FinTech as an industry has been growing tremendously over the past few years with its wide variety of easy, innovative and secure financial solutions that are solving all sorts of problems for people around the world. FinTech adoption is at an all-time high, accelerated even more by the onset of the COVID-19 pandemic that resulted in a cautious global population that is looking to minimize physical contact while needing to get its banking and financial needs done.
When marketing for FinTech products & services, certain challenges arise due to the sheer amount of competition on a local, regional and global level. On that note, some high-impact marketing practices could be critical in these highly competitive times for many FinTech companies in terms of keeping and sustaining their customer base.
Adopt Social Media Channels
As social media platforms keep on growing and reaching the deepest corners of the globe, their impact has been undeniable for a few years now. Granting incredible reach and exposure, marketing FinTech products and services on relevant social media platforms is about as crucial as any other marketing channel on the Internet today. Everyone is on social, and social is constantly growing. The challenge here is to find the most relevant social platforms that encompass the audience you are targeting, and then adapting your brand identity to these platforms to maximize reach and properly advertise your products and/or services on it. Find which social media channels your customer base is using, and deploy your company’s offering in the most relatable and trendy way that the platform offers.
Content is Still King
Finding the best social platforms for raising awareness is one thing, and directly after that comes the actual content that your audience will see, watch and consume. No matter how much the digital landscape changes, the one thing that remains constant is the quality of content and the results it delivers. Content is represented not just by publishing quality rich media (photos/videos) on social platforms, but also a company’s website that acts as the connecting node between a company and its audience, which includes the most effective SEO (search engine optimization) practices, excellent user interface and user experience (UI/UX) techniques, an easy and efficient user journey, and much more. Having a quality website that communicates top-notch content, together with a trendy and engaging social reach, establishes a brand’s online presence and delivers a comprehensive content experience that solidifies a FinTech brand in the mind of its target audience.
Customer Engagement Always Wins
The Internet has seldom been about one-way conversations; this notion is especially relevant today with the social web leading a global audience to spend most of its time on its many platforms. After a brand has successfully created its online brand presence in terms of storytelling, content and relevance, the next step is to engage customers and sustain a two-way conversation on as many channels as possible. Communication with customers in terms of responding to comments, direct messages, email inquiries and any other two-way channels lays the ground for great strategic relationships, where customers feel valued and heard, and companies get feedback and in turn improve and optimize their customer experience as they go along. Creating tailored FinTech experiences is one of the most successful ways of growing your customer base today, and this is only achievable through listening to your audience and adapting your products and services to their feedback.
Today it’s not enough to just create and deploy quality content and create a solid online presence; the results of these efforts need to also be measured and analyzed in order to know what works and what doesn’t. Social media insights and website analytics tools provide valuable insight into your marketing efforts and deliver reports on your content that can help you optimize your strategy, therefore validating the sales and conversion rates that your brand is looking for. Test out different approaches and pieces of content to determine the validity of these efforts, and tweak them as you go along to get the most out of your marketing strategies.
Don’t Be Afraid to Stand Out
Competition in FinTech is getting more intense almost every day. You might be in a great position today, but no one knows what tomorrow will bring. On that note, you need to always be vigilant and on top of your marketing strategy in terms of what you offer and how it is perceived by your audience. Content can easily become uninteresting if it’s repetitive, and the same goes for how you tell your story. Taking calculated risks is desirable at this point to stand out from the competition, and a great hands-on approach to claiming your position in the FinTech ecosystem will grant you this power. Acquiring new customers is as high a priority as maintaining your existing ones, and a good balance must be achieved if you are to stay on top of your competitors. Stay away from outdated marketing techniques and embrace modern, trendy ones.
FinTech is a relatively modern industry that calls for even more modern marketing strategies, and in today’s highly competitive digital arena, the players who will adapt to change and stay in touch with the trendiest of methods are the ones who will persevere and continue to grow, as FinTech continues to elevate its adoption rates around the world.
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