Over the last decade, Financial Technology or FinTech has been the driving force fuelling major changes in the financial services industry. Innovative FinTech startups adopting emerging technologies have been giving banks and traditional financial institutions a run for their money, offering small businesses and private citizens new avenues to invest, save, and manage their funds.
In a global financial sector that has an estimated worth of US$26.5 trillion in 2022, 96% of global consumers are aware of one or more FinTech companies or services. At the same time, the allure of traditional financial institutions continues to wane. In a recent survey by online marketing magazine The Financial Brand, 87% of customers said that banks were “annoying, boring, or unhelpful” on social media.
The challenge for players in the financial industry is therefore to attract investment and generate awareness of financial service offerings that engage individual customers and business purchasing decision makers in a consumer space characterised by enthusiasm for new technologies, and familiarity with digital marketing techniques.
The FinTech industry is also a crowded space, in which multiple players are competing for the attention of a discerning population of FinTech clients who demand financial products and customer services that are in line with their own unique requirements and aspirations for business growth.
In this article, we will outline several avenues that FinTech companies and other financial institutions can pursue, to build consumer trust and drive leads with their FinTech marketing endeavours.
Use distinctive brand positioning
Your unique brand positioning acts as a key differentiator, to distinguish your organisation from other companies in the FinTech sector. Knowing who you are and what you have to offer also positions you to create content marketing material and use digital marketing techniques that create awareness with your target audience, and attract investment.
When delivering your brand message, your marketing efforts should also take into account any unique conditions affecting your target audience. In Southeast Asia for example, strict conditions set by banks and other financial institutions may set the bar for their services too high for low and middle income investors. So financial technology companies in this region are adopting FinTech marketing strategies that promote greater inclusion. These include translating brand messages into local dialects and using conversational technologies to increase brand awareness among various ethnic/regional groups, and using vernacular text in their app and website interfaces.
One way to increase brand awareness and generate leads is by encouraging your FinTech clients to promote your FinTech company through word of mouth referrals and recommendations to their own circle of acquaintances. This approach has value, as leads acquired through referral marketing convert 30% better and have a 16% higher customer lifetime value than those acquired by other means.
[Image source: MotionCue.com]
Leverage influencer marketing
On social media, influencer marketing can generate awareness of your financial technology offerings, to a target audience that is already loyal to the person delivering your message. Rather than looking to megastars, you may achieve a greater return on your FinTech marketing efforts by collaborating with social influencers with 100 to 500,000 followers.
[Image source: Digital Authority Partners]
Create experiential FinTech marketing
Younger demographics and those familiar with digital marketing techniques in the Direct to Consumer sector appreciate valuable content delivered in the form of an “experience”. Interactive or immersive content marketing like in-person demonstrations or explainer videos can help to clarify the often opaque nature of financial service offerings.
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Mobile and app-based FinTech marketing
With consumers routinely spending five hours a day on mobile devices, any marketing strategy for FinTech companies must now include a mobile or app-based component. As a FinTech company, you should at the very least ensure that you have a mobile-responsive website, with short copy, large fonts, and the strategic use of visual elements.
Customer loyalty schemes
Provide incentives and rewards for app users and investors to actively engage with your financial technology offerings. For apps and online platforms, you should link rewards directly to usage frequency to maximise the Return On Investment (ROI).
Use marketing automation
At the FinTech marketing planning, management, and implementation levels, you can use marketing automation tools to segment your leads and optimise your FinTech content marketing tactics to suit the specific requirements of your target audience, at any point along the sales funnel.
At the end of the day, successfully marketing FinTech is all about delivering valuable content and good education to your prospects. Regardless of the subject matter, successful FinTech content marketing comes down to how engaging you can make the content itself, how your marketing strategy goes about promoting that content, and how you craft user journeys so that you can reliably gather lead information.
You can assure yourself of all of these conditions by partnering with a professional FinTech marketing agency or inbound marketing specialist.
Incisive Edge brings you the expertise you need to find your brand differentiation and build the essential foundation for your digital marketing machine. By starting with the things that make your financial technology business great for the world, we’re able to craft a compelling brand positioning statement and top line message which rolls neatly into more detailed content and can be applied all the way across your marketing strategies, sales team and sales funnels.
We will craft a value proposition to your FinTech clients that emphasises why you are unique and the value you provide your target audience.
If you’d like to learn more about how the inbound marketing experts here at Incisive Edge can assist in your FinTech marketing, get in touch with us.