Fintech (financial technology) companies are undoubtedly changing the financial services industry and will continue to do so in the future.
The first step in changing this industry is creating a great product, but in an increasingly crowded market, finding the perfect fintech marketing strategies to succeed is sometimes difficult. Particularly now that traditional financial companies are finally catching up with innovative technology and consumer wants.
However, from a consumer’s perspective, financial services are monotonous and it is clearly seen that neither we nor the majority of companies that try to promote their services have any intention of hiding it. For that, fintech marketing is something that should be utilized to the greatest extent possible.
What is Fintech Marketing?
Fintech marketing is a collection of marketing strategies intended specifically for fintech companies. These companies are using innovative technology to improve and potentially automate the provision of financial services to customers.
If they are implemented correctly, you can communicate with your consumers more successfully and get to know them better by using the correct fintech strategies.
Fintech Marketing Strategies
Any overall purpose that guides a fintech company’s marketing is referred to as a fintech marketing strategy. It offers a general vision, values, targeting audience, structure for message and other aspects.
Here are some strategies that have been effective for fintech marketing:
Fintech apps are a developing industry that have seen a dramatic increase in downloads and sales since the epidemic began in 2020. This group of applications includes banking, investment, and payment-related ones.
App user acquisition plans must be created to target the proper consumers and grab their attention if you want to succeed in this expanding industry. The first step in this process is to monitor the appropriate KPIs.
KPIs: As its name suggests, key performance indicators (KPIs) are essential for determining how effectively your mobile app is doing and how successfully your app user acquisition plan has been performed.
Applications may analyze a variety of KPIs; however, the KPIs that are most essential to your company may change depending on your app vertical.
The value that any application attaches to a particular KPI varies depending on its purpose, standards set by competitors, and other specific factors.
Simply said, gamification is the act of implementing gaming ideas and game design components in settings that are not games.
There are various ways to apply this to marketing, but the most common are presenting contents and giving rewards. For example, reward points for referrals and completed investments or transactions.
Gamification is commonly utilized in fintech pre-launch marketing to build interest, awareness, and new consumers.
One of the most crucial necessities in your long-term plan can be engagement with your target audience for your marketing campaigns.
Engagement should be the first goal for marketing the business on social media, whether it be in the comments part of a Facebook or Instagram post, a response to a tweet or email.
Many companies dismiss or ignore their consumer engagement, which is one of the main signs.
It is definitely effective in spreading the message and personality of the business and the people that work there to keep someone on hand to guard the social media castle, keep conversing, and respond to comments, tagged photos, or personal tweets.
Experiential marketing is physically interacting or engaging with your target audience by offering them a one-of-a-kind physical encounter with your business.
In the consumer market, experiential marketing is a strategy that is frequently employed. We’ve seen a lot of service providers in the tech and financial industries, who have used it to increase brand awareness and sales.
Hence, in order to interact with your target audience and physically promote your product or service, having a real pop-up experience can be a highly successful and economical strategy.
Influencer marketing is a relatively new strategy of promoting products or services by utilizing influencers. An influencer is a person, brand, or group of people who have the ability to influence their audience’s decisions and opinions.
Beforehand, we oftenly have mentioned the importance of influencer marketing. In accordance with this, it has a great impact on the Fintech industry, too.
Influencer marketing is a popular growth strategy in fintech, typically used at launch and one of the greatest ways to gain rapid and direct connection with the target audience while also earning people’s trust.
Partnership marketing is based on a common interest between two businesses or organizations and aims to increase brand awareness for both through product offers or the provision of additional advantages to users.
Businesses in the financial industry frequently employ collaborative marketing and partnership strategies during the pre-launch process to evaluate product concepts and explore the marketplace.
Customers choose businesses that share their values and views in addition to offering great products. Branding is extremely important for something as crucial as personal money because people see the brands they use as reflections of their identity.
Aside from that, excellent branding acts as a differentiation in the harsh financial industry.
In order to attract customers, several fintech companies offer absurdly high interest rates on savings accounts and other incentives.
You may develop your brand by identifying the special features of your service and highlighting them in your own different manner.
Content marketing is a strategy for developing and delivering valuable, relevant, and consistent content in order to attract and engage a specific audience and drive profitable customer activity.
It usually includes developing content like blog posts, videos, infographics, and social media postings that are meant to educate and inform rather than actively market a product or service.
The goal is to gain the audience’s trust and confidence, which can eventually result in more sales and more users.
The fintech industry is expanding rapidly. Without needing to go to a bank, this tendency is aided by the simplicity of online transactions, improved security, and simple convenience of banking.
Fintech marketing strategies can increase the number of people who can use your services and aid in the development of a scalable brand.