The Fintech sector is expanding at an unprecedented rate, as seen by the number of unicorns (companies valued at over $1 billion) that are founded each year. Fintech marketing is one of the growing domains of marketing where potential investors come together thereby to get profit and grow with the aspect. Fintech startup marketing is although mandatory for the respective target group however, it is pivotal as well to ensure that the industry grows and flourishes.
By full means of fintech marketing, the number of customers has increased, which indicates that there are more market prospects and that competition for market share has gotten more intense. In addition, 75% of venture-backed fintech businesses fail within the first year. Because of this, marketing strategies for fintech companies differ from regular marketing firms. Moreover, it is essential to create a well-considered fintech marketing strategy in order to get traction and keep up with rivals in your specialized industry.
In this article, we will reveal 5 fintech marketing strategies which from the perspective of fintech digital marketing are quite results-driven.
This fintech advertising tactic is famous for the creative innovation that it concludes. Applying gameplay concepts and game design features in a non-game setting is known as “gamification.”
Gamification is frequently utilized in fintech pre-launch efforts to increase buzz, awareness, and new user acquisition as a part of marketing strategies for fintech companies. For the introduction of their banking app, Monzo, one of the most popular retail challenger banks in the UK, implemented a waiting list and a referral program. Users who downloaded the app were automatically added to a waiting list, and the only way to advance down the list was to recommend the app to a friend
Due to their ability to appeal to people’s competitive drive, this set of fintech marketing strategies desire for exclusivity, and curiosity, waiting lists have been found to be extremely effective.
Referral marketing, affiliate marketing, and influencer marketing all refer to the fintech digital marketing or conventional marketing strategy of forming alliances with outside “marketers” or “influencers” and rewarding them with commissions for each sale they bring in. Affiliates might be expert marketers and media owners (such as comparison websites), as well as bloggers and influencers in the field as a part of fintech marketing.
Affiliate programs are one of the finest ways to quickly and directly access your target market and win over customers in the fintech marketing industry. They are frequently employed at launch as part of a go-to-market plan.
An excellent illustration of fintech startup marketing is the US financial company Coinbase, which launched an affiliate or referral scheme to entice customers to spread the word about their product to their networks.
In the domain of fintech digital marketing, by giving your target market a special physical encounter with your business, experiential or experience marketing allows you to physically engage or connect with them. For instance, the leading Swedish fintech start-up Zettle (formerly iZettle) used marketing strategies for fintech companies by the medium it to introduce their product to the UK market. In order to recreate the kind of business setting where Zettle can be employed, they held a physical pop-up market during a press conference for local journalists and influencers as part of their UK launch plan.
In addition to the aforementioned affiliations and other tactical sub-categories like co-branding, sponsorships, product placements, joint ventures, content sharing, etc., partnership marketing is the more general idea of collaboration marketing for fintech companies. It is all about collaborating with an independent third party, company, or brand that is connected to a sector of a market you are interested in selling to. Businesses in the financial industry frequently employ joint marketing and partnership strategies during the pre-launch phase to evaluate product concepts and test the market thus to make fintech startup marketing successful and one of their kinds.
Community Building/ Community Marketing
One of the most widely used marketing strategies for fintech companies’ techniques in fintech and IT in general is certainly community marketing. This aspect further ensures that fintech marketing tactics is collaborative enough to make surety for increasing potential target audience and eventually make profit streams higher for the brand. This fintech advertising is robust when it comes to arranging resources and promote them in the best way possible. Thus making fintech marketing a popular yet growing domain too.