By now, everybody should understand the importance of a good marketing strategy. Marketing can make or break a business – and fintech startups are no exception.
Fintech companies are businesses that use new technologies to transform traditional financial services.
The main problem fintech startups face when it comes to marketing is engaging an audience. Fintech content can often be over-complicated to consumers, meaning companies need to find a way to change this.
The fintech market is growing fast, so it’s all well and good to have created an amazing product – but you need to get it out in an already saturated market. Add to that the fact that traditional banks and financial institutions are finally starting to develop their own technology, and fintech startups can face a difficult road.
That’s where marketing comes in. A good marketing strategy can help to position your fintech startup in the right place, acquiring new clients and broadening your audience and success.
So, what should you think about when marketing your fintech startup?
Create a Strong Brand
The first step of any marketing strategy is creating and developing a strong brand. Your brand represents who you are and allows consumers to connect and recognise your fintech startup.
Think about some of the major fintech companies, such as Monzo or Starling – they both have instantly recognisable brand identities.
Your brand can cover everything from the colours and fonts you use across your marketing and products, to the tone of voice you use when communicating with your audience.
For fintech startups, the key is to be bold with your brand. Create something that will truly make you stand out from the crowd – that people will remember.
Often, fintech companies are all creating and offering similar products and services, meaning it’s their branding that consumers are buying into. Your brand will help you to position yourself in the right place within an ever-growing market.
Make it Visual
The world of fintech can be confusing for those who don’t live and breathe the industry day in, day out. It’s crucial, therefore, that when marketing your fintech startup, you do it in a way that simplifies your message.
Bombarding consumers with jargon and over-complicated terminology is much more likely to put them off. They’ll be overwhelmed and confused and will look elsewhere. Remember, when it comes to finances, people aren’t willing to take a risk on something they don’t understand.
One of the best ways you can ensure your message is easily understood is by utilising visuals. Think about what it is that you want to convey to your audience; perhaps you want to explain how your product works or how it will fit into their lives.
Whatever the message is, creating visual content such as infographics, images, charts and graphs or even videos will help to present the information in a way that’s easy to digest for your audience.
Break down your content into smaller chunks which you can share across your marketing platforms, and focus on one or two key messages that you want to communicate.
Utilise Social Media
Social media is one of the greatest marketing tools we have at our disposal and allows brands of all shapes and sizes to connect directly with their existing and target audiences.
With so many social media platforms available, however, it’s hard to know which ones you should be utilising. The first thing you need to do is establish exactly who you are targeting. This will really help you to determine which platforms will work best to convey your message.
Social media is a great way to spread your message, helping to raise brand awareness which will hopefully lead to an increase in conversions.
Create social media content that is personalised to your target market. Think carefully about what they’re looking for online and research their behaviour and engagement.
Engage With Your Audience
When it comes to building up an audience who are loyal to your brand, engagement is key. You can position yourselves apart from your competitors by engaging and connecting with your audience.
Whether it’s replying to the comments on a Facebook post, sending a personalised reply to a message or running an email campaign that lands directly in their inbox, keep the communication open.
People will remember brands who go above and beyond and who they feel have seen them as more than just a number or a faceless customer. Taking the time to connect and engage with your audience will help to build brand trust and loyalty.
Engaging with customers is key for fintech startups as it gives you valuable insight into the key personas of your audience, which will in turn help you to create the content and services that they are looking for.
As your company grows, customers will remember how you engaged with them and how you made them feel. People buy on emotions so you can’t afford to ignore the importance of building a strong relationship with your audience.
How Social Chameleon Can Help
Social Chameleon have been helping brands of all shapes and sizes, including fintech businesses and startups, with their digital marketing strategy for over seven years.
Whether you need help with strategy and ideas – or you want us to take over the delivery too – we provide the ultimate assistance for your digital marketing needs.