, Twitter and Instagram. This is where you can discuss the offerings of your fintech software company and explain how your solutions work to solve existing issues. You can post news, opinions and high quality content on these networks to position yourself as a thought leader.
9. Quality Matters
Regardless of the type of content you publish, quality is key. Your content should be aligned with the story of your brand and the customers should be able to easily understand and relate to it. The quality of content used in fintech marketing can leave a memorable impression of your brand on the customer. A content calendar can be used to organise the content and plan ahead for future events and marketing strategy. It will also avoid repeating of the same content.
10. Email Marketing
According to a survey by US marketers, email marketing has a median return on investment of 122%, which is approximately four times higher than other marketing tools. You may consider including a newsletter to your leads, with clear cut content to further engage them with your brand.
The key to success in any fintech digital marketing campaign is to engage with your target audience in their own space. So, discover which channels your audience frequents and build your strategy around that.