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The fintech market is rapidly growing every day, and new players are making a mark in the global landscape. What was a new financial technology a few years ago now it has become a mainstream where every key player in the financial sector is looking to have a sizeable share?
Majority of the fintech companies you will find in this environment are starters, which are leveraging financial technology to transform financial services. Of course, there are large financial institutions, but small businesses lead.
Why fintech is important?
As other industries seem to struggle to make a difference in the society, fintech companies, which is a contraction of financial technology, seems to have it all. This is demonstrated by how the industry has ballooned in the last few years to offer better services in the financial sector.
The most amazing and notable thing is how fintech has managed to outsmart traditional financial methods. When this technology was first coined, no one thought it was going to be this big very soon. Now everyone is talking about it, and its rapid growth is an indicator; this is the way to go. In fact, from projection, the world will continue to witness new companies shift their attention to financial technology marketing.
What are the challenges in fintech
However, like other companies in the financial sector, fintech companies still continue to face some challenges that hamper their growth. Fortunately, the flexible nature of fintech companies has allowed them to overcome most of the challenges. But still, some problems need to be addressed to facilitate positive growth.
One way to deal with those challenges is coming up with growth and marketing strategies that will steer these companies forward and at the right pace. Developing the right marketing and growth strategies put your business ahead of the game.
The entire process of coming up with a working strategy may be tiresome and daunting at the same time, but fruits are ever sweet if you do everything right. With that, this piece has wrapped up some things to include in your financial technology marketing and growth strategy. Let’s have a look at what to include and what to omit.
Work within your jurisdiction
Fintech companies may have an advantage when it comes to the use of technology, but on the other hand, they have to remain compliant within the legal frameworks they operate within. From a general look, this may not seem complicated, but actually, these companies have a lot to do to avoid facing the law. For example, as much as fintech companies are willing to offer products like loans, they must make sure there are within the law before doing so, and especially when the issue of interest rate is factored in.
But this, on the other hand, creates an opportunity for these companies to shine. This is only possible if fintech companies don’t see regulation as a barrier but as a path to greatness. Regulations are there to guide and at no one point will they go away. Your ability to understand how financial regulations work in relation to your fintech business will place you in a better position to adapt to new changes, and within a short time, you may find yourself taking the lead position.
In other words, this calls for fintech companies to use their knowledge to position themselves as innovators who see pain points and act promptly to offer lasting solutions. The good news is, this is something doable in every situation.
Know your worth
This is as simple as it sounds but proving it to the world or your customers can be one of the challenging things you will have to go through. You are not the only player in the industry. There are other key players, and the only way to remain competitive is to know exactly what you are bringing on the table.
So, before you decide to switch to fintech, make sure you clearly understand who you are, what you plan to offer, and importantly where you are heading to. Otherwise, you will find it challenging to develop a sound strategy from the start.
Understanding all kind of keywords for your content marketing
Content marketing is, by far, one of the easiest and yet satisfying way to market your fintech business. If you have a good grasp of how SEO works, then you are much far ahead of the game. There is always something beautiful about using the right keywords. You make it easier for those searching your business to locate it in just a few clicks.
So how do you develop SEO and keyword research for who are not entering the right ones? It is straightforward. You simply need to ask yourself what keywords your audience may be using to search your services and products and including them. It is more like thinking outside the box rather than concentrating on what you already know. The most crucial thing here is to be creative, and eventually, you will start seeing things work your way.
Understand your audience and user intent
This is probably among the first thing you need to consider when it comes to fintech marketing strategy. Often you will be looking at three kinds of consumers at this time. That is, individual consumers, financial services providers, and businesses in other sectors.
The best thing with knowing who is your audience is that it helps tailor products that fit them, and this often increases your chances of succeeding. Just like car parts are designed with specific cars in mind or particular medicine to treat certain ailments, make sure to take this advantage. Simply, know who is your target from the start.
In a nutshell, to win the trust of your audience. You must first understand them. There is no shortcut. You can start by finding what your audience actually needs or look for in a financial product. Is it convenience or security? Are they early adopters of new services? Once you clearly understand who you are dealing with, it becomes possible to develop a sound fintech marketing strategy for your business.
Never assume your audience knows everything about your company. Make it your sole role to keep them informed about you, what you do, what you plan to introduce and so on. Anything you feel is relevant to them, make sure it is available to them.
Consider even preparing downloadable materials such as comprehensive guides your customers can use. Typically, try anything you think will give you an edge. The sky is the limit. All this time remember to make sure your content is well optimized. You can even have someone help in optimizing your content if preparing yourself becomes an uphill task. Often, if you use content well, it should not take long before you start seeing real results.
Take advantage of speaking opportunities
There are many ways today you can take advantage of speaking opportunities available. For example, if invited to speak in a live event, take that opportunity and share what you do. You may not have a chance to go into detail, but try as much as possible to share anything you think will give you an edge.
If you know the organizer, you can even request for more time when it is your turn to speak. In other words, don’t let such opportunities go without sharing a few words about your business. If banners and other advertising materials are allowed, make sure also to make the best use of them.
You don’t necessarily need to be invited to events to share what you do with potential clients. You can record a short video and share it widely. It is possible to do that today, thanks to technology for making this possible. Again, this one area where your creativity is needed more than before. If you smart enough, this one tip that will give you a reason to smile at the end of the day.
Focus on generation X and Y (Millennials)
Unlike the baby boomers, generation X and Millennials have a massive appetite for financial services. Their approach is totally different from that of their parents. Besides, it is easier to find these generations and teach them more about your services and products. Often, you will find these generations on most social media platforms.
When it comes to how best to promote your fintech company, there are a lot of things you can try along the way. Some will work, and some will not deliver real results. But it always a good idea to keep pressing harder even when your efforts seem not to pay off. Your focus, in most cases, will play a big role in determining whether your inputs pays off or not.
Learning how best to market your company is very important. As much as the finance technology to date has continued to develop, more and more improvements are expected in the coming days. Placing yourself in a learning mode allow you to make adjustments on time and leverage new opportunities.
Your level of preparedness for anything likely to come your way is very important. Just like you prepare for the examination by studying extra hard and smart, it is no different if you want to excel in fintech. You must always be prepared to deal with anything that arises. Whether a new challenge, opportunity or technology, your level of preparedness is a big bonus. With that, let’s have a look at some few facts about fintech industry that will help you understand the market well.
- In 2017, global investment in Fintech companies hit US$8.2 billion across 274 deals. (Banking Tech)
- Digital Payments have the largest market segment with a worldwide total transaction value of $3,265,209 million. (Statista)
- 30% of large Financial Institutions are investing in AI (PWC 2017 Global Fintech Report)
Switching to fintech is a good idea if you are ready to keep up with the speed of ever-changing financial technologies while at the same time offering the best services. Any player has a space in this industry but how you develop and continuously revamp your marketing and growth technologies determine where you will be in the future. Are you ready to make your first impact in fintech industry? This is the right time to get started. Act now!