Fintech Startup Marketing: Do it the right way
In the history of marketing, the advent of the digital age can be marked as an important milestone. The digital sphere has facilitated several tasks and has also introduced new platforms and innovative technology that have expanded the areas of marketing.
Services and solutions unimaginable a decade ago have now become a reality. One of these technologies is Fintech. However, for a fintech startup to thrive in the competitive market, proper marketing strategies need to be implemented. It is like a cycle that sustains itself through a paradoxical nature.
Remind me what Fintech Startup Marketing, again…
Fintech is short for ‘Financial Technology,’ a new technological innovation and an industry emerging as a new way of delivering financial services and solutions. Unlike traditional economic methods, the fintech industry relies entirely on technology for its operation, as it is a digital technology product.
Fintech uses smartphones for investment, banking, capital markets trading and has derived cryptocurrency as a mode of digital currency.
While digital is seen as the future of humanity, fintech is seen as the future of banking. Aware of its immense potential, traditional players or established financial institutions embrace fintech. However, many fintech players are start-ups aspiring to compete with established players and gain a more significant competitive advantage.
To achieve this, they realized the need to market their services across the spectrum of digital platforms.
Read our earlier blog to know more: An Easy Guide to Fintech | Creatibuzz
Digital marketing for Fintech start-ups
Digital marketing has changed the most fundamental ways we approach our audiences. Gone are the days of cold calls or outbound marketing.
In a world dominated by digital data, advanced search engines, broader consumer preferences, and reduced solution delivery times, inbound marketing is pioneering as the most effective digital marketing strategy for new businesses, especially fintech startups.
Inbound marketing for fintech startups helps significantly to improve trust through personalization.
Benefits of Inbound Fintech Startup Marketing
On average, the cost of an inbound lead is 61% lower than that of an outbound prospect. In addition, five months after rolling out an inbound strategy, the average cost per lead decreases by 80%. This means that a lot of money can be saved through inbound marketing. This is very advantageous for fintech start-ups because they can regulate their advertising expenditure.
• Builds trust
Informative, quality content can help your customers make an informed decision and end up trusting your brand and staying loyal.
• Increases your viability
Investors prefer to understand your products and services before investing. In this regard, the inbound marketing strategy develops alongside your business. This culture drives and increases the viability of your fintech startup, thus producing long-term customers.
Fintech Startup Marketing for 2023
With the ever-changing digital space, change is a constant factor. Digital trends are constantly evolving, and, therefore, your marketing strategy needs to be revised over time to adapt to these changes.
Here are some of the fintech marketing strategies you need to consider:
• Consider Mobile-First in Fintech Startup Marketing
More than 50% of online users access the Internet via mobile rather than laptops. On average, Internet users spend about 5 hours a day on mobile platforms. In addition, it is estimated that by 2020, more than 2 billion people will use fintech applications on their smartphones.
All these statistics suggest that it is essential for fintech companies to consider mobile-first as an integral part of their marketing strategy.
Read our previous blog about fintech app design for better insight: Fintech App Ui/UX Tips | Creatibuzz
• Embrace social media in Fintech Startup Marketing
Social media is becoming increasingly popular among Indians. With the advent of regional content marketing in vernacular languages, the internet and social media user base will increase tenfold in 2019.
These numbers indicate that it’s essential for fintech companies to engage and interact with their customers on social media, where they can be contacted 24/7.
• Content is key in Fintech Startup Marketing
No matter what platform is used for marketing, it’s always the quality of the content that determines the effectiveness of any marketing strategy.
Therefore, generate quality content that educates customers on finance-related topics and provides valuable information and tools to manage their financial conditions.
Studies suggest that only 28% of millennials clearly understand effective financial investing. Therefore, educational content is essential to determine the effectiveness of any fintech marketing strategy.
• Focus on branding in Fintech Startup Marketing
It’s essential to be specific about your branding strategy at an early stage. Only if you can convey to customers the purpose of your organization can a clear distinction be made between you and your competitors.
After all, clients would prefer to invest in unique companies, among others. Therefore, branding is the key to effective marketing for fintech startups.
• Customer engagement in Fintech Startup Marketing
Make sure you engage with your customers 24/7. Customer engagement can yield excellent social media, emails, or phone calls. A recent study reveals that 7 out of 10 customers prefer to know a business through articles rather than ads.
What’s more, email marketing still offers good prospects for fintech companies, as customers are 5% more likely to open a personalized email from a fintech company.
• Seek help from micro-influencers in Fintech Startup Marketing
A micro-influencer can have fewer than 10,000 followers on social media. Micro-influencers don’t necessarily need to be famous or have many fans, but their followers usually share links such as friends, family, colleagues, etc. Micro-influencers have a high degree of influence over them.
Micro-influencers are a significant advantage for fintech startups: micro-influencers are not only cheaper to hire. Still, they are also more credible with their audience – an essential factor determining trust when money is involved.
• Video marketing in Fintech Startup Marketing
Videos have an advantage over other media, as they can instantly attract even the laziest of your audience. Videos can be both entertaining and educational.
The latest trends indicate that you need to be a media company first and then a fintech company to thrive in your business. Such is the scope and necessity of video marketing in 2020.
Statistics indicate that brand awareness can be increased by 54% through video marketing. Therefore, for every fintech startup aspiring to grow, video marketing must be integral to the marketing strategy.
To conclude, the fintech industry is becoming increasingly important, and digital marketing is the only way to expand your customer base. However, marketing must be done with the utmost care, and an appropriate marketing strategy must be framed.
Since most of the public still doubts investing money in the digital space, a great promotion of the brand and its operations must be carried out to gain the trust and loyalty of customers. This can be achieved in several ways: micro-influencers, video marketing, quality content, etc.
Since there is not much spending on inventory, fintech has many economic advantages over the traditional financial sector. Therefore, it’s a wise choice to invest in fintech startups now. In addition, for any fintech industry to thrive, it is necessary to promote and market the brand in the right light.