The advent of the digital era is a significant milestone in marketing history. The digital sphere made many tasks easier and provided new platforms and innovative technologies that expanded the marketing realm.
Solutions and services that were impossible 10 years ago are now possible. Fintech is one example of this technology.
What is Fintech?
Fintech, which stands for Financial Technology, is a term that refers to a new type of technological innovation. It is also an industry that is rapidly developing as a new delivery method of financial services. Unlike traditional financial methods, the fintech industry relies entirely on technology to function.
Fintech uses smartphones to trade in capital markets, invest, bank, and make payments.
Fintech is the future of banking, as digital is considered the future of humanity. Traditional financial institutions and banks are now embracing fintech because they recognize its enormous potential. A large portion of fintech players, however, are startups that want to compete with established players and gain a competitive edge.
They realized that marketing their services across all digital platforms was necessary to accomplish this.
Digital Marketing for Fintech Start-ups
The fundamental way we approach our audience has been changed by digital marketing. Digital marketing has replaced cold-calling and outbound marketing.
Inbound marketing, especially for fintech startups, is a pioneering digital marketing strategy that uses search engines to increase consumer preference and reduce the time to deliver solutions in a digital world.
Because it is focused on building trust through personalization, inbound marketing can be a huge help for fintech startups.
Advantages of Inbound Marketing for Fintech Start-ups
- Cost-Effective: An inbound lead costs 61% less than an outbound lead. The average cost per lead drops by 80% five months after an inbound strategy is implemented. Inbound marketing can save a lot of money. Fintech startups can use this to manage their advertising spending.
- Builds trust: Quality, informative content, and quality can help customers make informed decisions, trust you, and remain loyal.
- Increases Your Viability: Investors want to know more about your products and services before making an investment. This is why inbound marketing strategies can grow alongside your business. This nurtures leads and improves the viability of your fintech startup, thus generating long-term customers.
Fintech Marketing Strategies 2022
Change is a constant in the digital world. Digital trends change constantly, so your marketing strategy should be updated to keep up with these changes.
These are just a few of the marketing strategies you should consider for fintech:
- Mobile-First: Over 50% of internet users use mobile devices to access the internet. Internet users spend an average of 5 hours per day on mobile platforms. It is also estimated that more than 2Billion people will use fintech apps on smartphones by 2023. These stats show that mobile-first marketing is an important part of fintech companies’ marketing strategies.
- Embrace social media: Indians are increasingly using social media. The advent of regional content marketing using vernacular languages is expected to increase the number of internet users and social media users by tenfold in 2022. These numbers show that fintech companies must engage with customers via social media. They can reach them 24/7.
- Content is King: No matter what platform you use for marketing, the quality of your content will determine the effectiveness of any marketing strategy. Therefore, create quality content that educates customers on financial topics and provides valuable insight and tools for managing their financial affairs. According to studies, only 28% of millennials are able to understand the basics of financial investment. Educational content is essential in order to determine the effectiveness of any fintech marketing strategy.
- The focus on branding: It’s important to be clear about your branding strategy from the beginning. It is only when you can communicate to customers the purpose of your company that you can distinguish yourself from your competitors. Customers will prefer to invest in companies that stand out from the rest. Branding is crucial to marketing fintech startups.
- Customer engagement: Engage with customers 24 hours a day. Customer engagement can produce amazing results, whether it’s via social media, emails, or phone calls. Recent research shows that 71% of customers prefer to learn about companies through articles rather than advertisements. Email marketing is still a viable option for fintech companies as customers are 5% more likely than others to open personalized emails from fintech companies.