By Mr. Prabhakar Tiwari, Chief Growth Officer, Angel Broking
FinTech today is a multibillion-dollar industry that is disrupting financial services across the globe. With its technology-based advanced, modernized and easy solutions, FinTech has simplified the financial journey for the customers. But as the number of FinTech platforms increases, the FinTech brands face a similar challenge of marketing their product to bring in more business while building trust among their existing client base.
The right marketing strategy can land a brand a fair market share with new customer acquisition and retaining the existing ones. But, in this competitive environment, where everyone is building solutions that understand the needs of individual customers, what is the right marketing strategy that targets the masses? Here’s what FinTech brands can do to stay relevant with their marketing strategy and thrive amid this cut-throat competition:
Build credibility to compete with behemoths
“Trust” and “credibility” are the keywords when it comes to the business of dealing with other people’s money — few things are more challenging than to make people part with it. The FinTech sector might be booming in India and across the world, but it is essential to remember that it is still taking baby steps into the world of financial services. Brands like SBI, HDFC, ICICI have, over the years, become trustworthy household names and FinTech companies have to compete with these decades-old behemoths not only to attract prospective clients but also to win their trust and onboard and retain them. One way to take on the giants in the battle for clients is to build a brand that comes top of the mind of people when they think “money”. Sharp, timely, and relevant marketing strategies not only increase brand awareness but also instill faith among the people that their money is in safe hands.
Deliver the right message to the target audience at the appropriate time
Historically, youngsters have always been the first to experiment with and adapt to anything that is new. When FinTech companies first emerged, the young and the restless, searching for a profitable adventure with their idle money, were the first to use their services. However, like with ATM cards in the late 1990s, older investors also eventually responded to FinTech offerings with zeal as the years went by. As FinTech evolves further and the scope of their product base broadens, a sound marketing strategy can ensure that the brand message reaches the right audience – the early adopters in the beginning and a wider audience subsequently. The strategy can help you decide whether to publish an ad in a newspaper, rope in an Instagram influencer, or create waves in rural areas through radio bytes to promote your platform. A decisive marketing strategy will help you pick the most appropriate medium to deliver your brand message to the target audience at the right time.
Simplify intimidating concepts
We can all agree that neither finance nor technology is a simple concept for most people – both come with highly technical language and jargon. Prospective clients looking to dip a toe in the FinTech ocean can find this sector intimidating because of the perceived complexities and turn away not just from a brand but from the sector as a whole. To eliminate the hesitation among laypeople, a marketing strategy can be shaped to sound simple and welcoming through easy and approachable messaging. A well-executed marketing campaign will surely pave that path for you and make your FinTech business stand out.
Make your product even better
It may sound improbable, but efficient marketing can undoubtedly help you smoothen out the rough edges of your product and make it better by inviting clients (and potential clients) to interact with you directly. With the advent of social media, feedback, both constructive and offensive, comes easy, and the task at hand is to separate the useful from the mindless. A marketing plan can be designed to attract productive feedback and give you a headstart when it comes to building products and platforms that customers really want. For instance, there is a buzz around cryptocurrency at the moment, and interaction with clients can help FinTech organizations decide if the trend is a passing phase or here to stay for good.
In a nutshell, a successful marketing strategy is not the one that gets you more customers, but it’s the one that also helps your audiences understand the products better and access them easily. This is the kind of thing that builds a lifelong relationship between an individual and the company. As a FinTech brand, reaching the right audience with the given tools to gain customer knowledge should be on the top of your list while framing a marketing strategy. Lastly, since ideas are transferable, continue to seek inspiration for innovative ideas from the existing successful strategies adopted by the established FinTech brands.
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