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12/23/2020 5 Essential FinTech Marketing Strategy Tips and Why They Work
It’s official: FinTech has reached early mass adoption. Consumers are now making
check deposits and rebalancing their portfolio on their morning commute, and
businesses can now compare financing terms and secure a loan in less than 24 hours
without having to visit a bank. It’s certainly a great time to be a FinTech startup—if
you have the right marketing strategy [https://www.callboxinc.com/account-based-
marketing-services/] in place, that is.
Still, in a nascent vertical like FinTech, companies face some very unique set of
challenges when it comes to marketing their newfangled products. The main
obstacle is getting target users to trust what could potentially be unfamiliar tools to
help them handle their financial transactions. Even if FinTech products’ main selling
point is to simplify and streamline finance, many of the technologies that power
FinTech products can appear complex and opaque to most users. Privacy and
security concerns, as well as vague terms on fees, charges, and rates, can put off
potential customers.
Another likely source of FinTech marketing friction is that people and businesses
tend to favor the status quo over new ways of doing things. FinTech products are, by
their nature, innovative and ground-breaking. This can mean that users will need to
change how they carry out specific financial tasks in order to start using a FinTech
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product. In some cases, FinTech adoption can require a drastic shift in behavior for
consumers and a substantial process overhaul for businesses, adding to switching
costs and inertia. ( UPDATE: Industry Insights: How to Influence Today’s B2B
FinTech Buyers [https://www.callboxinc.com/b2b-marketing-and-strategy/industry-
insights-influence-b2b-fintech-buyers/] )
To clear these hurdles, FinTech startups need to get a bit more innovative with
marketing. It’s not enough to highlight pains and gains in the value proposition. Both
B2C and B2B FinTech companies have to build a reputation as financial experts
looking after their users’ interests. This is going to take some major rethink of
conventional marketing practices.
Practically all tech startups are intimately familiar with how the lean product design
model works. A company identifies and develops its minimum viable product (MVP)
and brings it to market as quickly as possible. This accelerates gathering user
feedback that guides future versions of the product.
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12/23/2020 5 Essential FinTech Marketing Strategy Tips and Why They Work
PWC predicts that the sharing or “gig” economy, which took root in ride-hailing and
room accommodations, will become embedded in every part of the financial system
[https://www.pwc.com/gx/en/industries/financial-services/publications/financial-
services-technology-2020-and-beyond-embracing-disruption.html] by 2020. For
example, borrowers will no longer need traditional banks to secure financing. They’ll
instead turn to peer-to-peer platforms that directly match sources and users of
loanable funds.
A key reason why the sharing economy has grown (and will continue to grow) to such
epic proportions is that it’s built on trust and transparency. That’s why FinTech
marketers need to apply these lessons into their strategies. In the gig economy,
word-of-mouth drives people’s decisions. This means marketers must rely on peer
reviews and recommendations above everything else. Here’s how to build a
tremendous credibility and make clients refer you
[https://www.callboxinc.com/strategy/building-tremendous-credibility-and-make-
clients-refer-you/] .
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12/23/2020 5 Essential FinTech Marketing Strategy Tips and Why They Work
That’s despite the massive marketing resources these institutions have at their
disposal. This presents an opportunity for nimble startups who are better able to
engage customers online at little or no cost. It’s not the dollars in your marketing
budget that counts; it’s how you make each dollar count.
No, this isn’t cost-per-click. Here, CPC stands for customized, personalized content.
Educating potential users is an effective approach to build your reputation as an
expert, and doing this through relevant and actionable content is one way to show
you’re looking after your customers’ interests.
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12/23/2020 5 Essential FinTech Marketing Strategy Tips and Why They Work
But providing CPC isn’t only good for branding. It can also
translate into higher revenues.
So, whether you’re in B2C or B2B (or both), it pays to have a robust content
marketing program in place. Be sure that you’ve identified your target audience
segments and mapped out your sales funnel. Knowing what content appeals to
different segments and what topics resonate with audiences at various points in the
buying cycle are the building blocks of a workable content marketing plan. You may
want to check our guides below:
12 Tools to Hack Your Content Creation Workflow [Plus Free Content Calendar]
[https://www.callboxinc.com/content-marketing-2/content-creation-tools/]
You Can’t Hit Two Birds with One Stone: Creating Content for Demand Gen &
Lead Gen [https://www.callboxinc.com/content-marketing-2/creating-content-
for-demand-gen-lead-generation/]
It’s only natural for FinTech companies to make sure their marketing strategy doesn’t
break any applicable laws. However, compliance often comes at the cost of
compelling marketing messages. FinTech marketers sometimes opt for watered-
down versions of their value propositions just to stay on the right side of the Law.
But, regulation shouldn’t erode the quality of your marketing materials. There’s
always a sweet spot between offering value and staying compliant.
The Takeaway
FinTech startups are starting to reap the benefits of disrupting an age-old industry.
With the right marketing strategy in place, an agile FinTech company can easily
reach double-digit growth and carve a decent market share. Use these five crucial
FinTech marketing strategy tips to help you achieve these goals.
Author Bio:
Grab a copy of our FREE EBOOK, By the Numbers: Marketing Stats that Drive
Top B2B Industries in 2019 [https://www.callboxinc.com/top-b2b-industries-
marketing-stats/] ! Get an in-depth look at marketing trends in nine (9) key B2B
industries.
[https://www.callboxinc.com/top-b2b-industries-marketing-stats/]
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