Fintech apps have increased in the past decade, and businesses no longer know how to compete in the digital fintech space. Businesses cannot convince users anymore to use their apps or software when they all preach about providing the same benefits, perks, and features for their customers.
On the other hand, Fintech marketing is the new set of marketing strategies and tactics marketers use to build relations with their customers first. They aim to educate their customers first about the potential dangers they can face in managing their digital finances. They use these tactics to build their trust, position their brand as a thought leader, and then offer products and services that can efficiently combat their problems. Simultaneously, fintech users, especially in digital payments, are projected to surpass 3.5 billion globally by 2024.
5 Top Disruptive FinTech Marketing Strategies That Redefine Marketing
- Educate. Then Market.
Businesses need to find ways to educate their prospects first because most young and old generations wish for a better understanding of handling finances and look for trusted information sources that make them more financially literate.
Considering these needs, global fintech marketing has redefined its brand marketing strategies. To create lasting impressions with consumers, businesses must educate them first and tell them clearly and persuasively why financial security and ease are necessary.
Businesses utilize different marketing channels, mainly social media platforms, to connect with Gen Z and, hence, with old peers too. They create small videos and publish them on their TikTok, YouTube, and other social channels to inform and educate about their products’ features in short or lengthy videos. On the other hand, publishing blogs on their official website is also a good source for providing in-depth financial advice.
- Focus on Retaining Relations
Businesses should focus on solidifying their retention stages, meaning they need to strengthen their relations with their existing customers. Most users are not using fintech apps or any fintech technology, and businesses rapidly lose users after a certain time.
The reason is the friction between communication between customers and businesses, or it’s simply due to competitiveness. Users simply ride on another app due to their existing application’s boring and limited features. Companies need to create strategies and strive to make efforts that keep their relationships strong and vibrant over time.
Some ways are to utilize email space and launch newsletters that provide them with daily or weekly updates on important information regarding the financial world—announcing new features about their apps and informing them about their latest discounts or offers.
- Build and Use Social Media’s Presence
Billions of users use social media, and this platform has already become a hub for businesses to promote and build relations with their target audience. Seeing this hype, fintech marketing campaigns are also centering around social media platforms, where businesses conduct social media advertising and organic social postings to accelerate their brand awareness and effortlessly engage with their customers.
By understanding their customers, businesses can hire famous social media influencers to market and promote their products and attract their loyal audience to their platform. Conducting surveys and social polls can help them grasp their buyers’ needs and problems. This allows them to conduct paid campaigns and write social media posts to get the approval and attention of their customers.
- Invest in Content Marketing
Businesses need to consistently harness the power of providing valuable content to position their presence as a thought leader in the industry. To solidify their position, they need to leverage content marketing that helps them promote and communicate their message and vision to their prospects. This will enlighten their existing and new users about the ins and outs of the fintech industry and keep them up-to-date with the latest innovations and movies in the financial world.
Through video marketing and creating content on different channels, such as writing technical blogs, whitepapers, and videos, both will help them share technical and detailed information while also converting complex topics into visually appealing information like videos.
- Mobile Marketing Experiences
Businesses need to ensure their websites are mobile friendly and caters to every segment of the audience. Meanwhile, they need to find ways to market their brand on mobile devices too such as conducting SMS marketing to provide daily alerts, updates, discounts and offers to keep in touch with their customers.
On the other hand, advertising on smartphones is also another effective way to increase a brand’s visibility and create every possibility for their businesses to thrive in the market.
Conclusion
Digital marketing for fintech industries has become a norm for businesses. Every fintech app or tool can only survive with marketing its brands digitally. From utilizing different content marketing strategies to leveraging social media’s presence, companies are conducting revolutionary marketing measures to find the untapped market and enhance their revenue stream.