As per EY’s Global FinTech Adoption Index 2019, internet users’ adoption of financial technology services almost doubled over the past two years, while 64% of digitally active users were found engaging with Fintech. The pandemic has further enhanced mobile app usage, with the finance vertical especially emerging as a clear winner. As per the Mobile Finance report 2020, released by Adjust and Apptopia, global sessions for banking and payment apps combined increased by an average of 26% in 2020 as opposed to 2019. Whether it is investments, payment, or loans and credit, the growth in installs is a sign of how the finance industry is evolving on mobile.
No matter how disruptive or game-changing your product or service, you still need to educate the market. From finding early adopters to powering growth in the scale phase, what you need is a robust digital marketing plan. Let us look at some of the strategies that are known to work well for Fintech companies.
1. Product as a marketing opportunity
The biggest marketing opportunity lies in product development itself. If you have a cutting-edge product that actually solves a big problem for a large population, what you have is an inherent marketing opportunity.
Importantly, word-of-mouth is going to be a large part of your marketing mix. Contrast this with an average, me-too product and the costs and efforts involved in marketing are going to be that much more. Think PayPal or in the Indian context, the recent example of PayTm and its stratospheric growth, by virtue of the inherent value it was seen to deliver. What is also important is to go with a brand name that not only spells out the value proposition, it also lends itself to memorability and stands out in search engines.
2. Finding the right marketing channels
Clearly, customer acquisition is the key goal for your Fintech product and that means choosing the right marketing channels that offer optimal cost per acquisition so that you do not have to go through a long and arduous cash burn stage. Here are some handy channels to look for:
3. Search Engine Optimization
With online research being a very important component of product discovery, SEO can be a huge enabler. Sure it requires oodles of patience, but there is nothing quite like SEO to reduce your overall CPA. The added advantage that Fintech platforms have, is that on account of their superior user experience, they have an edge on Google’s algorithms.
Do ensure, however, that your website is responsive and that the digital experience that you offer isn’t sub-optimal. Efficient navigation, attention-grabbing copy and a strong call-to-action are some of the aspects to be mindful of.
4. Public Relations and Partnerships
There’s a lot you can get going for your fintech startup by creating a PR buzz around it. Being equipped with an interesting story of what led you to the startup, what the growth metrics are and the right customer testimonials can be of great help. From media relations to thought leadership campaigns and data-driven PR there is a wide range of opportunities.
What also works are win-win partnerships with traditional companies where you tend to gain credibility as well as economies of scale and a huge distribution opportunity while the established company can take the advantage of an agile startup to fill some gaps in their offerings.
5. Referral schemes and affiliate programs
There is nothing better than turning your customer into a marketer with effective referral schemes. Of course, the scheme needs to be put together with caution, as you need to weigh the advantages of offering smaller immediate rewards versus credit bonuses. Relying on influencers and micro-influencers can also generate awareness. What you need to be mindful of, however, is to select them carefully so that the influencers accurately reflect the image of the product that you want to portray.
Affiliate programs play a similar role in expanding your customer base. The fact that you pay them a commission only if they generate a sale, makes it a win-win. Of course, you would want your links to be placed on reputable, authoritative sites to receive relevant traffic.
6. The power of social media
Figuring out your target audience and then determining where they hang out can go a long way in determining the right social media platforms you should be active on.
Having done that successfully, personalized content can get you the engagement you desire. Of course, you need to be mindful of formats- for example, while Linkedin works well for long-form content, on Facebook you would need to keep the content bite-sized. For a new launch, a live streaming session where you encourage audiences to ask questions and test-drive your product or service can be a great engagement tool.
7. Content Marketing
Now for a new product, where you need to educate the market, content is a huge part of the solution. Think explainer videos, blogs, testimonials, authority articles. With a large part of the target audience, particularly millennials, wanting financial services but not finding enough resources to educate them, the importance of great content, cannot be overstated.
In choosing a content piece what you need to ensure, however, is that the content ties in with your brand values and that you are able to put together measurable objectives and identify relevant metrics.
8. Ad Campaigns
Last but definitely not the least, with the ability to set up Google and social media campaigns with clear targeting, and a strong ROI focus, performance marketing is an important part of a winning user acquisition strategy. There is clearly high growth potential in the Fintech industry, and paid acquisition is an essential part of getting those users into your app.
As a Fintech business, whether you are trying to attract funding, reach new customers or challenging legacy players, the above digital marketing strategies can go a long way in winning the attention of audiences that matter.