The fintech industry is one of the quickest growing markets.
In 2018, this industry was valued at over $127 billion. It is expected to reach over $300 billion before the end of 2022. That’s nearly double in only four years.
This growth is due to new startups and established finance organizations jumping on the bandwagon and joining the fintech network.
Some of these businesses will partner with startups, while others will create their own incubators.
Whatever the case may be, the fintech industry is becoming very competitive.
Because of this, it is imperative that you take the time to do your homework and learn how to approach challenges you may face in a saturated market and how to properly approach your inbound marketing campaign in order to realize success.
That’s why we’ve put together this guide with some fintech marketing strategies that will help you get ahead of the competition.
What is Fintech Marketing?
Fintech marketing is classified as a new type of marketing that consists of a variety of tools, tactics, and techniques that financial technology organizations use to:
- Drive traffic.
- Enhance customer loyalty.
- Boost business growth in terms of financial services.
While it may be marketing tailored specifically for financial technology organizations, fintech marketing still focuses on building credibility with your customers and gaining their trust — a necessity for any marketing campaign to be successful.
8 Fintech Marketing Strategies to Boost Growth
Due to its fast and constant growth, fintech is a very saturated market. Because of this, there is a significant amount of competition.
This is where fintech marketing strategies come into play.
Understanding the needs of the consumer is more important than ever before, especially when you’re dealing with something as complex as financial services.
Implementing the right fintech marketing strategies can help ensure it is your company that rises above the rest.
#1: Go Mobile
One thing that makes fintech companies different from conventional financial organizations is that they offer a quicker, easier service thanks to technology.
It is important that your business does more than just digitize, as you also need to mobilize everything.
Some businesses don’t realize it, but there is a difference between having an online website and having a mobile-friendly site.
Going mobile is crucial to staying competitive, as almost everyone and everything is mobile-capable today.
Therefore, this is one of the best ways — if not the best way — to communicate with your customers.
As you focus on going mobile, make sure that speed and ease of use are at the forefront of your mind.
If a consumer can’t do something quickly and easily on their phone, they’ll abandon it in the blink of an eye.
In fact, research shows that 61 percent of consumers will not return to a mobile site if they have trouble accessing it.
Further, 40 percent of consumers will wind up visiting a competitor’s website when they have difficulty accessing one company’s mobile site.
To keep your website mobile-friendly, available, and accessible to consumers, minimize pop-ups, widgets, and irrelevant content.
Keep things short and concise, utilize valuable visual elements, and use large fonts. Don’t forget to use a clear and obvious call-to-action.
#2: Don’t Disregard Social Media
Social media. Some people like it, and some people don’t.
Wherever you fit into that category, truth be told, it really doesn’t matter because social media is important to the success of fintech businesses.
After all, most people spend more time on social media than they do conversing with one another.
With that being said, you need to be on social media spreading your message.
However, for your fintech marketing campaign to work, you must first identify which social media platform you need to spend your time and energy on.
Each platform has its own pros and cons, as well as its own consumer base.
While there is nothing wrong with using more than one, each one has its own strategy that works best, so you’ll need to develop a solid strategy before sharing your message.
The way you deliver your message on TikTok will be vastly different than the way you deliver your message on Pinterest. The same goes for LinkedIn, Facebook, and YouTube.
You need to:
- Identify your target audience.
- Know what social media platform they’re using the most
- Create personalized content that is tailored specifically to them and the platform they’re using.
When done correctly, social media marketing can be a fantastic way to build brand awareness, drive leads, and boost revenue for fintech companies.
#3: Try Gamification
Great customer service simply won’t cut it anymore, so you need to figure out another way to engage with your customers.
Gamification is an ideal strategy for this. It consists of incorporating game-like elements into your marketing environment.
Some examples of these elements include quizzes, puzzles, and the like.
Ultimately, the gamification approach takes information that tends to otherwise be complex and makes it fun, interesting, and interactive.
In return, businesses obtain much higher engagement numbers and enhanced awareness of their brand.
Some of the most popular ways in which fintech companies can use gamification include:
- Hold contests and give out prizes to winners.
- Create puzzles, quizzes, and other games to help educate and engage consumers in a fun manner.
- Allow customers to earn points on purchases for future redemption.
The primary goal of gamification is to encourage consumers to interact with your products, which will lead to higher conversion rates and increased revenue.
Research shows that fintech companies that take advantage of gamification as a marketing strategy realize these benefits.
So, as you begin your gamification strategy, figure out how your brand can generate customer interest/excitement.
It is incredibly popular to use this strategy to generate awareness and buzz surrounding the launch of new products.
#4: Content Is Still King
It doesn’t matter whether you are creating a how-to guide, a listicle, or a Facebook post, the content must have value to it.
Valuable content is like gold in the digital marketing world, especially when it comes to fintech marketing.
The millennial generation, for example, tends to be more confused about anything that has to do with finance than most other age groups.
Unfortunately, most financial companies choose to ignore this generation, leaving them helpless and looking for answers.
If your target audience is millennials, then creating valuable, informative content for this generation and ensuring it is appealing and accessible for them is key to getting your fintech company in a position to be successful.
Even if you don’t target millennials, creating and delivering valuable content to your target audience is key to building trust with your consumers.
Trust is crucial to selling products and services, especially in the financial industry.
By working to build a reputation through useful, informative, and relevant content — be it articles, blogs, videos, ebooks, webinars, quizzes —, you can expect to establish your fintech company as a leader and expert in the field, gaining the trust and confidence of your customers, increasing lead generation, and boosting your bottom line.
#5: Engage with Your Customers
When it comes to long-term strategy, engagement is key.
This is the most effective way to promote your brand on social media.
You can post as many blogs, tweets, or videos as you want, but if you don’t reply to your customers, they will leave and turn to a company that pays attention to them.
Customers want to see that you value them and the time and money they want to spend on your company.
If you can’t spare a little bit of your day to reply back to a comment they left on your Facebook post or YouTube video, why should they continue to support your business?
It all comes back to creating a personalized experience for your customers.
Not only does this make your customers feel valued and cared for, but it helps to increase brand awareness and promote your company with little effort.
Trust us: the more you engage with your customers, the more others will want to engage with your fintech brand.
Communication with your customers matters — online and offline.
#6: Use Affiliates and Influencers
Social influencers and affiliates already have a fanbase that values their opinion.
When promoting products and services, fintech companies need exactly that.
Unfortunately, many companies don’t realize just how powerful affiliate and influence marketing can be to their overall campaign.
Alternatively, some companies may not want to put the effort into finding quality third-party influencers and marketers.
However, with a little incentive, these individuals can quickly and easily get you access to your target market, help you gain their trust, and earn those conversions you so desperately need.
As you search for and select affiliates and influencers, look for those who are situated in the fintech industry and reflect your brand image.
And don’t be scared to choose some of the micro-influencers — the ones with a smaller following. More often than not, quality is better than quantity.
#7: Invest in Online Ad Campaigns
When it comes to marketing financial products and services, it is imperative you define your target audience and develop a proper digital campaign strategy.
Financial organizations tend to spend their ad dollars on billboards, television commercials, radio ads, and the like.
While these may be effective to a point, you need to realize your audience is online, so you need to place your attention to your ad campaign online as well.
Therefore, rather than TV and radio ads, you should be using Facebook, YouTube, and Google ads.
These ad campaigns need to be set to target the right audience with the appropriate keywords, demographics, interests, and call-to-actions.
This is all key to your success in 2022 with an online fintech ad campaign.
#8: Go Beyond Social Media
While social media should definitely be at the forefront of your fintech marketing strategy, you also don’t want to forget about other channels you can use for marketing.
There are many ways in which you can reach your customers, and you should try to be present in as many of them as possible.
The more you are present where your target audience is, the more likely you are to acquire new customers.
By incorporating a multi-channel marketing strategy, you can increase the chances of customers converting.
This is good since there is so much more competition and people have a lower attention span these days.
So, when you post to social media, make sure to cross-post your content on other social media networks.
For example, one piece of content can be turned into content for multiple platforms — a video for Facebook, an image for Instagram, and a one-line tweet for Twitter.
However, as mentioned, go beyond social media. That same content can also be developed to fit into your text message marketing campaign, email marketing, newsletter, online forums, and more.
The possibilities are truly endless, so you can get the word out about your fintech brand.
Once fintech organizations are successful in reaching their audiences, they face the tough challenge of building trust, educating consumers, and growing their business — all online.
It is 100 percent possible to do this by implementing the fintech marketing strategies outlined above.
No one ever said marketing in the fintech industry would be easy.
After all, finances and technology aren’t simple to talk about. However, your marketing approach to this industry can be appealing, ensuring your marketing efforts and brand are successful.
If you want to learn more about being successful with your fintech brand in 2022 and strengthening your marketing strategies through technology, check out this jam session with Scott Brinker (the VP Platform Ecosystem at HubSpot).