Fintech marketing in 2023
The FinTech market is growing exponentially, presenting unique opportunities and challenges for companies looking to carve out their share of the pie.
More interest and FinTech adoption equal more customers to target. But that also attracts competition. In fact, it attracts a lot more competition. In 2019, there were around 12,000 registered FinTech start-ups worldwide; today, that figure is over 25,000.
Then there are the increasing customer acquisition costs, not to mention the enormous discounts established digital platforms offer to reverse high uninstall rates.
Suddenly, a digital land of opportunity looks like a scary place for a little FinTech start-up trying to make its way in the world.
But there is a cheat code to help you stand out from (all) of the competition. It's called FinTech marketing, and here's what you need to know about it.
Marketing Goals for FinTech companies
Fintech marketing is built on the same fundamentals as any other type of industry marketing. Its primary goals are:
- Customer acquisition.
- Customer retention.
- Increasing customer spend.
- Attracting referrals.
- Building and developing brand identity.
- Promoting brand awareness.
- Increase social media visibility via influencer marketing.
- Improve SEO and rank higher on Google.
A B2C and B2B fintech marketing strategy
There are a few effective ways to approach a FinTech marketing strategy.
The first is to build an audience and then sell to them. Free content providing expert knowledge and practical value is one of the best ways to keep your target audience coming back for more. This value-lead approach builds trust and credibility. Think of it as inviting community members to buy from you through proof of concept. You're not hard-selling to customers.
The second most common strategy is positioning yourself as an industry leader. This is a big commitment. Thought leaders write original and compelling content you won't find anywhere else. And they produce a lot of it - sometimes as much as once a day. They react in real-time to industry news and challenges. They're constantly shaking hands at meet-up events or logging into virtual conferences and round-table discussions.
Becoming a thought leader requires time and effort, but the long-term rewards are significant.
As an industry thought leader, you'll:
- Create meaningful relationships with customers and prospects.
- Guide them to solutions on how your service can help.
- Build a credible brand built on transparency, trust, and tangible results.
Five steps to FinTech marketing success
1. Stand for something important
Selling good products and services isn't enough to impress modern consumers. But selling them in the right way definitely will. A study commissioned by Google Cloud found that 83% of customers want to buy from brands with values that align with their own. The trend is prevalent among millennials and zoomers. They demand that companies stand for more than just turning a profit. They expect brands to take a strong ethical position on environmental sustainability and social justice causes.
But your marketing messages must be authentic. Today's information-savvy consumers will smell a marketing ploy. So support an issue that's important to you and relevant to your brand. Then own it 100%.
Jack Mallers, CEO of Bitcoin-powered payment network Strike, is never afraid to stick up for what he believes in. Mallers fired out this tweet shortly after Venezuela adopted Bitcoin as legal tender:
"Today, the world changes for the better. Today, humanity takes a leap forward in instilling human freedom and financial inclusivity—one small step for Bitcoin, one giant leap for Mankind."
Mallers has openly attacked the central bank's fiat monetary policy and posted this tweet to criticism from Peter Schiff, CEO of Euro Pacific Bank:
"It's one thing to not have interest in Bitcoin. It's another to publicly mark Bitcoin as your enemy. You picked the wrong enemy to go to war against. You either get with it or get out of its way. You've done neither. It will be your biggest career mistake, unfortunately."
That's how to build a user community around your brand.
2. Build a community
Brands that harness our need to feel part of an online community don't attract customers. Instead, they attract followers, members, advocates, and, dare we say it, believers!
Again, building a brand community comes down to authenticity, and it's about speaking to your customers in their own language and, more importantly, listening to what they say back.
Hosting online and IRL (in real life) events will create a direct link between you and your customers. Moreover, they provide a space where your customers can interact, communicate, and learn from each other. This is how communities form organically and authentically.
User forums are another place where your community members can 'hang out,' talk to each other and share important information.
Share your customer's success stories via a blog, podcast series, or user-generated social media campaign. Real stories from real people are a central part of any community identity.
Offer referral promotions to attract more like-minded community members. Personal recommendations from trusted people are the first driver of our consumer purchase decisions.
3. Produce free educational content
Complex FinTech products produce lots of search queries. And these are excellent content marketing opportunities. If you create valuable content that's keyword optimised, you'll start to rank higher on Google.
Your target audience will appreciate free content that helps them understand and use your services. Plus, it's an ideal way to show off your expertise and product benefits, establishing credibility and trust with customers and potential clients.
4. Share community research
Feedback from community members provides valuable insights that you can use to build brand awareness and become an industry leader. Analyse feedback and customer behaviour, then uses that data to create reports, surveys, and unique insights that you can share through trade press outlets.
5. Engage high value clients with account-based marketing
Companies spend thousands of pounds creating consumer profiles. Use your access to a large group of customers to attract high-value clients and partners. Invite key decision-makers from high-level accounts to one of your meet-ups. Ask them to join one of your online groups. Send them a glimpse of the valuable data your receive from the customers they want to know about.
Best in-class FinTech marketing examples
Monzo Bank is one of the most successful new app-based challenger banks to launch in the UK. Monzo has grown from an unknown banking services provider to a brand-name FinTech bank with 5million+ customers in just seven years.
Its FinTech marketing campaigns have always been on-point. Monzo's best marketing strategies include 'gamifying' a waiting list for new accounts. Users who downloaded the app could see where they ranked in the list and climb up the rankings by earning points from referring others to sign up.
And after the firm ran into trademarking issues regarding its original name, Mondo, it turned to community members for help. Mondo put out a call on social media: it was looking for a new name; did anyone have any suggestions?
Over 12,000 people clicked on the landing page within 48 hours, and 'Mondo' soon became Monzo. Monzo is a FinTech brand that was, quite literally, created by the people who use it.
The five people who suggested the name received free 'Monzo' branded swag, including a hoodie that said. "Named a Bank and Won This Oversized Hoodie."
The 'find us a name' campaign is an example of FinTech content marketing at its very best. It was original, collaborative, clickable, shareable, funny, ironic, and had just the right dash of self-deprecation.
It convinced a small group of millennials (members of a generation that is notoriously cynical of big business and financial institutions) to pose for pictures wearing hoodies with a bank's name printed on the front. In contemporary millennial speak, this innovative FinTech marketing strategy was 'pure genius!'
The fundamental of FinTech marketing
An innovative space like the FinTech industry requires an innovative approach to marketing that reflects all its positive benefits, namely inclusion, transparency, and accessibility.
Alan Davies, director of AXD, explains:
"FinTech is redefining the relationship between customers and financial institutions. The top-down authority model is starting to feel outdated, especially as far as younger customers are concerned. They want an open, transparent, accountable, and collaborative relationship with the businesses and platforms they trust their money to. FinTech marketing has to address these changes in consumer expectations."
Experts in SaaS and FinTech marketing campaigns
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If your product is B2B or technically complex, you can guarantee your target market will be searching online for information. Our outsourced SEO team can position you at the top of those searches. And that's crucial. If you're not ranking on Google's first page, you're missing out on a tonne of traffic.
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