Financial technologies, commonly shortened to fintech, provide customers with alternative delivery methods for financial services. Fintech’s goal is to improve the delivery and use of financial services. Fintech includes everything from cryptocurrencies to online financial advisors to payment solutions like PayPal. With over 5,000 fintech startups introduced in February 2019 in the Americas alone and the global fintech market reaching $111.8 billion in 2018, fintech is one of the fastest-growing industries around. Due to the sheer size of the fintech industry, it’s important to have a stellar marketing strategy so your business stands out in an oversaturated market. Here we explore effective ways of marketing your fintech startup.
Educate your audience
Financial services can be boring and difficult to understand for non-professionals. It can also be difficult to find resources to explain complicated topics. A recent study shows that 45 per cent of millennials want products and services to help them handle their finances, however, 37 per cent were unable to find resources online. This is where you come in. By creating content that explains various financial concepts or services, you’re providing value for potential customers even before they purchase your service or product. Creating content that’s relevant to your target audience helps establish trust which is essential for any business, especially when dealing with personal finances. .
Think specifically about your business and ask yourself “what kinds of questions might your target audience ask when they’re looking for your business?” It could also be useful to create a list of keywords people are likely to use when looking into your product or service. Create content that answers the most relevant and confusing questions related to your business but remember not overwhelm your audience with jargon. The purpose of your content should be to help people make informed decisions and to increase your business’ visibility. Visual content, like infographics and videos, plus keywords and questions relevant to your target audience will improve your SEO ranking.
The power of visual content
When it comes to creating content to explain your fintech product or service, video and other visual media are more effective than text. Humans remember 80 per cent of the things we see compared to all other stimuli, and visuals are processed 600,000 times faster than text. Visual content is also more efficient than text for taking in information simply because it takes less time to view something than it does to read. That partially explains why visual posts on social media earn 650 times more engagement than text-only posts.
According to Digital World Solutions, 51.9 per cent of marketing professionals worldwide name video as the content with the best ROI. Taking a visual approach to marketing ensures that your brand gets to your target audience’s visual memory and stays there, boosting brand recall. There’s also a level of credibility associated with visual media that text doesn’t have. People are 85 per cent more likely to buy a product after viewing a product video and including video on a landing page can increase conversion rates by 80 per cent. And if you’re using Facebook or Twitter, be sure to post the videos directly to the platform; native video has an 86 per cent higher reach than YouTube links.
Make your website mobile-friendly
If you’re a fintech start-up hoping to attract new business, optimizing your website for mobile-friendly browsing is a must. While word-of-mouth is a great tool to increase awareness of your company, you need to be easy for new customers to find to build lasting success. A recent American study revealed that people spend an average of five hours on their mobile phones per day. Also, more than 50 per cent of all online searching occurs through mobile devices. Making your website mobile-friendly will help to improve your Google search ranking and increase your conversion rates.
Mobile technologies are all about speed and convenience, so you need to make sure your website is optimized for mobile. With all of the options available to people online, if finding information is difficult on your site, potential customers will look for answers elsewhere. Make sure your website is easy to navigate, aesthetically pleasing and loads quickly. Remember to use visual marketing aids like videos and infographics, keep your copy short, simple and concise.
Engage your audience
Engaging with customers must be a key component of your fintech start-up’s marketing strategy. People want to know they can trust the companies they’re supporting, especially in the financial sphere. Simple human connection goes a long way in establishing trust, people want to feel heard. Some larger companies don’t bother with customer engagement so it’s an opportunity to fill a void. Be active on social media; reply to comments and mentions, respond to reviews—both good and bad—and answer questions. By engaging with your customers, you’re showing them—and potential customers—that you genuinely care about their business. The goodwill they feel towards your company may encourage them to make future purposes. Plus, engaging with your target audience via social media is an inexpensive way to promote your business and increase brand recognition.
It costs five times more to acquire a new customer than to retain one so it’s vital to continue to educate and provide valuable content for your pre-existing customers. Your early supporters are likely to be your most loyal so be sure to treat them well. Small gestures like a birthday or thank you messages and discounts can go a long way to endearing your brand to customers. They help create a relationship between your business and your customers and denotes a positive company culture. Overdeliver where you’re able.
Don’t adopt a one-size-fits-all approach to social media marketing, find out where your target audience is most active and dedicate a majority of your marketing efforts to that platform. You may develop different marketing strategies for different social media, just remember to be active and be authentic. People will criticize and ignore messages that seem disingenuous.