We live in a world full of transactions where almost everything and anything can be bought and sold. And with this abundance of exchanges, we need as many methods as possible to continue conducting them with ease and efficiency. Luckily, when our great big world sees a problem, industries rush to the forefront to be the first to capitalize on a great big solution. And when it comes to financial technology, we’ve got several (P2P lenders, crowdfunding).
After just a few Google searches or a quick glance at the app store on your smartphone, you will find a variety of products, services, and businesses dedicated to making our world of transactions a lot easier for us and a lot more profitable for them. I’m sure you can think of a few now. But besides the big names like Venmo, SoFi or any of the several banking apps, why aren’t other FinTech companies as recognizable or familiar as other, similar digital industries? Well, given the fact that it’s a relatively young industry, people still don’t know how to create an efficient FinTech marketing strategy.
As is the problem with many new products, growth consulting agencies and digital marketing firms aren’t approaching their promotion efforts right. While this learning curve is common in similar situations, financial technology is an industry that’s growing way too fast for us to be starting out on training wheels. And Rock Candy Media, being the bold, unapologetic, and curious growth agency we are, never hesitate to take on a new challenge. So we’ve gone ahead and isolated what we believe to be the 3 pillars of every successful FinTech marketing strategy.
1. Flexible Perspectives
Tech products are unique in the sense that they often have more ways to look at them than traditional or more tangible products. This being the case, growth strategists must consider every single perspective in order to develop an effective Fintech Marketing plan.
What most digital marketing agencies do wrong when approaching this scenario for a P2P lender or other institutions is concentrating too much on the customer perspective. While the customer is what matters at the end of the day, you need to be able to understand the FinTech product from the developer or manufacturer’s point of view as well. If you’re able to embrace this dual-perspective, more campaign ideas and promotion strategies will come to mind as you go about breaking down the product. The man who knows every exit on a highway also knows the quickest route to any destination. You stay fixated on the path you’re used to and you might just miss new possibilities and directions that could expedite your FinTech marketing venture.
Don’t disregard the user’s point of view, but the more you understand the intricacies of a product from the perspective of the person who made it, the more equipped you will be to address the problems and hurdles that arise in the future. Because in an industry as volatile as technology, you’ve got to be ready to give support in any situation.
2. Supporting Any Situation
As your FinTech product ages so will society and their attitudes towards your business or service. New companies may arise that offer new solutions. Unforeseen problems may surface that you couldn’t have anticipated at the time of conception. Mixing money with technology is like adding gasoline to fire. There’s always going to be something changing in the environment around you that has the possibility of ruining everything you started. Whether it’s the organizations that monitor your product or service, or more importantly – the people who use it.
You are dealing with people’s money. Some of you who also had the pleasure of working in the restaurant industry may know how sensitive or short-tempered people can get with their food. But when you start dealing with the actual funds that people use to buy that food? You’ve got to be laced up. You’ve got to have a FinTech marketing solution that can support any situation. Some may think that pessimistic attitudes are negative or deflating. But when it comes to Financial Technology, pessimism is an anticipated defense to the problems that may arise.
Consider everything that could go wrong. Ideate every possible disaster that has the possibility of occurring. By understanding a product through the eyes of the developer, as mentioned in the previous section, you will be better enabled to anticipate the problems. And it will better enable you to give your unique opinion, as a growth strategist, to the FinTech startup or company that hired you.
3. Don’t Try to Sell Trust
As was mentioned, when you’re dealing with peoples money, you’re dealing with their security. So your FinTech marketing promotions must also take into account a certain level of trust that must be communicated. But the way you communicate that percieved trust must be authentic and not forced in any way.
Customers can tell when a company is trying too hard. When Chipotle tried clawing their way back from their ingredients mishap and were desperately giving away free coupons people could tell that they were desperate. And while those effects might have worn off for a food-chain, a financial institute won’t recover as quickly.
FinTech marketers need to be able to let customers know that their personal and financial information is safe, without making it seem like that was something they needed to worry about in the first place. When it comes to communicating trust, you’ve got to play it cool. You’ve got to let people know they’ve got it, but like it was something so apparent that it’s not even worth going on about.
It can be accomplished at the point of purchase or at any point prior. If you wait too long after the products been purchased and being used, you may miss the mark. Because when it comes to money and technology, timing is everything.
Interested in what it takes to hit the bullseye at the right time? Let’s schedule a sit-down. We might just be able to put together a FinTech marketing strategy that pushes your product from alive and well to alive and thriving.