Table of Contents
- What is Fintech Marketing?
- How to Build A Fintech Marketing Strategy
- Top 5 Fintech Marketing Ideas
- Best Fintech Marketing Examples
The fintech (financial technology) industry is on a growth trajectory, and this is no recent phenomenon. According to KPMG, fintech investments have increased 3.5x every year since 2015. In 2022, the Fintech space is expected to reach $179 billion, with around 3000+ startups in business. While this means huge growth opportunities, it also creates steep competition.
To help ensure your fintech organization is noticed by customers and investors alike, here is a deep dive into the fintech marketing ideas and strategies that you can implement.
What is Fintech Marketing?
Fintech marketing is a term that explains all the marketing techniques tailored for fintech companies. Fintechs are companies offering ease of use and providing services to customers by using technology to improve, automate, and simplify financial services to consumers. Fintech marketing is essential to help a business stand out in a saturated market so that its target customers and partners discover its unique offerings.
How to Build a Fintech Marketing Strategy
When working on a fintech marketing strategy, it is important to understand the purpose and key metrics that will play a prominent role in defining your approach. The fintech space is full of providers solving similar problems in unique ways. But how can your brand stand out?
The key is to build a fintech marketing strategy that encompasses these crucial points:
1. Clearly define the target audience
Understand the users’ needs, problems, and what they want from your app or solution. Fintech companies should work on developing a deep understanding of their users and use data points to ensure they provide them with personalized marketing.
2. Focusing the objective on the suitable KPIs
Next is knowing what you wish to achieve from your fintech marketing efforts. Will it focus on awareness generation of new leads, or do you want to inform existing users about new features/additional services? Depending on the objective you select, your fintech marketing strategy needs to be crafted with this focus throughout its implementation.
3. Distribution of the marketing budget
While there are several fintech marketing ideas that brands can implement, not all come for free. The marketing budget should be distributed depending on the budget and the brand’s focus. Make sure your fintech marketing strategy allocates the budget to the proper channels to gain a higher ROI on your spending.
4. Do not forget branding and messaging.
Your fintech business can only stand out if your brand messaging and content showcase your uniqueness. Make sure you communicate the critical information to your target audience straightforwardly, ensuring that your USPs, technology usage, and features are clearly understood.
Top 5 Fintech Marketing Ideas [With Examples]
Now that we know how to craft a fintech marketing strategy let us look at some of the techniques that have worked for brands. In each example, the values that stand out are personalization, knowing the target audience, and effective marketing of the fintech services (without being pushy or sales-oriented). Here are the top 5 fintech marketing techniques to help you position and grow your brand for greater success. Let’s get started.
1. Focus on the mobile marketing game
It is no coincidence that the fintech boom is heavily dependent on many financial services being offered on smartphones or other electronic gadgets. Digital banking is rising, as the millennial population prefers online mobile banking instead of the traditional medium. Also, in the year 2022, mobile transactions are projected to grow by 121%, with similar stats for other fintech services.
And fintech is not the only business that benefits from the rising amount of time users spend on their mobiles. Users check out social media ads, emails, or other marketing materials on a mobile device. Hence, mobile marketing is an important part of the marketing game.
Brands, too, subtly push their audience to use their smartphone-enabled apps, as seen with digital lending company Navi. The website highlights the services offered and offers download links to its mobile app while using display ads and a mobile-friendly website layout.
2. Educate your audience to win them over
Financial concepts are often tricky for the layperson. This holds even with B2B Fintech organizations since customers are well aware of traditional processes but are ill-informed about the technological advancements that can help simplify their current operations.
Using fintech marketing to educate the target customer doesn’t just help win over the customer; it can help you build a reputation in the market. Blogs, reels, video content, or even e-books can establish your brand as an expert in the field, and this will help you increase your conversion rate. Knowledgeable content is also easily picked up by the media and online portals, helping you grow your brand.
A great example of educating the customer to get business is “Varsity,” an initiative by Zerodha—an online stock trading company. The platform helps its audience easily understand financial concepts and get valuable information on market dynamics, including in-depth lessons on trading, investment, and more. Users are benefitted as they can learn for free, while Zerodha gains with more investors and investments being made through its platform.
3. Harness the power of video marketing
Video marketing is one of the fastest-growing channels for gaining information, and many users prefer to watch a video to understand a particular concept instead of reading about it. This is particularly true for financial concepts that most find too complex. According to Wyzowl, 96% of people watched explainer videos created by brand pages in 2021, which will only continue to rise in 2022.
Brands that can make and promote their services using video marketing will stand out in the coming years. Take the example of Groww, an investment app with a YouTube channel that informs its audience about the latest market updates.
The YouTube channel has helped its platform grow despite heavy competition. And the brand hasn’t just created its own videos but also collaborates with video influencers like CA Rachana Ranade, Parimal Ade, and others. The channel now has 1.45M subscribers, enabling its audience to know the details about investing and financial planning, which helps them gain more customers and grow.
4. Create awareness using social media
Most brands realize that their target audience is spending a lot of time browsing social media, which has given rise to businesses using these platforms to win new customers. Each social media platform has its target audience and focus area, but if brands crack the code with each platform, there is a lot they can do!
Twitter is a microblogging platform focused on textual and knowledgeable content, whereas Instagram focuses on image-heavy content. Facebook and YouTube can be the ideal tools for video marketing and other social media platforms.
A great example of fintech marketing using social media was the recent campaign by CoinDCX. Another crypto trading platform, CoinDCX gives tips, conducts quizzes and polls, and even uses popular memes to educate its audience about the world of cryptocurrency, which has garnered massive interest from the millennial and Gen-Z crowd.
5. Give your customers incentives.
For most fintech B2C brands, gamification has always been a great way to attract customers and keep them coming back for more. By providing incentives and freebies, you can get more customers to use your services instead of those available in the market that do not offer any incentives. Plus, you can use referral marketing schemes to turn your existing customers into brand advocates, which has helped fintech businesses in more ways than one!
Take the stellar success of Google Pay, giving cashback and getting their users to collect virtual “Rangoli” during Diwali. Or, more recently, where CRED gives its users cashback when they pay their credit card bills through the platform and points that can be redeemed for some exciting offers. It also allowed its existing customers to invest their idle money using the CRED Mint platform, and it has been an enormous success.
These fintech marketing trends and examples are only the starting point of your marketing strategy. As with any new-age marketing technique, personalization and a deeper understanding of the target audience are crucial to success, and fintech companies need to do as much to get to know the customer better.
As financial services are often tricky and often confusing for the general audience, fintech marketing should be all about building trust, showcasing reliability, and being helpful to the audience. Keep track of your marketing numbers, and remember to be a step ahead in providing excellent customer service and support.
Fintechs can also simplify this by providing resources, writing blogs, and featuring to-do articles that help “educate” and “inform” the audience, which will help build trust and create long-term customer acquisition.
- Fintech marketing is a concept that explains the marketing techniques tailored for fintech companies.
- The fintech market is booming but is also heavily saturated. With 3000+ fintech startups already in business, fintech marketing is a great way to promote and grow your brand.
- To help create a stellar fintech marketing strategy, fintech businesses need to focus on critical aspects like,
- Clearly defining who the target audience is
- Focusing the objective on the proper KPIs
- Distribution of marketing budget to match its focus areas
- Creating a stellar brand messaging
- Some of the top fintech marketing trends include:
- Mobile marketing
- Video marketing
- Educating the customers using content marketing
- Social media marketing
- Gamification and in-app incentives for customers
Fintech marketing is a term that explains all the marketing techniques out there that are tailored for fintech companies.
The primary marketing channels for fintech companies include a higher focus on digital marketing with deep personalization, along with the usage of traditional platforms like print ads, banner ads, and press releases.
Fintechs products or apps are tools that offer ease of use and provide financial services to their customers. Fintech products and technology are in vogue thanks to the ease of use, faster processing, and automated processes.