So your fintech startup is finally off the ground, and you’re ready to ship your product. I bet it’s a nifty product that’ll knock your clients’ socks off. The chances are that you can’t wait to see revenue dollars roll in. Well, before you break out the bubbly, how much does your target audience know about your product?
That’s right.
The truth of the matter is that building a top-notch fintech product is half the battle. As a startup, you also have to go above and beyond to get the word out about your newfangled product. After all, today’s consumers are bombarded with a ton of new techs and apps on a daily basis. And, despite being groundbreaking and all, most fintech products aren’t exactly attention-worthy from the consumer’s standpoint.
As if that isn’t worse enough, there’s a fierce competition in the increasingly crowded fintech startup space, with traditional banking institutions also giving you a run for your money. There’s also the question of trust, credibility, and security.
No matter how you look at it, you have to stay on top of your marketing strategy to overcome these obstacles. You have to rethink conventional marketing tactics. In other words, you’ve to get a little creative, build credible buzz, and think outside of the box to make your products truly stand out in a sea competition, and set up your startup for success right from the outset.
But how? Glad you asked.
That’s why we have rounded up the following 8 tried-and-true strategies and tips lean fintech startups can leverage to market their product online. The good thing is that there’s a massive room for growth in the fintech industry. In fact, according to a recent KPMG
report , global fintech investments hit a whopping $57.9 billion in the first half of 2018, a big jump from 2017’s record total.
(1) Incorporate Sharing Economy into your Marketing Strategy
It’s no secret that the so-called “gig” economy has taken the world by storm. Thanks to peer-to-peer platforms like Airbnb and Uber, consumers can now rent cars, rooms, bikes, books, and whatnot with a simple touch of a button. Of more importance to fintech startups is that more and more consumers will continue to take advantage of sharing economy to lend or borrow money from their peers, ditching traditional banks and top-tier lenders.
With PwC predicting that sharing economy will bleed into every aspect of financial services by the year 2020, fintech startups have to join the party early. The allure behind sharing economy’s massive adoption is that it’s built on a foundation of transparency and trust. This is something that can also come in handy when fintech startups are creating their marketing campaigns.
Borrowing a leaf from sharing economy, fintech startups can leverage peer recommendations, reviews, and word-of-mouth to build credibility, drive referrals, and get a word out about their product online. The other advantage of embedding sharing economy into your campaigns is that it allows for better collaboration. That means fintech startups can get feedback quickly so that they can tailor their marketing campaigns accordingly.
(2) Make Social Media your BFF
This one is a no-brainer, and the best way to stay ahead of traditional banks. Turns out, 87 percent of users find banks plain boring, annoying, and unhelpful on social media. Given that 75 percent of Americans spend considerable time on social media; this is your chance to put your best foot forward. Just identify social platforms that your target audience use frequently, and create awesome content that resonates well with them. You might also want to do a little digging to learn about what ticks your audience on a particular platform, and then create a marketing strategy that best suits their behavior, needs, and interests.
(3) Stay on Top of your Content
Content, as they say, is king in the world of
online marketing. That's why you need to create content that's not only engaging but also relevant to your target audience. As a fintech startup, you can focus on tools, tips, and topics that can help your customers get a better handle on their finances. Keep in mind that 1/3 of Gen Zs have already signed up for seminars and classes on financial matters. Interestingly, approximately 72 percent of Millennials have little or no clue on how to invest their dollars. These are good areas that you can address in your content.
(4) Embrace Visual Marketing
People are visual in nature, and they’ll
retain 80 percent of what they see . In comparison, they only remember 10 and 20 percent of what they hear and read respectively. More importantly, 45 percent of online users watch over an hour of YouTube and Facebook videos per week. That’s why you need to keep your marketing campaigns visual - so, create and post high quality, attention-catching videos, infographics, photos, memes, live video, VR video, and other multimedia content.
(5) Breathe More Life into your SEO - Broaden Your Keyword Choice
There’s no question that a good SEO strategy can do wonders for you web traffic. So, kick it up a notch by using a broad range of tailored keywords and the latest SEO best practice. As a startup, not many people know about you, your products or even your website. So, do a bang-up job on both on-page and off-page SEO.
(6) Watch Out for Regulations
This might not seem like a marketing issue, but all fintechs have to keep a tab on current industry regulations. It is not uncommon for social platforms like Facebook, Instagram or Google to pull down pages and ads that don’t conform to fintech rules and regulations. This is especially the case for fintech startups in Cryptocurrency and Blockchain niche.
(7) Engage with Your Target Audience As Much as Possible
“Engage, engage, engage” should be your startup’s mantra when it comes to fintech marketing. Your interaction with your potential customers should go beyond social media. Use email, blogs, live video, and even the good-old telephone to get in touch and interact with them. It’s a great way to build rapport and make your target audience feel like part of your startup’s story. By blogging, according to
Digital Authority Partners you can enjoy 97 percent more inbound links, as well as experience 13x more ROI.
(8) It’s All about Going Mobile
In the era of instant everything, mobile has become indispensable. In fact, a recent study has revealed that Americans spend more than 5 hours per day on mobile, a whopping 69 percent more from 2 years ago. So, how can you tap into this increasingly mobile nation? For starters, ensure that your site is mobile ready. Your website should be clutter-free, easy-to-use, and loads in a snap.
Parting Shot
Marketing in the digital age is no easy walk in the park. Thanks to boring products, tough competition, and lean budgets, marketing is even more difficult for fintech startups. But with a little creativity and above tips, you can take your fintech marketing and branding to the next level.