Fintech (financial and technology) has been a great disruptor and the fact that 96% of global consumers are aware of at least one fintech service or company is an indicator of trends.
Now, it goes without saying that it’s competitive out there, and if you want to stand out in this industry, you’ll need to market yourself to get seen and heard. That’s where fintech marketing comes in.
What is fintech marketing?
Fintech marketing helps companies in the industry attract customers, boost engagement, drive sales, and promote customer loyalty.
As we mentioned before, the challenge is standing out. Another hurdle is the complexity surrounding fintech products and services.
Consumers may find it difficult to understand the offer or even feel doubtful about its utility.
So, your goals with fintech marketing could be to:
- cut through the noise;
- explain your product/service in a simple way; and
- gain your prospect’s trust.
Examples of fintech marketing strategies
Putting the right kind of fintech marketing strategies into action can do wonders. Let’s look at some of them below.
1. Take the experiential marketing route
Experiential marketing refers to giving your consumers a way to interact with your brand in a unique, physical space.
Zettle is a Swedish fintech company that introduced its service in the UK through experiential marketing.
They called up a press briefing where they hosted journalists and influencers. They then got a chance to experience a pop-up market that replicated Zettle’s business environment.
They were able to attract journalists from top media companies like the BBC and saw a 425% increase in sales. Their website also got more traffic.
So, creating a physical environment to introduce your product can be effective, and it could give your customers a glimpse of why they need your product in their life.
Read more: 4 Reasons Why a Startup Should Invest in Explainer Videos
2. Invest in content marketing
With content marketing, you have a few options:
- Start a blog
- Create content for social media
- Invest in videos
Blogging
First, let’s talk about the blog. Blogs are a long-term investment, but if you do it right, they’ll pay off.
Use SEO best practices and consistently publish articles that provide value. This will increase your visibility online.
Watch this video for more tips and insights about running a business blog:
Social media content
To engage with your followers, share content on your socials. Experiment with different formats and aim to provide value.
Show off your company culture, make announcements, and share fun and informative content to stay top of mind.
Here’s a look at Payoneer’s IG:
Video marketing
Video content has the power to attract, engage, and convert. Explainers, for example, are a great option for fintech because they can simplify complex ideas in a short and engaging way.
Speaking of engaging, our survey also found that video keeps brands top of mind, and consumers attest to this. And 76% of our respondents said that product/service explainer videos help them make a buying decision.
But explainers aren’t all there is. You could make promos, tutorials, testimonials, and more.
Here’s a promo video from Zettle we love!
Learn to recycle videos, too. Share clips on social media and share them in emails and blog posts if it’s relevant.
If you’d like to give video marketing a go, contact us.
We make videos for businesses and animated 2D explainers are our specialty.
Check out our portfolio if you’d like.
Want a video for your business?
3. Community management and engagement
Good community management can help you build a solid relationship with your followers and customers. It can also lead to customer loyalty.
Interact with your followers on social media, ask for their opinion and feedback, provide value to them that is tailored to what they asked for during feedback rounds, and offer support when needed.
You can also host Q/A sessions, put out quizzes, and invite followers for community meet-ups.
If you do it right, you’ll also be able to mobilize your community to make an impact.
For example, when a financial company named was challenged for its original name, Mondo, the start-up contacted its 100k subscribers for new name suggestions.
And within 48 hours, the campaign landing page received 12,000 submissions.
The impact of social media is unparalleled.
Once you have your community engagement plan in place, you’ll need to figure out how to measure effectiveness.
Here’s how you can go about it:
- Practice social listening.
- Use analytics tools to keep track of engagement.
- Note if follower interactions have increased or not.
4. Prioritize branding
Branding is a very integral part of fintech marketing. If your company isn’t standing out from the rest, you will get left behind.
Establish a consistent tone of voice and image for your brand. This means that your copy and messaging across all communication channels should be consistent.
Your design elements and colors should also be consistent. This will make you recognizable at first glance.
Apart from that, you have to show what your business stands for.
For instance, a German bank ran a #nobullshit campaign in 2018 that promised its customers straightforward, no-fluff banking.
This meant no unnecessary fees or complicated banking lingo.
Translation: Bank branches are so ‘90s. #nobullshit N26
You can see that reflected throughout their campaign messaging.
5. Invest in influencer and affiliate marketing
Influencer and affiliate marketing refer to the practice of using third-party marketers and influencers to promote your products, services, and brands.
These collaborations help new people discover your business. And since influencers have a loyal fan base, the followers are more likely to trust their recommendations.
But before you reach out to them, do your research and find ones that are the right fit for your brand and have the audience you want to target.
After that, you could strike up a sponsorship deal, an affiliate marketing deal, or both.
Relevance is the key when it comes to influencer and affiliate marketing.
For instance, Marques Brownlee is a very known influencer whose videos are tech-focused.
He has almost 16 million subscribers on YouTube. So, collaborating with him on an unboxing video is a no-brainer.
Related: Startup Branding: 8 Tips You Need to Know
6. Referral marketing
Referral marketing relies on word-of-mouth recommendations to promote your business. It helps brands grow their customer base exponentially.
Leads acquired through referral marketing convert 30% better and have a 16% higher lifetime value than those acquired through other means.
Sadapay, a Pakistani fintech company, has been using the referral marketing tactic to encourage its users to promote their products.
There is a waitlist and you can cut through it if you bring in more customers and eventually get the founders’ club card.
As you can see, more invites take you closer to getting a Founder’s Club debit card. These invites can spread the word on their behalf and end up generating more leads.
7. Email marketing
If you think email marketing isn’t worth it, think again. A DMA study found that for every $1 spent, email has an average of $38 return on investment.
Email marketing is a great way to nurture leads and stay top of mind when it comes to previous customers.
Here’s how you can get started with an email marketing strategy:
How to get started
i. Build an email list
Create a signup form on your website and encourage people to signup via social media. But whatever you do, DON’T buy your email list.
ii. Segment your audience
Segmentation is important so you can create personalized messaging and campaigns for each group. Don’t create blanket emails for your entire list. It’s too generic and people will catch on that you haven’t actually put any thought into it.
iii. Find an email automation platform
The most popular one is Mailchimp. Other options include Drip and Sendinblue. Do some research and see what will work for your needs best and set your email marketing campaign in motion.
iv. Test, measure, and improve
Testing and measuring campaign performance is important. Tweak your strategy as you go.
Pro tip: When it comes to setting a frequency, there’s no right answer. But generally, if you send too many emails, your audience will start rolling their eyes at you and unsubscribe. Twice a month, for example, won’t hurt.
Final thoughts
Most customers are still unsure of what the fintech industry actually offers, so it gives you an opportunity to step in with your marketing strategy and make it easier to reach people.
There are multiple options available as we mentioned. A mix of different strategies will help you grow your business.
If video marketing specifically intrigued you, then you could get in touch with us. We’re video experts and would love to brainstorm ideas and help you achieve your goals!
Want a video for your business?
