How to market your fintech product in 2023: A guide for success
Fintech, or financial technology, is a booming industry that offers innovative solutions for consumers and businesses in various areas of finance, such as payments, lending, investing, crypto, and more. According to Finance Online, the global fintech market is expected to reach $310 billion by 2023, with a compound annual growth rate of 24.8%.
However, marketing your fintech product is not an easy task. You need to overcome many challenges, such as building trust and credibility, educating customers, complying with regulations, competing with traditional and new players, and adapting to changing customer needs and behavior.
To help you succeed in this competitive and dynamic market, we have compiled a list of best practices and tips for marketing your fintech product in 2023. These are based on data and insights from various sources and real-life examples from successful fintech companies.
01. Defining the fintech keys: “Target Audience” & “Value Proposition”
Before you start marketing your fintech product, you need to have a clear understanding of who your target audience is and what value proposition you offer them. Your target audience is the specific group of people who can benefit from your product and are likely to buy it. You can segment them based on various criteria, such as their age, income, lifestyle, behavior, needs, and preferences. Your value proposition is the unique benefit or solution that your product offers to your target audience and how it differs from your competitors, and communicates how your product can solve your audience’s problems or fulfill their desires.
For example, Mint, a personal finance app that helps users manage their money, has a clear target audience of millennials who are tech-savvy, budget-conscious, and looking for convenience and simplicity. Mint’s value proposition is that it allows users to see all their financial accounts in one place, track their spending and saving habits, create budgets and goals, get personalized advice, and more.
02. Creating Engaging & Educational content
Content marketing is the cost-effective way to engage, and educate your audience. Content marketing is the process of creating and distributing valuable, relevant, and consistent content that educates, entertains, and inspires your audience, as well as drives traffic, leads, and conversions. Content marketing can help you:
- Educate your audience about your product features and benefits
- Demonstrate your expertise and authority in the fintech industry
- Generate leads and conversions by offering useful resources or incentives
- Build trust and loyalty by providing helpful and personalized content
Content marketing can take various forms, such as blogs, e-books, whitepapers, webinars, podcasts, videos, info-graphics, social media posts, newsletters, case studies, testimonials, and many more. The key is to create content that is relevant, informative, engaging, helpful, and tailored for your audience. One good example, Revolut, a digital banking app that offers various financial services such as money transfer, currency exchange, crypto trading, and more, has a blog that covers topics such as personal finance, budgeting, saving, investing, crypto, travel, and more. The blog provides useful tips, guides, news, and insights for its audience, as well as showcases its product features and updates.
03. Leverage Social media to build your fintech tribe
Do you want to market your fintech product to a global and diverse audience? If so, you should consider social media marketing. Social media marketing is the process of creating and sharing content that promotes your fintech product or brand on various social media platforms. Social media marketing can help you:
- Share your content and messages with billions of active users around the world
- Build your brand image and reputation by showcasing your product value and features
- Connect with your customers and prospects and build relationships
- Create a community of loyal fans and advocates who can help you spread the word about your fintech product and generate referrals
Some of the most popular social media platforms for fintech products are:
- For B2B: LinkedIn is the best to attract corporate eyes.
- For B2C: Instagram & Twitter, are the most commonly used for news updates, tips, polls, quizzes.
04. Use gamification to increase your fintech’s engagement & retention
Gamification is the use of game elements and mechanics in non-game contexts to motivate and reward users for their actions. Gamification can be a powerful tactic for marketing your fintech product, as it can help you increase engagement and retention among your customers. According to MarketsandMarkets, the global gamification market size is projected to grow from $9.1 billion in 2020 to $30.7 billion by 2025. Gamification can help you make your fintech product more fun and interactive for your customers by offering them incentives such as points, badges, levels, rewards, leader-boards, challenges, etc.
For example, Acorns, an investing app that rounds up your purchases and invests the change, uses gamification to encourage users to save more money by showing them their potential earnings over time based on their current savings rate.
05. Optimize your website for search engines and conversion
Your website is the most important asset of your fintech marketing strategy, as it is the first impression that your potential customers will have of your fintech product. Therefore, you need to optimize your website for search engines and conversions, so that you can rank higher on relevant keywords, drive more organic traffic, and convert more visitors into customers.
According to BrightEdge, 53% of all website traffic comes from organic search. Search engine optimization (SEO) involves improving your website’s technical, content, and user experience aspects to match the search intent of your target audience and the ranking factors of search engines. You also need to optimize your website for conversions by using clear and compelling copy, attractive design, strong calls-to-action, trust signals, and landing pages.
A good example to refer, “TransferWise”, a money transfer service that offers low fees and transparent exchange rates, has a website that ranks well on keywords such as “money transfer”, “send money abroad”, “international money transfer”, etc. It also has a website that converts well by using a simple and intuitive interface, a calculator that shows the fees and exchange rates upfront, and testimonials from satisfied customers.
06. Incorporate, AI & automation in to your marketing operations
AI and automation are not only trends but also necessities for fintech marketing in 2023. According to Gartner, by 2025, organizations that use AI across the marketing function will shift 75% of their staff’s operations from production to more strategic activities. AI and automation can help you improve your efficiency and effectiveness by reducing manual tasks, streamlining workflows, enhancing data analysis, personalizing content, generating insights, and optimizing campaigns. You can use tools such as HubSpot Marketing Hub, Salesforce Marketing Cloud, Adobe Marketing Cloud, or IBM Watson Marketing to leverage AI and automation in your marketing operations.
07. Being socially responsible
Social responsibility is not just a buzzword but a reality for fintech marketing in 2023. Consumers are becoming more aware and conscious of the social and environmental impact of their purchases, and they expect fintech products to do the same. According to Forbes, more fintech products will prioritize social responsibility in 2023 as a way to differentiate themselves from competitors and connect with their customers on an emotional level. Social responsibility involves aligning your fintech product’s values with the values of your target audience, supporting causes that matter to them, taking actions that benefit society or the planet, and communicating your efforts transparently.
Good example, Aspiration, a banking and investing app that helps customers save money and save the planet, has a social responsibility mission that includes planting a tree for every purchase made with its debit card, donating 10% of its earnings to charities that fight poverty, and offering carbon offset options for its customers.
The fintech industry is one of the most dynamic and innovative sectors in the world, offering new solutions and opportunities for consumers and businesses alike. However, to succeed in this competitive market, fintech companies need to adopt effective marketing strategies that can help them reach, engage, and retain their target audience. These are some of the most successful fintech marketing tactics that can help fintech companies grow their business in 2023. However, these tactics are not mutually exclusive or exhaustive. Fintech marketers should always experiment with new ideas and approaches, as well as measure and optimize their performance. By doing so, they can stay ahead of the curve and deliver exceptional value to their customers.
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