It finally happened! FinTech has (more than) edged its way into the mainstream. The EY FinTech Adoption Index 2017 reported an adoption rate of 33% for FinTech products. This is a sharp increase from 14.3% in 2015. We’ve made good use of most segments in FinTech — robo-advisors and social messaging app wallets, and mobile wireless payments, to name a few. But one vertical where FinTech companies fall short is marketing.
This is not uncommon for nascent sectors. Since companies face some very unique sets of challenges when it comes to marketing their newfangled products. After all, rolling out a killer product is part of the equation. Getting users to trust and use unfamiliar tools and technology is the real trick. That’s where marketing for FinTEch comes in.
Demystifying FinTech Through Marketing
One of FinTech products’ main selling points is that they simplify and streamline finance. But that doesn’t mean that the technology itself is simple enough for users to understand and appreciate its benefits. Privacy and security concerns, as well as vague terms on fees, charges, and rates, can put off potential customers.
Similarly, users and businesses tend to favour the status quo over new ways of doing things. This can prove tricky when it comes to FinTech marketing. Since the very essence of FinTech products is that they are innovative and ground-breaking. Thus, this creates a bit of a Catch-22. Therefore, to interest users in FinTech products, they must first see proof of their utility. It’s important to demonstrate how they improve what they currently have.
The good news is that, though difficult, there are ways to position your FinTech products for success. You just need the right marketing strategy for FinTech. If you work on building a reputation as a financial expert looking after your users’ interests, you will increase your chances of success.
Lean Marketing for FinTech
Approaching marketing for FinTech should be done from a lean product design standpoint. Thus, gathering user feedback on a minimum viable product (MVP) will be your ticket to getting that product in front of an audience. As well as guiding future versions of the product.
Marketing for FinTech relies a great deal on the sharing economy because it allows better collaboration. You can now use peer-to-peer platforms to build the right marketing expertise for each campaign. The in-built algorithms in these platforms provide much better targeting. They also provide an easier and better way to engage customers online at little or no cost. It’s not the dollars in your marketing budget that counts; it’s how you make each dollar count.
Because of FinTech’s disruptive nature, it stands to reason that marketing strategies for FinTech products will likewise need to move away from old, traditional marketing models. A FinTech sales funnel is one that consists of customised, personalised content that shows clients the benefits and value connected to using their product or service.
In fact, customised content is one of the pillars of the authenticity that set FinTech companies apart from rigid, unhelpful, boring banks and financial institutions. Nowadays customers can find almost any kind of information on the internet. So brands that are authentic are in a winning position. Be honest, and be sure that everything you share with customers is also authentic. Find out what your users’ needs are. Give them as many details and as much information as they want and need. Transparency is key. As is engaging with your target audience.
What others are saying about you is important, but how you respond to their comments is even more important. This helps you build your brand voice and gain exposure and higher ranking search results.
Mixed Up Marketing
Marketing for FinTech borrows lots of trends and growth hacks from digital marketing. So don’t be afraid to mix it up to see what works best for you.
Need help? We’ve enjoyed working with many established FinTech companies as well as startups. Book a free consultation today. Pick our brains about digital marketing for your FinTech company.