The advent of the digital era is a significant milestone in the history of marketing. The digital sphere made many tasks easier, and also 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. The Fintech industry relies entirely on technology to function, unlike traditional financial methods.
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 traditional banks are now embracing fintech because they recognize its enormous potential. A large portion of fintech players, however, are start-ups 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 a digital marketing agency in Miami. The best digital marketing agency in Los Angeles has replaced cold-calling and outbound marketing.
Inbound marketing, especially for fintech start-ups, is a pioneering digital marketing strategy that uses search engines to increase consumer preference and reduce the time for solution delivery 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 on average. 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 and ultimately 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 2019
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 2 billion people will use fintech apps on smartphones by 2020.
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 ten folds in 2019.
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 can understand the basics of financial investment. Educational content is essential 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.
* Request Assistance from Micro-Influencers A micro-influencer is someone with less than 10 000 followers on social media. Although micro-influencers don’t necessarily need to be well-known or have many followers, they share a lot of connections with their followers, such as family, friends, and colleagues. They have a lot of influence on their followers.
Fintech startups have a lot to gain from micro-influencers. They are less expensive to hire and are also more trustworthy to their audiences – which is a key factor in trusting where money is concerned.
* Video Marketing – Videos are more effective than other media because they appeal to everyone, even the most reticent. Videos can be both educational and entertaining.
According to the latest trends, to be successful in your business you need first to be a media company. Then, you will need a fintech company. This is video marketing’s scope and necessity in 2020.
Video marketing can increase brand awareness by up to 54% according to statistics. Video marketing is an integral part of any fintech startup looking to grow.
The Fintech industry is increasingly growing in its prominence, and a digital marketing agency in New York is the only way to expand its customer base. However, marketing has to be done with utmost care and a proper marketing strategy must be framed.
To gain trust and loyalty, customers must be educated about the brand as a whole. This can be done in many ways, including micro-influencers and video marketing.
Fintech is an industry that doesn’t have to spend much on inventory. This gives it a lot more economic advantages than traditional finance. It is therefore a smart decision to invest now in fintech start-ups. It is essential to market and promotes the brand properly for fintech to flourish.
