6 Fintech Marketing Strategies To Beat The Competition
The fintech ecosystem has seen exponential growth in the last few years. With new technologies and automation in financial services, the industry will reach 305 billion dollars by 2025. There are 10K fintech companies in the USA alone, making the industry a lot more competitive.
Various established players and startups are figuring out new ways to acquire new customers and retain them. But not many brands can overcome challenges and survive in the market. Research shows that 75% of the fintech companies fail in the first year.
Difficulties faced in customer acquisition, reaching out to younger buyers and educating audiences can hinder your company's growth. To tackle all of it, many companies have taken up fintech marketing.
Brands like Monzo, Transferwise, and Klarna understand their customers' problems and focus on solving them with fintech digital marketing strategies like gamification or social media content.
If you want to serve your customers' needs and keep them coming back, try different fintech marketing tactics until you figure out what works for you and your customers. These tactics can help you change how they view and interact with your brand.
Understand your end goals, use data to figure out what your audience is looking for, and then develop your strategies to engage them.
In the article, we have listed top-notch effective strategies that have helped leading brands build million-dollar businesses.
How to grow your business with fintech marketing?
1. Educate your audience through influencers
Today, people, especially the millennials and Gen Z, want to learn new ways to spend their money wisely. Data shows that only 33% of the world's adults are financially literate, while others with some basic knowledge of finance face jargon-heavy language difficulties.
The younger lot often head towards influencers for regular advice and updates on the best financial solutions to resolve confusion. Influencers simplify every aspect by answering their queries.
If you're a fintech brand that wants to target the millennial and Gen Z audience, leveraging influencers is a perfect strategy. Considering 92% of the people trust recommendations more than ads, you need influencers to educate your audience.
Zerodha, an India-based stockbroker and trading company, adopted fintech influencer marketing. It onboarded YouTube and Instagram influencers to educate its target audience about the stock market. Content creators made simple videos on smart trading through mobile apps and other subjects like investment in bonds and IPOs.
The strategy helped Zerodha build credibility among its target audience and differentiate itself from competitors.
Also, many companies work with bloggers to execute fintech marketing. Pensionbee, a UK-based fintech company, works with expert financial bloggers having a loyal readership to educate the audience about pension-related topics.
The bloggers post educational articles on their blog pages with the company's name. It helps their target audience understand how the Pensionbee platform works and why it is worth purchasing. The company also invites guest posts from talented bloggers that bring about 10K+ backlinks for the company. These links help Pensionbee rank higher on search engines by driving steady traffic and establishing brand authority.
Working with influencers won't make you sound too salesy but will help you build an authentic brand image.
If you're looking for relevant influencers, affable.ai, an influencer marketing platform, can help you find the right talent. Its database consists of 6M+ influencers from all sectors, including finance. You can pick the influencer with your target audience and run a successful fintech marketing campaign!