As more organizations embrace technology and further digitize their processes, the popularity, understanding and perceived value of fintech have all seen significant growth.
But this progress has come at the cost of fierce competition.
Today, the marketplace for financial technology is busier than ever—with even the most innovative fintech brands struggling to be heard.
The key to cutting through this ambient noise is a strategically-planned, and well-executed fintech marketing strategy.
Read on to learn the building blocks you need to develop an effective go-to market strategy, so you can ensure your fintech offering gets the reach and engagement it deserves.
Study your target market
Knowing your target market inside-out is key to any marketing strategy.
But for a fintech marketing strategy, having deep knowledge of your audience is especially important.
There are two main reasons for this:-
- Investing in fintech requires more trust and certainty than your average decision. If your target audience has concerns, you need to understand what they are, and where they come from, so you can overcome them in your marketing.
- In fintech, a customer-centric approach is key. For a prospect to believe your offering is customer-centric, and buy into it, then you need to show how you can anticipate your customers’ needs and cater to them. And that starts with your marketing.
The best way to conduct customer research is to go straight to the source.
Reach out to your target audience—whether existing customers or prospects—and look to speak with them.
Sending surveys far and wide is always a fast and effective way to get a rich pool of data.
Supplement this with focus groups and interviews, and you can gain an ever more detailed and nuanced insight into your target audience—from the challenges they face, and the goals they want to achieve, to their values, and the things that inspire and motivate them.
This information will help you to identify what resonates with your audience, which you can then use as focal points to shape your fintech marketing strategy.
Find a way to stand out: competitor analysis
With competition in the market at an all-time high, the need to clearly differentiate yourself is paramount.
So if you want to develop fintech marketing campaigns that make a real impact, you need good knowledge of what your competitors are doing.
Commit to thoroughly investigating your competition, from their actions in the market, to how they present themselves in their brand communications.
What ideas drive their marketing? How do they engage their customer base and connect with them?
Study the other fintechs in your space and make a note of their strengths and weaknesses, then compare them to the strengths and weaknesses of your business.
Analyze their strengths and weaknesses in comparison to yours, and think about other external factors affecting the market.
Are there any ways this competitor poses a threat to you? Or alternatively, are there any opportunities for you to outmanoeuvre them, and perhaps offer their customers something they’re not currently getting?
This is known as SWOT analysis, and it is an invaluable exercise in helping you define your USP.
Find a way to stand out: define your USP
A USP should be a clear and definitive answer to this question:-
“Why should your target audience choose YOU over someone else?”
Your first consideration when defining your USP? Make sure it can’t be easily replicated.
For example, your solution might be the cheapest out there, but if you make price your unique selling point, chances are it won’t stay unique for long.
All it takes is someone to undercut you, then your whole value proposition falls apart, and you’re back to square one.
Second, make sure your USP speaks to both the head and heart—in other words, make sure it appeals to them on a logical level, and an emotional level.
The reason for this is that logic and emotion are the two main things we use to drive our decisions—such as whether or not you decide to purchase or invest in something.
Go back to the findings from your detailed audience research, and ensure your USP responds to the needs, challenges, values and motivations of your target customer.
You want your USP to be aspirational, while also being something you could back up if challenged.
So make sure any claims about the distinct value you offer to your customers have some solid evidence attached to them.
Learn the principles of good content
The final building block of a successful fintech marketing strategy is strong content.
We’ve talked about what makes good content before, but to quickly recap, the best content speaks to your customers directly, and offers them upfront value.
The way to make content that does this is to plan content around your customers’ needs. Thankfully, you should have plenty of insight into that from your customer research.
So think about those questions your target audience have, the challenges they face, the goals they want to achieve, and then aim to then create content that gives them the answer they’re looking for.
By continually delivering upfront value to prospects over time, you will earn their trust, as well as building the credibility of your brand as a voice worth listening to.
It takes a focused long-term effort, but over time, creating content to these standards will offer returns that are more than worth it.
Fintech Marketing Strategy: Key takeaways
Once you’ve tackled the concepts covered in this blog, you’ll be in the right place to put your fintech marketing strategy together.
Next, it’s time to put it into action…
- As the market has grown and evolved, a solid marketing strategy is key for fintech brands to be heard above the noise.
- The first thing you need is a deep understanding of your target audience. Use surveys, focus groups and interviews to learn what inspires and motivates them.
- To differentiate your fintech brand, conduct in-depth analysis of your competitors, and work to establish a clear and definitive USP.
- Make quality content that speaks to the needs of your customers and provides value. Over time, this will help you earn their trust and build the credibility of your brand.