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Financial technology (‘fintech’) organizations benefit from a wide range of marketing tactics that are specially customized to their needs. Therefore, consumers should expect to get better and more efficient financial services from these firms.
The first step to changing this business is to produce a terrific product, but it might be challenging to make it large in an increasingly competitive market. However, with the rise of new technologies, best-in-class user experiences, and consumer expectations, conventional banking institutions are now catching up with the requirements and expectations of their customers.
It is also true that financial services are tedious from a consumer’s point of view. That’s not a secret, and neither are we nor the vast majority of businesses trying to advertise their products.
So what if I told you that there are tactics you can use today to truly position your fintech marketing efforts, recruit new customers, and catapult your firm into the future?
Are you hyped? Then continue reading!
What is FinTech Marketing?
In the end, FinTech content marketing and lead nurturing is all about educating your customers. Individuals and organizations alike find finance to be an essential part of their lives. However, financial technology (Fintech) companies have expressed concerns about their products’ lack of interest in blog posts, eBooks, videos, and other types of internet content because of their esoteric nature.
This is not the case at all. Successful content marketing in FinTech relies on the quality of the material, its promotion, and user journeys so that lead information can be reliably acquired, regardless of the subject matter.
So let’s take a look at some of the top lead-generating strategies currently accessible to today’s FinTech firms.
Create a data strategy
Fintech marketers have access to a lot more extensive data than they had a few years ago. As a result, marketers can foretell what items their customers will be interested in by using predictive analytics.
Building and maintaining a consistent and up-to-date consumer profile begins with a clear understanding of your consumers’ analytical standpoint. Marketers have depended on third-party cookie data to get this kind of information for decades. According to an Epsilon study, Seventy-nine percent of financial marketers rely on third-party cookies to develop consumer profiles.
However, if this trend continues, it would significantly impact the whole digital ecosystem by eliminating a necessary component. Third-party cookie deprecation is prompting advertisers to design their data strategies.
Ask yourself, “What data solutions do we presently have?” Is our solution dependent on third-party cookies, or is it a first-party solution that is open, safe, and confidential? Building and maintaining an accurate customer profile requires the alignment of data assets across name-based (PII) and ID-based (pseudonymous) sources made possible by identity management.
They should also think about whether or not they are providing service to more than one channel. For example, analytic data may be sent between an analytics platform and the customer-facing engagement channel more efficiently. That is to say, in real-time, you are transmitting better data about your clients and delivering better messaging to them.
When you have several ways for customers to communicate with you (such as direct messaging, in-store video, display, and Mobile), you’ll be able to get a deeper understanding of your customers’ needs. This is becoming more critical, particularly in the context of the video. There will be 29.3 billion connected gadgets in use by 2023.
Combining a solid omnichannel strategy with a robust analytics platform may create scalable channels with meaningful interactions.
Analytics systems come in a variety of shapes and sizes.
- Customer data platform (CDP): CDPs provide marketers a unified picture of their consumers, enabling them to personalize across all channels. These systems combine data from various sources, including internal and external customers, into a single, unified picture across devices and media. CDPs, on the other hand, are not all created equal. If you want to go big in the market, you’ll need an enterprise-ready CDP, like Epsilon’s PeopleCloud Customer.
- Customer relationship management (CRM): CRMs manually gather customer data and integrate and organize it across numerous media. This strategy enables marketers to build entire client profiles on an individual basis in real-time. So what may be considered a drawback? Despite their capacity to learn about clients one-on-one, they cannot scale and personalize like a CDP.
- Data management platform (DMP): A DMP gathers anonymous customer data primarily via third-party cookies. Advertising and targeting campaigns may be created for groups of people but not for specific individuals with the help of this technique. Unfortunately, as a result of the deprecation of third-party cookies, DMPs have become relatively outdated.
Bottom line: Not only are analytics-driven insights desired but so are scalable channels that allow customers to connect with your brand engagingly.
Establish robust relationships
It’s time to get to know your customers after you have a data solution in place. It is possible to get a complete picture of a customer’s financial situation and anticipate future financial demands via well-developed profiles. Focus on building meaningful messaging around customer solutions instead of marketing products.
You may also use this to cross-sell other items. For example, one partnership with a financial institution is less lucrative since the financial lifecycle encompasses many distinct demands.
Bottom line: As a result of using advanced data solutions, you’ll be able to discover what your customers currently use and what they’re most likely to use.
Personalization
Creating compelling, individualized communications that resonate with your consumers is an essential part of developing good connections. It’s not enough to know your consumer. The more relevant a brand’s message is, the more likely it is to keep a consumer.
This is by a 2020 Epsilon study:
- Over two-thirds of consumers say they are more inclined to use a firm that caters to their individual needs than one that does not.
- Over eighty-nine percent of customers say they are more inclined to choose a financial institution that provides customized services.
- Personalization is defined by 64% of respondents as a combination of customization and customer service.
Marketers can connect their online and offline personas so that they may convey messages that resonate with customers. The fintech industry is susceptible to this point. With the correct news at the right moment, buyers are more likely to utilize the product immediately.
Bottom line: Brands will benefit financially more quickly if users use the service sooner rather than later.
Produce quality content
In the end, better content is produced when targeted to particular audiences, down to the individual. Understanding the pain points of your clients is an integral part of an effective data strategy. Providing consumers with the information they need to make educated selections about the items they’re interested in helps them make better choices.
Lead generation may also benefit from the usage of this app. It is possible to assist customers to understand the issues they face and then pull them in with a particular call to action. It is essential to have an extensive library of high-quality, consistent content to educate people and develop your brand’s identity.
It’s becoming less common for consumers to make purchases based only on brand awareness or intelligent advertising. However, when it comes to marketing, it’s critical to have a plan that involves content.
Is there a formula for creating quality content?
- Authenticity: The best stuff is unique. Understanding how your unique viewpoint contributes to a solution and sets you apart from your competitors is an integral part of marketing.
- Search engine optimization (SEO): Using SEO techniques, you may make your material more visible in search engines such as Google .’s. Web pages and blogs to photos and PDFs are ranked depending on how well they match a user’s search query on these sites. It is more probable that search engines will favor your material above others if you use certain fundamental SEO principles, such as using keywords and phrases. However, be aware. Over-optimized sites might have a detrimental effect. Ensure that your SEO keywords are intelligently used, that relevant material is developed around these keywords, and that your content is efficiently organized.
- Call to action: A good piece of content will have a “call to action” in it. In a nutshell, your content should leave a customer with something to think about. You may use this to answer questions or solve problems (such as, “How does my credit score affect my ability to buy a home?” or “Where can I acquire a decent rewards credit card?”) “Here’s why you should start saving for retirement now,” for example, maybe a piece of content that educates a reader on a topic they can relate to.
Bottom line: The only purpose of creating content is to fill a void. If you want people to engage with your product, you need to provide a compelling incentive for them to do so.
Go mobile
In contrast to traditional financial institutions, fintech businesses provide a faster and more convenient service because of technology.
Aside from digitization, your company must also be mobilized to succeed.
Some companies don’t understand it, but having a mobile-friendly website is different from having an online presence.
In today’s world, practically everything and everyone can be accessed through a mobile device.
If not the most unique approach to interact with your consumers, this is one of the most effective methods.
Make sure that speed and simplicity are at the forefront of your thoughts as you concentrate on going mobile.
In the blink of an eye, if a customer can’t perform anything on their phone fast and, they’ll give up on it.
Sixty-one percent of users say they won’t return to a mobile site if they can’t access it.
When a company’s mobile site is difficult to use, 40% of customers will go to a competitor’s site instead.
It is essential to make your website mobile-friendly and available to customers by eliminating unnecessary pop-ups and widgets.
Bottom line: Use big fonts, important visual components, and clear writing. Don’t forget to include a solid call to action in your copy.
Experiment with gamification
Providing excellent customer service is no longer enough. Therefore you must find a new method to connect with your consumers.
This is an excellent opportunity to use gamification. Game-like aspects in your marketing environment are the goal of this strategy.
Puzzles and other types of games may be instances of these aspects.
By making material that might otherwise be difficult to comprehend enjoyably, gamification makes it easier to learn.
On the other hand, businesses see a significant increase in engagement and brand exposure as a result.
Fintech firms may employ gamification in a variety of ways, including:
- Give out rewards for winning competitions.
- To keep customers interested and educated while having fun, create educational games like puzzles and quizzes.
- Allow clients to accrue reward points for future use.
Customers are encouraged to engage with your goods via gamification to enhance conversion rates and income.
Fintech firms who use gamification as a marketing tactic get these perks, according to research.
As you begin your gamification plan, think about how your brand may pique your customers’ attention.
Bottom line: Use this method to build excitement and anticipation for a new product’s release.
Interact with your customers
Engagement is critical to long-term planning.
For the best results on social media, use this method.
It doesn’t matter how many blogs or tweets you publish. If you don’t respond to your clients, they’ll abandon you for a firm that does.
Customers need to know that you appreciate their time and money invested in your business.
Why should people continue to support your company if you don’t respond to a remark they made on your Facebook post or YouTube video?
What matters is making your clients feel special.
Make your consumers feel appreciated and cared for, and you’ll be promoting your business with no effort.
The more you interact with your clients, the more people will interact with your financial brand.
Bottom line: It’s critical to stay in touch with your clients, both online and off.
Leverage affiliates and influencers
Social media influencers and affiliates already have a loyal following.
Fintech firms require this to promote their goods and services.
Sadly, many organizations fail to appreciate the full potential of affiliate and influence marketing.
It’s also possible that some businesses are unwilling to put in the time and effort necessary to locate reputable third-party influencers and marketers.
However, these people can assist you in obtaining access to your target market, acquiring their confidence, and earning the conversions you so sorely need with a bit of incentive.
In finding and selecting affiliates and influencers, you should seek people in the fintech business and who fit your brand’s personality.
Bottom line: Don’t be afraid to include micro-influencers – those with a lesser following — in your marketing strategy. Quality consistently outperforms quantity.
Online advertising campaigns
Determine your target demographic and establish an effective digital campaign plan for selling financial goods or services.
Billboards, television advertisements, radio commercials, and other forms of advertising are standard for financial institutions.
To some extent, they may work, but you must remember that your audience is online. Therefore you must also focus on your ad campaign online.
As a result, you should advertise on Facebook, YouTube, and Google instead of television and radio.
Bottom line: Using the relevant keywords, demographics, interests, and call-to-action are critical to the success of these marketing campaigns.
Social
Chart showing the progression from conversing to posting on social media in a hand-drawn format
Social media is the internet’s Marmite. As a group, some of us are adamantly in love with the idea and post images of our avocado toast five times a week, while others refuse to download or join even the most basic social media sites (must be cold and lonely living under that rock).
Identifying the market sector you’re aiming for is the first step in fintech marketing, and it has a direct influence on where you spend your time and attention.
When it comes to promoting your business, you’ll need to decide which social media platform is most suited for your message and devise a plan for each.
As a company, it’s critical to know exactly who you will be aiming at and then create sub-targets for each social media platform.
It’s up to you to study the differences between Snap and Instagram, Reddit and Facebook, and figure out what works best for you and your audience.
In the world of social media, there is no such thing as a one size fits all approach. However, it does offer a significant benefit over conventional marketing channels: it’s free.
Your ideal consumer may be pinpointed with pinpoint accuracy on the majority of social media advertising platforms.
Please make a list of the people you want to reach, and then find out what social media networks they use.
Bottom line: Once you know where your audience hangs out, what they do, and what they enjoy, you can develop content tailored to them. If you achieve that, you’ll have a significant advantage over your competitors.
Branding should be bold
Trust, design, strategy, logo, marketing, advertising, and brand identification are all represented by hand-drawn elements.
With fintech marketing, it’s essential to establish a strong brand first.
Make sure your branding is top-notch since it’s the first and final thing customers see.
Even if you have the most acceptable content, a terrific social strategy, and a brilliant mobile platform, your branding will appear like it was built during the time of the dinosaurs.
Your company’s culture and the demographics you are trying to reach will significantly impact your branding strategy.
Don’t be scared to go big with your branding if you’re going for a younger demographic.
Even if you’re going for the bold and audacious, it’s essential to keep things new and memorable to prevent the dreaded “nothingness” that may come from a lack of creativity.
Determine your brand strategy early on and make sure it is maintained across all of your marketing activities.
The identification of your fintech firm must be visible in all materials that leave the workplace.
Bottom line: For example, keep it new and consistent, whether you’re using the same colors in your logo or using the same sort of imagery.
Go above and beyond
Overpromises and underdelivers are shown in a word cloud
We like to encourage our clients that if they are happy with their service, they should keep telling their tale about how they went above and above for them.
Consider the case of Southwest Airlines. As a result of charitable deeds, the firm has a long history of receiving free publicity.
Everyone enjoys hearing about how Southwest goes above and beyond for their customers, whether it’s when a mother appreciates the airline’s flight attendants for soothing her crying infant or when a mother was able to return to her unconscious son owing to the airline’s assistance in both cases.
Overdelivering goods and services are one of the most acceptable ways to provide outstanding customer service. To be successful, practice excellent deeds.
But you don’t necessarily need to copy Southwest tales to go above and beyond.
Those are wonderful, but they result from significant life changes (which no one controls). So it is possible to go above and beyond in small but significant ways.
You may go a long way toward developing trust with just a simple thank you message to new customers.
When it comes to celebrating your clients’ birthdays, you may offer them a tiny token of appreciation, such as a complimentary coffee or food item.
These are simple yet effective strategies to go above and beyond for your customers and create a strong connection with them.
A little act of kindness may go a long way toward promoting a positive business culture and a customer-focused strategy (aka free advertisement).
When it comes to workplace gossip, there’s a lot of negativity, but when it comes to those that go above and beyond the call of duty, there’s a great sigh of relief!
People pay attention to recommendations from friends and coworkers since these discussions are out of the ordinary.
When it comes to organic marketing, this is the simplest and most effective.
Bottom line: If you’re starting and attempting to develop a reputation, over-deliver and make your service a talking topic whenever you can. Make an excellent initial impression in the market with this strategy.
Scale up your growth
Regardless of how appealing your fintech marketing initiatives may be, prioritizing growth demands having a long-term perspective of your approach.
Putting scalability first instead of depending on short-term user acquisition tactics that compromise long-term growth for the sake of huge numbers today is a fantastic concept.
Some things to keep in mind while you construct your fintech user acquisition strategy:
- Quantifiable: Rather than winging it with your user acquisition approach, concentrate on measurable channels that correlate with your company’s key growth indicators.
- Diversify: Diversifying your user acquisition sources enables you to keep a competitive edge and be agile enough to adapt to the dynamic financial landscape.
- ROAS-focused: Prioritize return on ad spend to directly correlate growth to revenue and ensure you’re spending time and money in channels that move the needle.
Bottom line: Fintechs must discover the correct balance of user acquisition channels to generate scalable net-positive growth.
Final Thoughts
So there it is, the complete list of tips to create a compelling marketing strategy for your fintech brand. But, again, not every method will apply to every company or every project you’re working on.
The trick, then, is to figure out which ones are best-suited to the projects you have coming up. Consider this your list of “go-to” best practices for fintech brands—but don’t feel like you have to do them all at once!
Remember, quality is more important than quantity. So take one step at a time towards building up solid fintech content marketing.
