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Fintech Marketing: Exploring Best Practices And Strategies

Fintech Marketing: Exploring Best Practices And Strategies

The fintech world is exploding on a global scale and has radically transformed certain entrepreneurial hubs such as Cyprus, encouraging investments and growth. Transactions that once required face-to-face interaction can now be done at the tap of a virtual button. Fintech consists of a unique combination of financial technology solutions and user trust, with larger monetary transactions conducted digitally on a daily basis across sectors such as online investment services, digital payments, neo-banking, crypto exchanges, and more.

Generating Demand with Fintech Digital Marketing

All industries require strong marketing that builds brands, connects businesses to their target audience, and complies with the various rules and regulations that govern that industry. The fintech industry is no exception.

Fintech marketing solutions may be defined as the totality of marketing techniques designed specifically for use by financial technology organizations. However, these techniques must do more than build an organization’s brand and amplify its message. They must also comply with a growing list of SEC regulations that restrict the claims that can be made within marketing messages.

The entire point of fintech marketing is to build demand and increase market share. To do this, you need to identify your fintech market opportunity. Fintech marketing strategies should be engineered around specific business models. There is no one-size-fits-all solution that will work for all organizations.

Anyone in the financial services and online trading sector during the past decade cannot fail to recognize that digital investing platforms continue to grow in popularity, along with tough competition and increasing oversight. This also means that fintech companies are faced with numerous challenges, including product complexity, increasing regulation, cybersecurity risks and changing consumer needs. Successful fintech marketers must, therefore, not only be able to stay on top of these changes but also understand that they constitute vital components of financial marketing.

Cybersecurity, compliance, transparency and financial literacy help maintain the integrity of the financial institutions we work for, provide transparency for investors, and ensure the viability of our sector.

Client Focus, Data Leverage and Brand Differentiation

Beyond product optimization, client focus and adaptability are the two most crucial factors in fintech marketing, as they allow marketeers to better align their business strategies with consumer expectations. The key to the personalization and automation of the client journey lies in leveraging data successfully.

A marketing strategy can be a combination of various techniques, depending on your target audience’s needs and data strategy requirements. Some of the most important components of a successful digital marketing strategy include:

1. Branding

Branding is a critical step in building your fintech business but it is often misunderstood. It’s more than just creating an evocative logo or an effective marketing concept. Instead, it’s about building expectations in your audience. Your brand is how your customers perceive your company and services; you can guide that perception through your actions and adherence to your mission, and by correctly positioning your fintech business within the wider industry.

2. Content Marketing and Media Production

While fintech companies utilize complex technology to provide their services, fintech marketing messages need to be communicated seamlessly. Successful fintech marketing therefore hinges on content marketing and media production.

Fintech marketing should do more than entice and tantalize – it must educate.

In fintech, clients tend to face a specific set of challenges. Maybe they’re trying to invest for the very first time. Perhaps they want to accept mobile payments at their small business. Whatever the case, your content must explain how they can get around these issues and then position your solution as the best option for them. However, you must ensure that there’s a strategy in place. Whether through a blog post, a webinar or a social media post, as a fintech marketer, educating your target audience is key. A focus on offering easy-to-understand, digestible content will help your prospects make informed decisions. 

Simply put, no business will succeed without getting its message across to its audience and this is done through content delivered across channels including social media posts, PPC ads, blog posts, videos and more. It’s all about answering questions, positioning your firm as the answer to the customer’s challenges, and educating your prospects. This is the key to inbound marketing that performs.

Investing in education has been one of our core strategies at Orbex and we have found that it has helped our clients create a stronger emotional tie to our brand, based on continued appreciation and trust. We continue to defy expectations by consistently sharing the expertise and insights of our multi-awarded Research team in multiple languages, through real-time market updates. We give this information freely to anyone interested in learning more about the financial markets, educating prospective clients on the markets and how to trade in them, well before they choose to open an account with us.

3. Referral, Affiliate or Influencer Marketing

Referral marketing, affiliate marketing and influencer marketing all allow you to reach your target audience and build interest in your brand. Referral marketing is precisely what it sounds – allowing your current customers to refer others to you (usually for a reward of some type). Affiliate marketing allows you to tap into millions of affiliate websites to spread your message, and influencer marketing allows you to leverage an influencer’s audience to build your brand. For instance: Revolut’s latest venture into celebrity collaborations. The financial app partnered with British YouTubers ”Sidemen” exposing their brand to more than 130 million followers and 34 billion views.

4. Partnership Marketing

Partnership marketing is a unique method that allows two or more brands to achieve success based on the synergy of their combined efforts. By working with other brands, you can reach a broader audience and collaborate with other businesses interested in the same audience, as well as increase brand credibility.

For instance:

• Google, back in the day, sponsored Wi-Fi at Starbucks across the US.

• The Super Bowl, the biggest sporting and television event in the United States was flooded by crypto sponsors like Coinbase, crypto.com, etc.

• Orbex, financial services firm, based in Cyprus since 2011, sponsored trading academies and organized hundreds of seminars in the Gulf region to embrace education on financial investments.

5. Gamification

Gamification is a technique used to add game-like elements to your content. It’s used in the world of training and e-learning and can be used to great effect within fintech marketing. Gamification does not necessarily mean transforming your marketing content into a game but simply adding appropriate elements to other marketing elements.

For instance, earning points, offering rewards, and introducing contests are all examples of gamification.

6. Community Marketing

Community marketing involves bringing people together around a common theme or cause.  That community should feel that they belong together, and they should care about each other (due to their shared interest). Fintech strategies for marketing tend to start here, with an internal community manager taking the lead.

Fintech Marketing: A Never-ending Journey

Fintech clients are now demanding improved services, seamless experiences and increased value for money. The pace of change shows no signs of slowing down and, in the future, fintech companies will need to deliver even stronger value propositions, increasing the importance of effective fintech marketing.  Having a strong strategy in place and staying on top of digital trends will allow you make the impact you need in fintech marketing, while also embracing the mindset that success is a never-ending journey.

 

 

About Drosoula Hadjisavva

With over a decade of experience in the financial services and fintech sector, Drosoula Hadjisavva has held critical leadership roles across several leading fintech/FX and Telecom firms.  As a certified Chartered Marketer with a Bachelor of Science degree in Computer Science and an MBA, Drosoula has a rounded experience in heading global marketing organizations, including high-performance digital marketing, corporate, brand, PR/media, as well as product marketing.  Drosoula, currently serves as Chief Marketing Officer at Orbex, a multi-regulated financial services firm based in Cyprus since 2011, having previously held the position of Chief Marketing Officer at BDSwiss.  

 

 

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