There are few new things under the sun, and that can be especially true for traditional financial services. For example, banking has historically been resistant to change and disruption; especially the digital aspects of the business. At least that was the case until the last decade when Fintech arrived and became the fastest-growing sector.
According to research by McKinsey, 42% of financial decision-makers now have a Fintech account, and more than 24% of consumers use a Fintech banking platform. Since 2015, Fintech companies have started to pop up everywhere in the financial services industry and far beyond. And that growth has only accelerated since the effects of COVID-19 began.
So, now the question isn’t, “Will Fintech succeed?” but “How do you stand out?” Since Fintech mainly preaches to the already converted, the key is strategy-focused digital marketing for Fintech.
What is Strategy-Focused Digital Marketing for Fintech?
To capitalize on the potential, Fintech companies must embrace how consumer behavior and relationships are shaping the market. Today, Fintech is setting new standards in customer expectations by offering more convenient products and services throughout the customer journey (PWC Global Fintech Report 2019).
Why does this matter for Fintech digital marketing strategies? Because the best digital marketing approaches can offer the same positive disruption to the marketing landscape as Fintech offers to the financial services world.
The key is strategy-focused digital marketing tailored to Fintech’s unique products or services, experiences, prospects and consumers. This strategy must be informed by experience and relentlessly focused on results. And it must consistently reinforce your unique value proposition based on your positioning, buyer personas, and path to purchase.
But what exactly does strategy-focused digital marketing for Fintech look like?
It is multi-dimensional digital marketing across the full breadth of digital techniques, channels, and platforms; from SEO to email, social media, pay-per-click, blogging, and media. Your digital marketing strategy should align with your firm’s existing state of marketing readiness and goals—whether they are revenue-based, customer-service-based, or simply market awareness-based. It’s all about a well-thought-out plan that proactively finds new avenues of growth.
7 Dos and Don’ts of Strategic Fintech Digital Marketing
In action, solid marketing for Fintech firms will attract, engage, and convert your target customer. But since that requires a highly specific and customized strategy that we can’t offer that now through this blog, we thought instead that we would highlight some of the most important dos and don’ts of a successful digital marketing strategy for your Fintech firm.
1. DO personalize your marketing tactics to improve customer acquisition.
Fintech exists because customers are demanding improved services, seamless experiences, and increased value for their money. The same can be said for your digital marketing to those prospects. Your content, messaging, and tactics should be personalized to your target consumer with the purpose of helping them make an informed decision about your products and services.
Think about how digital marketing can decrease friction for your consumers, making it easier to attract them and retain them. Customer-centric tactics to consider:
- Video: Customers love video. 40% of customers say they would prefer video for doing at least one financial activity, and 85% of online video banking users are willing to use it again.
- Social Media: 82% of U.S. consumers are regular social media users, and within Fintech, social media has changed how companies connect with consumers.
- Blogging: Marketers who blog are 13X more likely to experience positive ROI, and 70% of consumers would rather learn about your Fintech company through articles over ads.
2. DON’T be generic or salesy, but do brand your content.
Content is still king—it has never been dethroned. But that doesn’t mean that every piece of content you create will provide value. It is the quality of your content that determines the effectiveness of your Fintech digital marketing strategy. Your content should educate your prospects while providing valuable insight and tools to improve their everyday lives.
Don’t focus only on generic content that could be written by anyone within Fintech.
Further, your brand and offering are unique, and prospects prefer to invest in companies that they feel offer something different from all the rest. Branding provides your content with authenticity and helps you stand apart from the crowd by highlighting your unique value-add.
3. DO spread out your digital marketing spend across channels.
Your prospects are found on many different channels, depending upon your target market. They can be found on Facebook or reading blogs or searching Google. They are spread across many different platforms and channels, including industry publications.
Determining who is your target audience and how to find them is critical to creating a digital marketing strategy. Recognizing that this might evolve throughout the evolution of your products and services is also very important. Perhaps at the beginning of their interaction with your brand, it will happen on social media, but by the time they’re willing to purchase or download something, they are on your website and/or reading your blog.
Think about your marketing efforts and what channel makes the most sense to reach your audience. And begin with a narrow focus. Become consistent at engaging with just a few of the most important channels first and then launch more as you have time and a team to assist.
4. DON’T forget to engage, engage, engage.
Your prospects don’t just want to be sold until they are ready to buy, and certainly prefer not to be preached about how your product or service is the best and your service is second to none. They want to experience it first hand, and they want to do so while developing a relationship with your brand. This is why it’s so important to interact with your prospects as much as possible in a digital channel first.
There are many ways to engage your prospects in conversations through your Fintech digital marketing—some passively and some actively. Here are just a few:
- Personalize your emails to your consumer by greeting them by name, sending an email based on their location in the sales cycle, and following up after actions on your website. Customers are 5% more likely to open a personalized email from a Fintech company.
- Respond to customers on social media immediately and quickly. 80% of consumers use social media to engage with brands.
- Be conversational in all your digital marketing so you can deliver great customer experiences. When you are relatable and offer meaningful connections, you facilitate opportunities for engagement.
5. DO consider paid advertising, carefully.
Ads have their place in strategy-focused Fintech digital marketing. As you’ve probably heard, you have to pay to play, and that’s very true. But remember, 47% of prospects use ad-blocking technology when browsing, so ads must be planned out carefully.
The key is to use paid advertising as a supplement to your overall strategic marketing plan and not as your only ace-in-the-hole. The last thing you want to do is waste money on clicks that never convert. When setting up ad campaigns, you must consider:
- Your budget: What is a sensible budget for getting the job done, and how does it fit with your overall digital marketing budget?
- Demographics: Who are your prospects, where do they live, what do they do for work, how old are they, where do they spend their time?
- Interests: What are the interests of your target prospect, and how will those interests help gain ad conversions?
- Keywords: For Google PPC, in particular, what keywords will prospects search for that will result in clicks on your ad?
- Call to Action: What call to action will get the result: “Learn more today” or “Get 15% your first month” or “Download our free report,” etc.
6. DON’T hide. Be transparent, honest, and empathetic.
Fintech prospects and consumers need to be able to trust your company in order to do business with you. They need to feel comfortable with what you offer and how you offer it. You must provide safety, privacy, and comfort in the online world. This is critical to the customer experience and to their willingness to build a strong relationship with you.
To do this through digital marketing, you need to be transparent, honest, and empathetic. You must help your prospects feel like you have nothing to hide as a brand and that if they become your customer and remain your customer, you will take care of them. 94% of consumers said they’re loyal to brands that are transparent, and 73% are willing to pay more for products and services from transparent companies. You must prove your worth.
7. DO embrace mobile as part of your Fintech marketing initiatives.
In 2020, U.S. consumers spent approximately 4.2 hours per day on mobile apps—up 30% from two years ago. On top of that, 76% of Americans have used their primary bank’s Fintech mobile app within the last year. The trend toward mobile is clear, so it should be no surprise that embracing mobile as part of your Fintech digital marketing strategy is critical.
An effective mobile marketing strategy should include:
- A mobile-responsive website, which will help you rank higher on Google search results and attract more visitors.
- SEO optimized content for voice searches, which is popular on mobile devices. This includes using long tail keywords, writing in the form of Q&A, being conversational, and using bullet points and lists.
- Visuals designed for all screen sizes, including the ability to be compressed for faster load times.
Strategic Digital Marketing Delivers Great Results for Fintech
Within the Fintech sector, digital marketing’s role is to fight for the prospect and consumer. With strong storytelling, a solid strategy, and relevant digital marketing tactics, you can yield great results that convert.
But while you can do this on your own, it isn’t always the best option. A strategic digital marketing partner who understands the Fintech industry, your business, and the online ecosystem can be invaluable.
At Mindtap Digital, we can help you design and execute a strategic digital marketing plan that measurably achieves your goals and objectives while supporting your growth. We can help you extend your existing team to backfill any gaps, or take over the entire strategy. It’s entirely up to you! We’ll use all the necessary disciplines and deliverables to get you the outcomes you deserve.
Learn how Mindtap Digital can help you over-deliver on your Fintech digital marketing strategy today!