STRATEGY

The Best Marketing Practices for FinTechs

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Written by Burcin Genc
02/08/2021
               

The Best Marketing Practices for FinTechs

 

Fintechs are shaking up the entire finance industry since the global recession after 2008. They have literally brought fresh blood to traditional banking, which has remained irrelevant in meeting customer needs and was going through a difficult era as a result of the economic contractions. 

Fintechs perfectly filled the gaps and transformed financial services radically with the customer-oriented digital solutions and the immersive experiences they offer. By adding innovative digital instruments to help FIs overcoming customer needs and by improving systems to enhance services, they immediately became customers’ favourite.  

 

 

Today with the strike of the pandemic, once again, the finance industry is going through tough times. On the other hand, Fintechs continue to turn challenges into opportunities and grow rapidly. According to CBSInsight’s The State of Fintech Report, Fintech finished 2020 on a strong note, with Q4'20 deals up 11%.

However, what we generally observe in our Fintech clients is that while they technically create great products adding so much value to both the industry and the customer, they face difficulties in predicting how to approach their target audience and market their products. It is significant for Fintechs to be able to build the right communication strategy and reach their target audience by using the right marketing instruments with the right marketing practices in order to reach the success they deserve.

 

A General Approach to Fintech Marketing

 

As mentioned before, one of the most important assets ​​of Fintechs is the customer experience they provide. Therefore, the most practical way for Fintechs to stay ahead of the competition is to differentiate themselves in the minds of their customers with the unique value proposition they offer.

 

Build Your Growth Framework According to Data

At this point, right before we jump up to the effective marketing practices for Fintechs, let’s clarify that it is extremely important to check whether you have structured your growth framework based on these steps below. 

  1. Run an internal check-up
  2. Run a competitor analysis 
  3. Gain insights from current, potential, or lost customers 
  4. Determine the right target audience (persona)

 

Map Each Persona With a Marketing Funnel

Finance is a deeply technical subject, and whether you have a B2B or B2C business model, it can be challenging to keep your audience engaged. Therefore, once you have defined your personas accurately, you will need to provide high-level insights and a smart marketing strategy to maintain control and grow your sales. 

It is critical that you can reach and respond to the potential needs of your target audience through the channels they prefer. Embracing your potential customers with timely, relevant and valuable information is the key to attract their attention and prove to them that you are an industry thought leader. Thus, we strongly advise Fintech companies to implement a unique growth-driven marketing strategy and hold strong to the growth funnel stages included. This will lead you through the way on gaining trust, attracting interest, staying relevant and motivating your customers’ to act. 

 

 

Design An Immersive Marketing Communication

Remember that you can have more than one target audience. For example, you may need to talk both to a CTO and to the Director of Business Development and Sales depending on your product’s capabilities. And it's perfectly normal for these different personas to have different habits and behaviours, different questions, needs, motivations, and different values. 

Thus, an immersive communication strategy, supported by all the relevant practices is the ultimate way to get success out of your business goals. So let’s dive more into the practices to discover the superpowers that an effective growth marketing communication strategy would maintain for a Fintech. 

 

Best Growth Marketing Practices for Fintechs

 

If you have created your marketing strategy with the right recipe, all that remains is to determine which practices you should use. And after all, you can just enjoy your success to the fullest. 

 

Rank Higher on Google with Search Engine Optimisation (SEO)

SEO is the process of getting traffic from the free, organic, or natural search results on search engines. That means SEO is the key to the visibility of your company on Google as it helps you to rank high in search results. However, considering that 93% of your leads don't go beyond the first page, in order to get visible you have to first set technical optimisations by completing activities on your site that are designed to improve SEO but are not related to content. That means these activities are held often behind the scenes. 

Then you should ensure the content on your site is relevant and provides a great user experience. We call it on-site optimisation and it includes targeting the right keywords within your content and can be done through a content management system. Here is what we offer to our clients to focus more on the long-tail keywords to be able to position their product/service in a more specific area. They may seem to have less search traffic however they are the golden stars with the high conversion rates they provide.

 

Image: Short-tail keywords vs Long-tail keywords

 

Last but not least, you should set off-site optimisation by enhancing your site’s search engine rankings with the activities outside of the site through backlinks. Backlinks are the most accurate way to build your site’s reputation. 

If you wish to have further information, you can also check our ultimate SEO guide.

 

Boost Visibility with App Store Optimisation (ASO)

If you have an app, ASO is simply the ongoing process that you test and measure updates to app store marketing assets to increase your app’s visibility. Because if you provide the visibility you get higher your conversion rates, increase revenue, more downloads, and can have more ratings and reviews accordingly. Remember that 90% of consumers consider star ratings to be an essential part of their evaluation of a new app.

However, if the number of uninstalls of your app is high, your rankings will be negatively affected. So the experience you provide to the users gains more value once again. And here are some tips to get stabilized and make the experience you offer more charming:

  • At the first launch of the app, welcome your users with a basic tutorial.
  • Engage users as often as needed, do not bother them with unnecessary notifications. The best is to let users set push notifications.
  • Give users reasons to use your app every day. 
  • Develop in-app scenarios to collect positive reviews.
  • Be sure to respond to negative comments.
  • Optimise your app name around a specific keyword to increase organic downloads.

 

Attach with Customers with Content Marketing

First of all, Fintech content marketing should focus on knowledge-sharing. You should be crystal clear about your product’s or service’s value proposition and determine the needs of your customers well enough. That’s the only way you can benefit from the lower costs and higher added value of content marketing. The tactic we use the most when creating content is to act on key processes in consumers' decision-making journey. And it goes like this:

 

1. Awareness:

At this stage, Fintech customers are doing various researches to define or solve their problems, and you can be the hero if you manage to encounter the right content. The main purpose of the content to be presented to the user at this stage should be to provide benefit. If you show the product details directly, the content becomes irrelevant because the user doesn't know if they still need the product. 

 

2. Consideration

At this stage, your main focus is to turn potential customers into real ones, who have identified their needs or what the problem is and have started to research about it. Therefore it would be appropriate to produce "How to" contents for the solution of their problem, persuasive comparison videos, case studies, whitepapers, infographics, podcasts, webinars that will gain trust, etc.

 

3. Decision

In this phase, the potential customer is ready to make a decision and compare alternative solutions. That's why at this stage you should be focusing on persuasive and inspiring content. Retargeting the user who is already aware of the service or product with remarketing campaigns and accelerating the decision processes is a widely used tactic here. For example, case studies or testimonials are often used as remarketing content.

 

4. Retention

The content strategy should not only be designed to gain new customers but also to increase customer satisfaction and loyal customers in order not to experience churn. For this reason, you can deliver use cases, guides, tutorials, demos and webinars on how to use your product better. You can also create more personalized scenarios like content and campaigns based on past customer behaviour with email marketing. 

 

Increase Engagement with Social Media Marketing

With over 53% of the world's population on social media, 54% of social browsers use social media to research products. That makes it a channel that should not be ignored in any growth strategy for Fintechs to reach their target audience. 

In order to maintain success in social media, you should create a relevant social media strategy that will lead you through the way. At this point, it is important to know social media channels and how to behave on which one. We’ve gathered the most popular social media channels for Fintechs and summed some tips on usage ideas.

 

SOCIAL MEDIA PLATFORMS FOR FINTECHS

 
Channel Audience Used for Industry Best for
Facebook Generation X, Millennials Discovery of what’s new, network, entertainment B2C Brand awareness and brand marketing efforts
Youtube Millennials, Generation Z Entertainment, helpful videos that inform and inspire, video content creation B2C Brand awareness, brand engagement
Instagram Millennials, Generation Z Entertainment, Content creation, personal brand building B2C Brand engagement, influencer marketing, brand marketing efforts
LinkedIn Baby boomers, Generation X, and millennials Networking, HR purposes B2B Lead generation, customer acquisition, content marketing
Twitter Millennials, Generation Z Microblogging, discovery, real-time conversation B2C Brand engagement, public relations
TikTok Generation Z Entertainment, video creation, personal brand building B2C Influencer campaigns, brand awareness for younger audiences

 

We know that Fintech is a very technical and serious area. For this reason, although TikTok may not seem like a suitable channel for Fintechs at first glance, you can always push the limit of creativity in social media and turn the secrets of investing with an influencer into entertaining content. Just keep in mind that it is possible to reach brand new customer masses through channels you never imagined, using only your creativity.

 

 

Another significant issue on social media is that your brand’s profile, across Facebook, Twitter, Instagram, your company blog, and anywhere else it appears, should be unified and in line with your brand identity. Remember to be consistent with graphics, colour, style and language, and even post frequency. To stay in line make sure you’ve clarified these areas;

  • Tone: Be clear to followers about what and how the brand will communicate online. Is your brand cheeky and irreverent or serious and formal?
  • Language: What type of language will your brand use online? A young and hip brand might get away with more slang, or a niche brand may use more acronyms and industry-specific language.
  • Purpose: Identify the main reason the brand is on social media? Is your goal to educate or entertain?

And when you come up with a great piece of content, maximise its reach with social media advertising. You can expand your brand’s reach and attract a wider audience.

 

Check out Logsign’s Success Story for Further Inspiration

 

Logsign is a prominent cybersecurity company in the sector with its new generation automation and cybersecurity solutions.

However, the lack of an end-to-end growth strategy created to promote the innovative solutions Logsign offers was causing the company to be unable to grow globally. So the main objectives of the company were:

  • Creating a channel marketing network where it can reach potential customers and also create new ones.
  • Increasing its share in the target market by reaching potential sales partners.

Check out our success story to see how we partnered with Logsign in achieving the following success points in this whole journey:

  • Increased its total leads by 430%
  • Improved the CTR of LinkedIn campaigns by 250% 
  • Improved the CTR of Google ads campaigns by 340%
  • Increased qualified leads by X5

 

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