However, most consumers view the financial sector as a boring necessity, making it difficult for marketers to find exciting ways to market their fintech applications. Furthermore, fintech is a complex subject that is often difficult for the average consumer to understand. It contains complex and unfamiliar terms that marketers need to simplify to attract customers.
As a result, fintech marketers must use creative and educational strategies to build their brand and gain loyal customers. The main marketing strategies in fintech are the same as in other industries. However, implementation differs due to unique challenges in the financial sector.
Before we get to the go-to GTM strategies for fintech companies in 2024, let’s take a quick look at why having a solid fintech marketing strategy is crucial to success.
What are the benefits of a fintech marketing strategy?
80% of the world’s population owns a mobile phone, but only some use fintech apps. Only 1.3 billion people used mobile payments in 2021, showing the untapped market potential of fintech. By leveraging the right fintech marketing strategy, you can:
1. Expand your audience
Your financial world is as real as life itself! Fintech startups and organizations can explore multiple potential marketing perspectives when implementing a marketing plan. With the right marketing plan, you can identify a new customer base, your target market’s demands, and your offering’s unrealized potential.
2. Instruct
Effective fintech marketing enables better money management. The most effective fintech marketing strategies communicate the convenience and simplicity of these tools and technology to current and prospective customers.
3. Build trust
Not everyone is comfortable switching to modern solutions when it comes to money matters. So, it is crucial to incorporate educational material in your fintech marketing strategy that gives laymen the confidence they lack. Awareness is the first step to trust and marketing campaigns need to inspire their target audience to believe in their technology.
4. Explore Data
Fintech marketing enables data insights that meet customer expectations. Tailor the offering to meet customer needs and challenges. A clear, insightful, and customer-centric success plan responds to an understanding of the financial market.
The 7 Most Effective FinTech Marketing Strategies for 2024
1. Create a mobile-friendly website.
There are more than 6 billion smartphone users in the world, and we spend about five hours using them every day. Smartphones have been a part of our daily lives, and we do almost everything with their help. Fintech applications aim to improve accessibility to financial services such as banking, bill payments, loan applications, and investments made via smartphones.
Mobile-friendly websites are essential if you want to reach consumers and inform them about your services. Before investing in paid advertising and other marketing strategies, make sure your website is accessible and viewable on mobile devices. It is crucial that the user experience is smooth, so customers can find what they are looking for quickly.
Customers who have a terrible experience with an unresponsive website are more likely to turn to a competitor than patiently search for the information they need. In a tight competition, you cannot miss this opportunity.
Tips for Creating a Mobile-Friendly Site:
- Avoid using pop-ups and unnecessary widgets that clutter your site and make navigation difficult.
- Create clear call-to-action buttons that are intuitive.
- Keep text and descriptions short. Mobile phones have less space to display text, making long paragraphs difficult to read. Use larger fonts and memorable visual elements.
- Keep optimizing to make sure your mobile site loads fast. Remove unnecessary elements and use images or videos with smaller file sizes.
2. Educate Your Customers
Building a loyal consumer base requires financial understanding. More than five out of ten millennials use mobile payment apps, yet only about 20% are financially educated. Millennials are the primary target market for fintech initiatives, and there is a big opportunity to educate them about money.
When you focus your fintech marketing approach on educating consumers, they will find additional ways to use your app, tell their friends about it, and remain loyal to it. They will start to regard you as a partner in their financial journey, rather than merely a tool to assist them in managing their resources.
Opportunities to educate your customers:
- Take advantage of video marketing – Create short videos and post them on social media sites like YouTube, and Instagram. Videos are a great way to make complex ideas understandable and can be a creative way to make those ideas enjoyable. You can use explainer videos and other animated videos to help customers understand key ideas.
- Write informative blogs- Cover a range of informative financial management topics and turn them into useful written guides. These blogs can share basic information that consumers can refer to time and time again or share the latest best practices for maximizing their financial resources.
- Use the power of images- Create visual guides that help customers understand, step by step, their financial needs. For example, you can help them understand how loans and credit scores work. Or give them helpful guidance on how to start investing and which investment products are right for them. Turn this information into easy-to-consume guides or infographics that they can share or save for later.
3. Utilize Gaming Techniques
For fintech companies, customer engagement is critical to differentiating themselves from competitors and retaining customers. Gamification is one great strategy that has proven successful for many fintech applications. This is a fintech marketing strategy that uses game-like elements that reward customers for completing certain tasks.
Gamification techniques work best with millennials and younger customers who appreciate a fun and playful approach to routine, boring tasks. Gamification also helps make financial education a fun activity that encourages clients to expand their financial knowledge.
4. Don’t Underestimate SEO
Optimization is one of the oldest but most effective fintech digital marketing strategies you can implement. This involves optimizing your website for the exact keywords that users are searching for, during their purchasing process. It also includes SEO strategies such as improving page speed, loading times, mobile friendliness, and using backlinks to improve your website’s search ranking.
Fintech SEO helps your website generate organic traffic, which means visitors find your content without ads. Search engine optimization provides a higher return on investment in the long run because, as long as your content is relevant to customer searches, it will generate leads and sales for your brand.
Benefits of SEO Marketing:
- SEO increases consumer trust – The effectiveness of financial services depends heavily on consumer trust. You want your customers to see you as a reliable and professional fintech company that can be trusted to handle their personal finances and sensitive information. A quality website that follows SEO best practices sends clear signs of trust.
- Search engine optimization helps you reach your customers at the right point in their buying journey. In financial services, customers are looking for solutions and answers to their pressing questions. With an SEO-friendly website, you can be sure that your website will be at the top of search results when customers are looking for answers.
- SEO creates a constant flow of customers- When you publish fintech articles on your website, search engines will index them and show them to customers, as long as they are relevant to search queries. Evergreen content that addresses timeless financial issues consistently ranks high in search results and is a constant source of quality leads.
- SEO encourages collaboration- One of the critical SEO strategies is to build links from other websites to your website. Backlinks are achieved by partnering with other industry experts, such as financial publications, financial bloggers, and other authoritative sources.
5. Continuously create high-quality content
Content marketing is the backbone of a successful SEO strategy and a high-quality website. As mentioned earlier, building trust and credibility is the main goal of any fintech marketing campaign. Consistent, high-quality content is the best way to let your audience know they can trust your brand.
Don’t create content just for the sake of it or because you want to rank in search engines. Quality content is material that your target audience finds useful and valuable, and it doesn’t just mean creating a blog post or a video. Any content must be based on facts and meet the needs of the customer.
Go beyond the usual “tips and tricks” format. Customers are looking for in-depth articles that are well-researched and thoughtfully crafted. There are thousands of written blogs and videos on financial topics on the internet. Create something different but worthy of your audience’s attention. Make your content easy to use and easy to digest. No one wants to read content full of jargon or complicated terms, no matter how researched and thorough it is.
The Importance of High-Quality Content:
- Improves the organic SEO of your website.
- It helps to establish your brand as a thought leader and authority.
- It builds credibility and brand trust.
- Increases consumer loyalty and revenue.
6. Explore Affiliate and Influencer Marketing
Influencers, affiliates, and referrals are third-party advertising channels that can quickly increase awareness of your fintech app. With this fintech marketing strategy, you can reach a targeted audience likely to buy or try your app.
Most fintech companies already use affiliate marketing to get new customers. Affiliate marketing involves paying a commission to an affiliate (a third person or company) for every successful lead they send to your business. Referral marketing gives existing customers an additional incentive to share the app with their network. Influencer marketing involves working with influencers whose target audience matches your target profile.
The great thing about using influencers and affiliates is that they already have an engaged and loyal fan base. They have gained credibility with their audience, and if they promote the product, they have a higher chance of success. Influencers can range from those having several thousands of followers to micro-influencers with a few hundred followers. It’s important to find the right people whose personalities and follower profiles align with your brand.
Advantages of Influencer Marketing for Fintech Brands:
- Generate immediate public exposure to your brand.
- Reach a highly focused and engaged audience.
- Cost-effective and increases ROI.
- Potential to develop true brand ambassadors.
- Create a lot of organic content about your brand to increase SEO.
7. Create a community around your product.
Community marketing is one of the most often used fintech marketing tactics in the technology industry. It is a successful strategy for establishing deep emotional connections between a brand and its target audience. Community marketing works by including your target audience in the development of the app.
As you work on your product and release beta versions, you encourage feedback from your community. You report your progress and any obstacles. When your product is released, you may expect your community to be aware of it and accept it quickly.
Most entrepreneurs build a strong community as they develop their products, which leads to enormous success. They include their community in activities such as naming the product, suggesting product features, joining beta test groups, engaging in Q&A sessions, and organizing community events.
Creating a solid community from inception might be difficult, but the brands that succeed acquire lifetime, devoted customers.
