The fintech industry is one of those that is rising quickly with time and will stay forever until civilization ends. As stated by exploding topics, the industry is worth about 180 billion USD in 2022 and is estimated to jump to 213 billion USD by 2024. This metric is mesmerizing and clearly shows the companies’ competition for targetted audiences.
There were more than 27,000 fintech startups worldwide by the end of 2021, per the data published by Statista. This number was 1.26 times the previous year and will increase at greater rates for years to come.
As a fintech company, you need to excel in all departments to edge over your competitors, and digital marketing can be a huge boost to do so in 2022 and years beyond. Reach more targeted audiences and engulf them as a part of your loyal customers before anyone does so through digital marketing.
Fintech businesses disregarding digital marketing will fall behind with time. It is not late to start soon if you haven’t. Here are some top and effective digital marketing tips to grow your FinTech business. Stick till the end to discover the aspects your fintech can work on to perform better in the years to come.
Top 7 Effective Digital Marketing Tips to Grow your FinTech Business
1. Go mobile to deliver mobile-first user experiences.
One crucial element that separates Fintech businesses from conventional financial establishments is the faster, simpler, and remote customer service through digitization. Shout out to the innovations and technological advancements.
Most business sectors have realized the need to digitize their businesses to meet the market fluidity and consumer demands, and they have done so. But going digital is not sufficient to compete in today’s market. Businesses must focus on going mobile, especially the FinTech companies.
Statista claims there are 6.4 billion smartphone users currently in the world, which is estimated to climb up to 7.33 billion by 2025. This metric is enough to realize that fintech companies must incorporate mobile-first user experiences within their digital marketing campaigns.
Establishing your fintech business as a mobile-friendly entity draws more audiences and possible customers since they always want easily accessible, fast-loading sites with a simple and elegant user interface. You, as an owner, should limit the number of irrelevant ads and pop-ups on your mobile site to keep customer interaction effective and seamless.
A research report by Forbes shows that 61% of consumers abandon websites that are difficult to access, and 40% of those customers jump to others (competitor’s sites) for better alternatives.
Hence, your digital marketing campaigns should start with a user-friendly mobile first fintech site for better customer acquisition and reducing bounce rates with a seamless user experience.
2. Content will always remain King; fund digital content
No matter the type of content you are creating to advertise your products, services, and brand, it should be efficacious and infectious to entice audiences and be capable of customer acquisition. Not all content can do such miracles; only well-crafted, educational, and authoritative contents bear the ability to do so.
These contents hold value to the audiences and correlate with their needs and provide them with the answers to their queries. Valuable and practical contents are like the gems in the digital marketing world, specifically in the fintech business marketing.
Hence, the fintech businesses should design plans and execute them to fund digital content to target specific niches and answer valuable, unique, trending queries to become a go-to destination for your audiences.
For example, many finance companies are still lagging in answering the queries of the millennials and educating them about finances and how to understand and get involved in the finances.
Most millennials are unaware of such information, and many do not find answers to it even if they search for it.
Your fintech businesses can leverage (such) unexplored and unanswered but crucial topics to create elaborative and helpful content and target millennials as much as possible.
This approach requires research and creative content creators, which the fintech businesses must invest in and include in their budget plans.
Targeting millennials is just an example; you can target diverse audiences in multiple niches to become the top dog to provide time-relevant and trending information, cultivating trust and reliability among audiences.
Trust is a critical element to consumers when buying products and services. Fintech businesses should not disregard the power of quality content.
3. Get the best out of Social Media.
Whether you like it or not, social media users are rapidly increasing. Datareportal states that as per the analysis of Kepios, 58.7% of the global population are social media users, equating to 4.65 billion people worldwide. Now you do the math and analyze the scope of social media marketing, a part of digital marketing.
Fintech businesses can opt for paid social media marketing or stick to usual organic marketing. The difference is you can reach more targeted audiences quickly with paid marketing, whereas organic marketing depends on the impact your brand has on your audiences. It requires tremendous resharing or viral content.
It is not impossible but a difficult task. You need to invest in research and strategies while using social media marketing. Different social media have distinct structures, formats, and content plans; you should plan and execute your ad campaigns accordingly.
Reminder: Every social platform has its pros and cons and, more importantly, its (own) audience base.
Fintech companies can hire a team of professional media marketers or opt for a third-party company to do it for them. Whatever be the strategy, these businesses must try available social media for marketing. Nobody knows what might work out for the best unless you try it.
Fintech companies should not disregard social media as a part of their marketing campaigns, whether organic or paid.
4. Enhance Customer Engagement through Gamification
You’ve everything incorporated into your digital marketing campaigns; you still can’t make up for your campaign goals of customer engagement. What could improve such an aspect of your business? Why not try gamification, a proven strategy for customer engagement.
Gamification can include interesting mini games like puzzles, quizzes, races, etc., with alluring prizes and tickets that players can use to redeem discounts while purchasing products and services from our business.
Funding ad campaigns that can enhance the audience’s interactivity with your brand is the best way to promote your brand.
Audiences don’t hesitate to be a part of the community that can promise them something back. Here, you can promise those gifts, prizes, discount codes, and other forms of rewards for interacting with your ads and visiting your site.
Basically, gamification with rewards can allure audiences to your business since they have to purchase your brand to redeem the prizes they have won. There is a high probability of lead conversion through gamification with rewards.
Fintech businesses must consider gamification within their digital marketing campaigns and should not hesitate to spend extra on rewards to generate more sales and revenues.
5. Diversify paid media, affiliates, and Influencers
Fintech businesses should not hesitate to try out diverse mediums and sectors of digital marketing. You should try out every possible social media for marketing, filter out the ones that work for you, and discard the rest. It is the best way to find out what works for your business and what doesn’t.
This approach might require some extra funding, but it will be worth it since you won’t miss out on the media that could have done wonders for your business.
The same goes for affiliates and influencers. Many fintech businesses haven’t realized the power of affiliate and influencer marketing, while others are ignorant. But you, as a business owner, never underestimate the audiences your business can reach and leverage through such affiliates and influencers.
However, your marketing team should research and collaborate with influencers that are right for your business, depending on their fan base. Since you are targeting their fan base, your products and services should be relatable; else, that will not be worth the effort and money.
Businesses should properly plan and execute their digital marketing operations regarding media, affiliates, and digital marketing/social media influencers. Do not hesitate to diversify your media and from micro to giant influencers to promote your brand, products, and services.
6. Multi-channel marketing; beyond social media
Digital marketing doesn’t only include social media, affiliates, and influencers; there are multiple marketing channels that fintech businesses can incorporate for better results and greater ROI. We recommend you try every (available) medium to reach your customers and be present as much as possible for your audiences.
Businesses present where their target audiences are likely to perform better with customer acquisition. One thing marketing teams should incorporate in their actions is synchronizing their advertisements, posts, and content across all social media, marketing channels, and other business intelligence tools.
The other marketing channels your business can utilize are text or SMS marketing, online forums, email marketing, newsletters, and many more. Your business can increase the rate of lead conversion by incorporating a multi-channel marketing strategy.
Exploring the available options of digital marketing is the best thing a fintech business can do to reach more targetted audiences, promote products and services, generate more leads, create larger sales funnels, and, more importantly, enhance brand visibility.
7. Engage and connect with your customers
Lastly, customer engagement is one of the important, if not the most important digital marketing tip to grow your FinTech business. Connecting with your followers, customers, and inquirers is the best way to understand their perspectives, needs, and requirements and, more importantly, make them feel like a part of your company.
Customers and other parties like to be addressed in every way possible and be heard by your company. Fintech companies are no different from other businesses, so they should manage a team responsible to addresses customers on every platform, not only through customer service.
Customer service is different when it comes to comments, mentions, and so on, on social media platforms. Marketing teams should care to reply to the comments and answer questions asked.
Blogs, YouTube videos, Facebook, Instagram posts, Tweets, and many other points of consumer interaction points should have active user responses as much as possible to keep connected with everyone that addresses your brand.
If your brand fails to do so, there is a massive possibility that those targeted audiences who want recognition will move on to other alternatives, which may result in a loss to your company.
By addressing them in comments, you are creating a personalized experience with the customers, other inquirers, and target audiences. You are directly showing them they are valuable to your company, making them satisfied with your brand, and leading to a lifelong relationship.
Conclusion: Effective Digital Marketing Tips to Grow your FinTech Business
Digital marketing is a dynamic field that requires thorough research, analysis, and experiments to determine the proper working strategy for a Fintech company.
The mind-boggling thing about digital marketing is that two companies under the same niche may require different marketing approaches to succeed. A single strategy/approach doesn’t work for everyone.
Fintech companies should incorporate smart digital marketing tips and proven ones to guarantee success and better ROI. Research, analysis, and experiments are the only ways to determine what works best for your company and doesn’t. Companies should not hesitate to fund research for better aftermath. “Genius is one percent inspiration and 99 percent perspiration,” said Thomas Edison, meaning the above mentioned digital marketing tips will only motivate you and ignite views on marketing. The triumph of your Fintech business’s marketing campaign will ultimately depend on how well your marketing team executes them.