Financial transactions look significantly different today than in the past. Now, users can complete almost all of their transactions without a trip to the bank.
The rise in digital technology combined with fintech startups has turned finance into a new creation. But even if you have a state-of-the-art app and an incredible platform, you still need to earn the trust of potential consumers.
This factor boils down to your product, customer service, and marketing. When those three aspects fall into alignment perfectly, your fintech business has an excellent chance of success.
You already have the product. Your customer service depends on your values and training. But when it comes to marketing, we have the top four tips to start using today in this article.
- Focus and Advertise Specifically to Your Niche
What does your business offer that makes you unique? Why should consumers use your services instead of someone else’s?
That’s where your marketing focus should be centered.
Do you offer digital payments, such as mobile POS and digital remittances? Are there providers you partner with that other fintechs don’t, such as Affirm, PayPal, or Afterpay? Capitalize on those areas and ensure your target market knows they can access these features.
Other fintech niches to consider include:
- Crowdlending or other alternative marketplace lending sources
- Investment apps using robo-advisors or neobrokers
- Crowd-investing/alternative financing apps
- Neo-banking with digital wallets
Your fintech business likely provides services common to the industry. But if you have a niche in addition to those basic areas, make those your primary marketing focus.
- Understand the Competition
In every industry, competition is part of the process. How you build your brand and network, connect with your target market, and handle the evolving world is vital.
The fintech industry is full of fierce competition, rules, and regulations. It’s not surprising when you realize that the size of the market in 2020 was nearly $111 billion and is projected to grow to almost $700 billion by 2030.
Who else offers the same niched services as you? Pay attention to those companies and what they’re doing (and not doing). Use their successful strategies to guide yours and make them your own, and learn from their mistakes.
You have already created an innovative fintech platform. Why reinvent the wheel, too? When you understand your competition and use that data to your benefit, it can direct your marketing and business choices.
- Build Demand Through the Right Market
With a pie the size of the fintech industry, everyone wants a piece of it. The goal of your marketing strategy is to build demand, but it only works if you’re targeting the right audience.
Use your niche to learn your ideal market opportunity. Which business models work well for those areas? How can you adjust them to meet the needs of your business and your consumers?
All of this is built on research and data. Determine the message you want to send to get your content out to your audience. Pay attention to the data after you’ve sent out those messages, then change your strategies to match the results you’re seeing.
- Make it a Game
Finances are serious, especially when you’re dealing with a business that handles someone else’s money. But the world loves entertainment and making your fintech app gamified will attract attention.
Gamification is everywhere. You see it on apps designed to teach foreign languages, offer rewards for purchases, and get people to join contests. It doesn’t mean you have to turn your marketing strategy into a game. Rather, make it interactive so that people are more interested in paying attention to what you’re saying.
Consider offering a points system in which people can earn rewards, discounts, or cash back. Start a social media contest designed to have your followers share your posts. Anything that gets your brand in front of an audience is marketing. Gamification ensures people will engage more than they would with a simple advertisement.
The same idea applies to affiliate marketing and referrals. Offer rewards, and you’ll entice more people to use your services.
Fintech is a massive industry ripe for you to pick the low-hanging fruit in your niche. But to do that, your target market must know you exist.
These four simple marketing strategies work for every fintech business with a good product and solid platform. They can work for you, too, and you can begin using them today.