How to develop a powerful fintech marketing strategy that drives results
The financial services industry is quickly embracing the digital transition, and an increasing number of banks and financial institutions are transitioning to an almost totally digital infrastructure. Because the fintech sector is one of the fastest-growing in the world, fintech marketing has grown significantly in recent years. Additionally, there are no signs that this trend will slow down.
In this article, we’ll examine some recent developments in fintech marketing and discuss steps you can take to develop a strong fintech marketing plan that will support the expansion of your company.
Let’s first discuss what fintech marketing is before getting into fintech marketing methods. The new and specialized field of fintech marketing gives you the opportunity to market and promote your financial technology company. Experienced Fintech marketing companies may assist you in growing your company, attracting new customers, and making a reputation for yourself in your industry. Fintech marketing includes all strategies and techniques employed by fintech companies to increase demand, revenue, and client retention.
Naturally, fintech marketing is largely based on the same principles as other sector-specific marketing. Your target market and the most effective ways to contact them are ultimately what matters. Every step of a good fintech digital marketing plan keeps the consumer in mind, while also working to increase your business’s trust and reputation.
What is changing in fintech marketing?
Fintech marketing saw significant changes in 2020/21, as with most other areas of life, as businesses struggled to promote their products under the chaos of the Covid-19 pandemic. Fintech companies had to deal with the challenge of establishing and keeping relationships with customers in a market where the future was far from guaranteed. This market was built on trust between business and consumer. The fintech market, however, did not experience the unrest some people had feared. One source claims that there are already 96 fintech start-ups worth a combined $404 billion in existence worldwide. Many businesses have swiftly adapted to the new environment as a result of this rapid growth, ultimately become stronger.
You might be asking how a financial company could survive the pandemic with larger margins than before, and the solution is actually rather straightforward. With everything moving online, fintech marketers had access to a broader audience than they had in the past, which gave them more leeway to be inventive with their marketing tactics. In addition, businesses were forced to find new ways to market their services while banks and offices were shuttered, with the majority turning to fintech marketing firms to assist them in spreading the word and bringing in new clients.
For fintech marketers, the shifts seem to be here to stay, which is fortunate. People are starting to realize the advantages of managing all of their financial affairs online, so it appears that banks and other financial institutions are starting to catch up with current marketing best practices. They are still promoting their digital marketing strategies and making significant investments in lead generation online. In 2021, fintech marketing has heavily emphasized UX to ensure that online banking and trading can be accessed and used by everyone, not to mention the necessity to deliver user experiences that facilitate individuals who are not particularly tech-savvy.
As businesses battle for the top ranks by adhering to the requirements of Google’s most recent algorithm update (CWV), which places a strong emphasis on usability, site speed, and response times, UX has also played a big role in fintech SEO in particular. By improving your users’ online experiences, you’re fostering trust, which is essential for any fintech marketer to succeed.
Why you need a powerful fintech digital marketing strategy
While developing a fantastic product is undoubtedly the first step, the advantages of developing a comprehensive and effective fintech marketing plan cannot be understated. Like most things in digital marketing, preparation is key, and you must have everything in place before launching your marketing campaign if you want to maximize your ROI and expand your brand. Although most strategies need a few adjustments and modifications along the road, having clear objectives, metrics, and KPIs in place from the start can produce excellent outcomes.
Although the pandemic-induced fintech boom opened up a lot of opportunities, it also attracted a lot of new competitors to the field alongside existing traditional institutions, raising the level of competition in the market. This is only one of the many reasons why fintech companies should invest a lot of money in developing a strategy that is foolproof.
Companies can become market leaders and profit from industry developments by conducting thorough competitor research. Fintech marketing, though, can be a completely different game than fintech itself, which is a major issue for fintech companies. Fintech businesses frequently confront the challenging issue of attempting to sell their services without having any knowledge of how to develop an effective approach.
The answer? Hire a digital firm to take the pressure off of you and develop a successful fintech marketing plan! We have partnered with a number of fintech businesses during the pandemic as London’s top fintech digital marketing agency to assist them in adjusting to the shift to an almost totally digital economy. Although some found the transition challenging, firms that chose to outsource their marketing strategy ultimately experienced a considerable rise in return on investment. Speak with one of our complimentary fintech marketing experts if you want some agency experience on your side to help you outperform your rivals.
Developing a fintech digital marketing strategy: 10 key steps
Regardless of whether you choose to create your own fintech marketing strategy or you outsource it, there’s a couple of strategies you should know that will help you get a better grasp of how fintech marketing works.
1. Know your target audience
You’ll undoubtedly already have some idea of who your target audience is, but it always pays to be specific. An excellent place to start is by creating marketing personas to help give you a better idea of the demographics you’ll be looking to market to. Marketing personas look at:
- Purchasing habits
- Online habits
- Social media platforms
Your targeting will be more successful if you can be more particular about these identities. In the long run, trying to sell to too many people will just cost you more money, and you risk alienating your target market if you don’t cater to their specific demands. You will have all the resources necessary to develop an effective marketing plan if you have three or four fully developed and well-defined personas.
It’s important to keep in mind how big the fintech industry has gotten as more and more SMEs have emerged in recent years, offering a variety of services in an effort to meet the needs of the new post-pandemic world. If there is anything we can learn from the previous year, it is that this pattern will persist. Consequently, you can sell directly to prospects who have a high likelihood of developing into sales qualified leads by focusing intensely on your specialized audience (SQLS).
2. Identify the problem you’re looking to solve
Selling a service that resolves a problem is the essence of fintech. The more specialized the service, whether it be debt management, mortgage solutions, or even international payroll plans, the better. You’ll be in a lot better position to develop a laser-focused plan if you can identify and completely understand the answer that your technology offers and how this will appeal to your main target groups. This depends on having a solid awareness of the issues and problems facing your target audience.
Contrary to popular belief, the goal of your marketing plan shouldn’t be to increase sales. Although that is the eventual goal, begin with the needs of your customers in mind and focus your marketing on how you can help them. Working in this manner enables you to build credibility and raise awareness of your offerings.
Keep in mind that it’s crucial to inform your audience and explain how you plan to address their problem since if you can’t clearly describe your approach, your prospects aren’t likely to hire you. Even if you shouldn’t immediately provide your solutions, you will have a lot better chance of making a convert if you offer information and statistics that highlight your skills. Making case studies that present quantifiable data to demonstrate how your services have benefited your past consumers is an efficient approach to accomplish this.
The objective is to build trust and reassure potential customers that their money is secure if they use your services.
3. Do some fintech SEO research
In the past and for the foreseeable future, search engine traffic has been a great approach to increase leads, sales, and brand exposure. People frequently use Google searches to find the information they need online, regardless of what they’re looking for (“just Google it!”).
You can start to create organic traffic and outrank your rivals in the search results by keeping an eye on your search engine rankings and considering various approaches to improve them (such as keyword research, backlink analysis, CWVs, and technical SEO audits).
In the past and for the foreseeable future, search engine traffic has been a great approach to increase leads, sales, and brand exposure. People frequently use Google searches to find the information they need online, regardless of what they’re looking for (“just Google it!”). You can start to create organic traffic and outrank your rivals in the search results by keeping an eye on your search engine rankings and considering various approaches to improve them (such as keyword research, backlink analysis, CWVs, and technical SEO audits).
The authority that a high search engine ranking offers is another crucial element in SEO. You may demonstrate that you are an industry leader by positioning your company at the top of search engine results pages (SERPs). This will convince tech behemoths like Google that you are deserving of the top slot. Therefore, the value of having a well-thought-out and implemented fintech SEO strategy cannot be understated.
Because of this, you should put a lot of emphasis on investing time, effort, and money into developing an SEO strategy that will maximize your position in search engine results.
Always keep in mind that SEO takes time and effort. Be patient because it sometimes takes between 6 and 12 months to notice benefits.
4. Develop a varied content plan
Even though it has become a cliche, content is still king, and it doesn’t seem like it will cede the throne any time soon. In order to attract new audiences, advertise a new service, or nurture existing leads, you must provide high-quality, diverse content.
Content can be anything from:
- Explainer videos
- Blog posts
- Email marketing
- Customer testimonial videos
- Knowledge base articles
- Off-site content, including guest posts
If you’ve done a good job of creating your buyer personas, choosing the content you want to write should be simple. The most effective content genres to create will be determined by knowing your target audience’s online habits. You should consider your video marketing proposal, for instance, if you are aware that one of your personas spends a lot of time on YouTube, in order to reach them where they already spend their time.
Your personas will also influence the themes you choose for your content. As we’ve already covered, the key message in your marketing is how your products may help a target audience with its particular challenges. Knowing their concerns, issues, and questions can help you get a clear picture of the areas you should be presenting.
If content is king, distribution is queen. To ensure that your content is viewed by both new and existing audiences, it is crucial to use fintech social media marketing methods in addition to content creation. You may post your material for free on social media platforms like Facebook, LinkedIn, and YouTube. However, most social media platforms offer boosting services that assist you in reaching target audiences that you believe may be interested in your services if you’re wanting to reach a larger audience.
5. Finesse your fintech social media strategy
Regardless of what you think about social media, it’s here to stay, and if you want to grow your company, you absolutely must invest in fintech social media marketing. According to studies, more than 77% of UK adults use social media, which means there is a huge opportunity for you to take advantage of it to expand your audience, interact with your present clients, and win over former clients.
However, in order to maximize the effectiveness of your fintech social media marketing initiatives, you must be utterly focused on your target market and the channels that they regularly utilize. Fintech is a huge industry, similar to social media, therefore finding the right channels for your campaigns will require some research because no one platform can guarantee success.
With this in mind, let’s have a look at some of the benefits of fintech social media marketing:
- Creates a line of communication between you and your audience, which allows you to better understand the customer experience and issues they may have with your service.
- Establishes trust with your target audience – let’s be honest, people aren’t always overly trusting when it comes to allowing strangers to handle their money. But with an effective fintech social media strategy, you can build a high level of trust and transparency by sharing information, communicating directly with customers and showing a more human side to your business.
- It separates you from your competitors – granted, your competitors might also be using social media, but if you can communicate who you are as a brand and what values you hold, you allow yourself to stand out from the crowd and show what makes you different from other fintech businesses.
6. Make your website mobile-friendly
Mobile is dominating. Have you thought about how much time the typical individual spends on a mobile device? The average time is 3 hours and 43 minutes in the US and 3 hours and 23 minutes in the UK. We use our phones more than ever to work, live, and search. Additionally, mobile devices now account for more than 50% of all online searches, overtaking desktop.
You cannot afford not to have your website completely optimized for mobile visitors in a world where a significant portion of online activity takes place on mobile devices. This entails making sure that every feature of your website can function flawlessly on a mobile device. Including:
- Page loading
- Image loading
- Page response times
- Text size
Keeping this in mind, mobile is all about speed, user experience, and convenience. The overall user experience will be frustrating for your user if your website is overloaded with pop-ups, widgets, and other unneeded information, and they will quit your site shortly after arriving, worsening your bounce rate.
Optimizing your website for mobile devices will help you rank better in search engines and enhance user experience (UX). Google and other search engines view this as a sign of a well-managed and maintained site, so it’s not only your site visitors that want a clean, simple experience. If you can impress Google, your website may begin to rise in the SERP.
7. Perfect your bold and brave fintech branding
– “Fortune favours the bold”
Although it may sound corny, this is a crucial concept to have when creating your financial brand. Your prospective customers won’t recall a brand that played it safe; instead, they will recall the brand that took chances, established itself, and declared, “We’re here!” Any marketing approach may be improved with the correct branding by providing your audience more to connect with. It’s how they describe you while they’re (hopefully!) praising your services to their friends and relatives. It’s how potential customers may communicate with you online and ask inquiries. A strong brand provides people more to grasp and relate to, which attracts new leads and increases conversions.
While providing information and numbers is vital (and something you should continue to do), the world of fintech may occasionally feel a bit dull. However, there’s no wrong in being creative with your branding plan to help keep your firm in people’s minds. Never be afraid to take a risk and attempt something different, whether it be with your copy, photography, or video material.
Stay with it after you’ve found something that works. Your identity is vital, and maintaining consistency pays well. It not only exudes confidence, but it will also stick in people’s minds.
8. Create effective ad campaigns
Every fintech company should be trying to maximize its advertising potential by investing in some type of paid ad service at a time when paid advertising is taking the digital world by storm. Every fintech company may gain from it, whether it’s Google, social media, or video advertising.
Paid advertising has a number of advantages, including being reasonably simple to start up and affordable if you engage a company to manage your campaigns. At Revenco Agency, we provide fintech companies with automated paid ad management services that enable them to develop customized advertising that are utterly focused on connecting with their target consumers and generating conversions.
We’ve found that paid advertising services can help produce a number of valuable results, including:
- More traffic
- Higher conversions
- Improved brand awareness
- Increased retention rates
9. Build valuable backlinks to your fintech business
For those familiar with SEO, you’ll be aware that what worked last year might have no relevance today. But that’s SEO, and the key to successful SEO is being able to adapt to the constant changes.
Backlinks are the name of the game in 2021, therefore if you want your fintech company to rank in the top spots on search engine results, you must start building high-quality backlinks.
It’s not always simple to build backlinks; frequently, it’s an uphill battle that can take time and work to complete. The benefits, however, can be excellent in terms of your market leadership potential and SEO potential. People will perceive you as an authority figure in your sector if they notice reliable websites connecting to yours, which will enhance the perception of your brand and increase interest in your company.
10. Understand the impact of video on your fintech marketing campaign
You cannot undervalue the power of video given that YouTube is the second-most-visited website in the world. Whether someone is looking for instructional videos on how to replace a tire or wants to learn how to invest in cryptocurrencies, YouTube has the solution.
Therefore, if your fintech company wants to broaden its audience, interact with its customers, or show how its product or service works, you should be producing video content. Video content is quite effective at helping people become familiar with you and your brand because it not only informs viewers on what you have to offer as a company.
The ability to make an effect without spending millions of dollars on expensive equipment is one of the best aspects of using video material. The top-performing videos are frequently the simplest ones that offer the best information. There is plenty of room to be inventive and push limits to truly set yourself apart, though, if you really want to engage in your content development process.
Now is the time to start creating your own videos if this is beginning to seem attractive. The fintech market for films has not yet reached its full potential, so businesses wishing to advance still have some ground to take.
Your fintech digital marketing strategy: Make it Brainy
As was already noted, The Revenco.Agency has collaborated with a number of fintech companies to develop customized digital strategies that have enabled them to realize their corporate objectives and produce outstanding returns on investment.
What then should we do? What distinguishes us as the top fintech digital marketing firm in London? In order to guarantee that our clients receive the best fintech digital marketing solutions available, our data-driven strategy goes above and beyond.
We could publish a series of posts on the various strategies we use for fintech marketing, but let’s focus on a few key ones for now.
Understanding buying psychology
Here at Revenco Agency, we think that there is a lot more personal level to fintech marketing, despite the fact that the field of fintech marketing can occasionally look quite “robotic” (and B2B in general). As a result, in order to connect with customers on a more personal level, we use marketing psychology tactics into our fintech marketing strategy. You can get a free copy of our B2B marketing psychology guide if you’re interested in learning how we accomplish this.
Automated lead generation
Any business depends on generating leads to survive, and without it, no enterprise can hope to be successful. Leads-On-Tap is a tactic we at Revenco Agency have developed to enable our clients produce endless leads without having to spend a ton of money on marketing and lower CPL.
These are just a few of our tried-and-true marketing strategies that could revolutionize your company, but if you’d like to learn more, get in contact and we’d be pleased to explain how we can support the expansion of your fintech company.
Keep up your fintech marketing momentum
If fintech companies want to sustain any form of momentum in a sector that is always changing, they must keep up with any changes. Last week’s news might be considered history this week. The most crucial thing to keep in mind is that success is a mindset, not a place. Any business that wants to succeed in the long run must prioritize continuous improvement. Even the top-performing businesses in terms of sales, brand recognition, and search engine rankings must continually adapt if they want to keep their dominance.
The two most crucial components of fintech marketing are focus and adaptability; without these, it’s simple to lose momentum and become yesterday’s news. If the previous year has taught us anything, it is that things may change quickly, and the businesses that evolve with the times are the ones who survive and emerge stronger.
Fintech marketing is expected to increase as all banking could be completely digital in the upcoming years, according to predictions. Therefore, if you want to expand your company, now is the time to go to work on developing your fintech marketing strategy.
Hire A Specialist Fintech Marketing Agency
Don’t leave your marketing plan to chance when the fintech sector has so many opportunities ahead of it. You’ll have a much better chance of success if you work with a financial digital marketing company like The Revenco.Agency. We’ve worked on a number of effective financial digital marketing projects that have produced consistently outstanding ROI and witnessed excellent results.
Speak with us right now to learn more if you’d like to know more about the services we provide or how we may assist you with future planning.