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Fintech Marketing Strategy

By 28 May 2024June 5th, 2024No Comments
FinTech Marketing Strategy

FinTech Marketing Strategy

FinTech marketing involves any marketing strategies or techniques that you employ specifically for FinTech or financial technology companies. FinTech companies use the latest technologies and advanced automation capabilities to enhance their customers’ financial services. It is no secret that you first need to create a product or a service that has the potential to change how financial transactions or operations work for the customers.

FinTech Marketing Strategy

The time has finally come that even the traditional banking companies are now adopting emerging tech. Financial institutions want to provide their customers with a top-tier user experience that meets the customer’s needs and expectations which naturally leads to the rise of FinTech. However, what really makes your financial product/service successful is not the product/service itself but being able to get noticed in the increasingly saturated market.

The need for financial institutions to bring FinTech products and services to the target audience requires advanced FinTech marketing strategies. The only problem is that FinTech marketing is by no means easy, mostly because of the fact that most people find anything finance-related to be utterly boring. So, when it comes to FinTech marketing, you need to be innovative and altogether less boring in everything from how you reach out to customers or potential customers to the offers you give them.

This article will take you through some of the most promising FinTech marketing strategies that are employed by the leading companies in the world today. We discuss the multiple facades of FinTech marketing and how different mediums or channels can have different effects on your marketing efforts. We also take you through the role of mobile devices, social media, and content in FinTech marketing.

Fintech Marketing Strategies to Engage and Brand Your Financial Business

1. Incorporate Mobile Access

It doesn’t take an in-depth analysis to come up with the conclusion that you need to incorporate mobile access into your FinTech marketing. The simple reason being a vast majority of your target audience, including the Millennials and Gen Z, spend a good part of their day (and lives) on their smartphones. Therefore, it only makes sense that you make your marketing efforts on a medium or channel where they are most likely to see it. Neglecting mobile devices when employing marketing strategies for fintech companies means you are missing out on the most effective method of connecting with your customers.

The first step to making all your marketing efforts accessible to your target audience is to ensure that your website is mobile-responsive. So, if you don’t already have a significant online presence, it’s high time you build a website for your business. This means that you can direct traffic from Google, or social media, or other such sources to your website. Incorporating mobile access to your FinTech marketing campaigns or to your financial service/products is all about convenience, and it speeds up whatever you are trying to do astronomically. A few things you should keep in mind with mobile-focused FinTech marketing is that the web copy should be concise and to the point. Furthermore, you can also make use of attractive infographics and imagery to convey your ideas effectively.

2. Befriend Social Media

Social media is an effective tool for marketing in today’s world, but to do it successfully, you need to identify and analyze the marketing sector you are aiming for. This lets you get an idea of how much time and effort need to be put into your social media FinTech marketing strategy. You also need to identify which of the social media platforms is best suited for the particular product or service. The social media platform can be Facebook, Instagram, LinkedIn, Twitter, Snapchat, Reddit, YouTube, or even TikTok, based on the desired result.

You will also need to adopt a suitable tone of communication in order to better connect with the target audience. When it comes to social media, the targeting does not stop with the first niche you come up with, and it would be crucial for you to create sub-targets within the various social media platforms that you choose to use. Furthermore, each social media platform is unique; while some are media-centric and use images to communicate ideas while others are go-old text-centric ones. Therefore, you need to analyze both the audience and the platform before personalizing the content that you want to use for FinTech marketing.

3. Quality Content That is Valued

No matter how modern or technologically advanced an approach you adopt for FinTech marketing (or any other marketing for that matter), the content still remains the King. As long as the content carries value for the target audience, the target audience will consume it regardless of what format it is. The need for quality content on Fintech is valued much more than most other industries because the majority of the people do not understand finance, not with all its nuances and terminologies. This is especially true for the younger generation, including the Millennials and Gen Z, with almost no one having a clue about the financial situation surrounding them.

According to a recent study, 45% of millennials need financial products/services that can aid them in gaining control over their financial situation. However, 37% said that they were unable to find the right resources online that could help them. So, if you can come up with quality content that can act as a reliable source of information regarding financial products/services and educate the masses on their financial options, you can harness their trust. And trust is the foundation stone to establishing a long-term working relationship with a financial institution. But, it is not enough that you come up with this quality content and effectively deliver it using various channels, including social media.

4. Bold Branding

If you wish to make a measurable and significant effect in FinTech, you need to make branding a priority. Branding is what your customer is constantly interacting with, and it has a significant role in establishing trust. Branding is so important that even if you have killer content, a rock-solid social strategy, and even optimize it for mobile viewing, it may still not work out in your favor if the customer is not satisfied with your branding. A poorly branded website gives off the impression that your business is maybe not well-established or even shady, which is the last thing you want when running a financial business.

Additionally, it would be best if you kept in mind that branding should be unique and must be specific to your company culture and the target demographics. As most financial institutions are now targeting a younger audience, it wouldn’t hurt to be a little bold when it comes to branding. This means that you have the freedom to use a dash of bold colors or taglines that can connect with the target audience. However, you must keep the branding fresh and memorable so that the experience stays with the customers even after the interaction is over.

5. Make Engagement a Priority

Surprisingly many businesses still underestimate the value of engagements, and that is a mistake FinTech marketing should avoid at all costs. Engagements may seem pointless to an untrained eye, but as marketers, we know engagement is one of the most crucial factors in your long-term marketing strategies for FinTech companies. Engagement can be anything from a Facebook/Instagram comment to a reply to a mail or tweet, and going forth, and it should be your number one priority for your social media campaigns.

Another important aspect of your FinTech marketing that often goes overlooked is not setting up your social media for 24/7 engagement. You must always have someone available on your social media handles that will handle any chat inquiries that come your way and reply to any comment made on your business’s social posts. Social media engagements of all kinds are a perfect way to boost brand recognition and promote your business without spending a single penny on ads.

Also Read: How to Plan and Execute Successful Event Marketing Strategies in the UK? 

6. Overdeliver if Possible

If at all it is possible for you to deliver your promises to the customer, you must take that opportunity and then use that instance as part of your FinTech marketing. Your customers enjoy seeing a success story and showcasing a success story in which your financial institution played a significant role can just push your potential customers’ needs. The beauty of it is that you can use the story again and again because the world just loves to see stories where a company goes out of its way to please its customers. Additionally, overdelivering makes your business look much more reliable and reassures your customers.

Overdelivering your promises to the customers does not necessarily have to be in grant larger than life way. You can also have a similar effect on your customer through small but meaningful ways. For example, simply sending a thank you note to your new customers can significantly affect the customers and act as a building block for trust between your company and the customers. You can also try sending them a small gift on their birthday like a coupon. Although these may seem like little gestures, the effect they can have on your customers can be surprisingly huge.

7. Smart Ad Campaigns

We live in a world where we have a multitude of options when it comes to ad campaigns, and yet some financial institutions still choose to use legacy solutions like television advertisements or radio commercials. Although these methods can drag in results, they are not really measurable, or at least not to the extent to which modern-day ad campaigns can. You can now use channels like Google, YouTube, and Facebook ads to get your offers across to the target audience. The fact that most of your target audience spends most of their time on these channels than on TV or radio is reason enough to switch to smart ad campaigns.

Channel your efforts into setting up Google and Social Media ad campaigns with a budget that is suitable for your business goals and target demographics. Furthermore, you must also take into account various factors such as the audience’s interest, keywords, ideal images that can connect with them, and so on. You also have the added advantage of advanced insights that you get from smart ad campaigns, which can further help you optimize your marketing efforts and make the most out of them. With such capabilities and proper optimization, you can create a near-perfect FinTech marketing campaign.

8. Employ Influencer Marketing

Influencer marketing is all the hype today, and for good reasons, they can easily communicate with your target audience and filter their communication to suit their audience. However, influencer marketing is severely underused by the financial industry, which needs to change, and some of the major financial institutions are already on their way to using it. Marketers should make use of the early bird advantage and try out influencer marketing as soon as they can. One of the biggest advantages of using social media influencers is that they already have a well-established presence and guaranteed audience as their followers.

What you need to know before selecting an influencer for FinTech marketing is that you need to ensure that you select the right influencer for the job. In other words, you need to find an influencer who is ideal for the product/service you are selling. For example, if you are selling a finance package for superbikes, it would be best to get an influencer popular with superbikes fans. Furthermore, it is not necessary to use top-tier influencers as you can also use the less known influencers as they usually have a more trusting fan following.

9. Use Advanced Direct Mail Campaigns

Direct mail may seem like an odd choice in this list, but direct mail still remains one of the most effective ways for reaching out to your target audience. Over the years, direct mail has adopted various new and advanced technologies that have helped to streamline their workflow. You can now automate the entire process of direct mail with the help of an advanced system like PostGrid. Automation of direct mail works wonders for your financial business as it takes away any downside the conventional direct mail may have had. You need not spend your valuable time and effort in direct mail, thanks to automation.

The biggest advantage of direct mail, however, is that they are almost always read by the recipient, unlike an email or text message you send, which often remains unread in their inbox forever. You further couple your direct mail with your digital channels by including a QR code or a PURL that leads to your website or landing page. Furthermore, advanced solutions like PostGrid ensure your direct mail delivery with advanced address verification and even goes so far as to make them trackable. In short, the advanced direct mail campaign can potentially be the most effective FinTech marketing strategy for your business.

Conclusion

FinTech marketing is relatively new, and getting it right may take some time and effort on the part of the marketers. However, there are some time-tested strategies that you can employ for FinTech marketing. In this article, you see multiple FinTech marketing strategies that can be applied to create a positive effect on your financial service business. Establishing trust should be the priority of every financial institution, and you can use the strategies in this article to do exactly that.

The best Fintech marketing strategy for your unique business depends on your unique goals, and you may employ multiple strategies simultaneously. However, one of the most effective strategies that you can employ is advanced direct mail marketing. All you need to create a successful direct mail strategy is an advanced direct mail automation tool like PostGrid, which can automate the entire process and ensure its maximum performance with advanced address verification capabilities.

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