5 Proven Marketing Strategies To Grow A Fintech Product
The Fintech Industry is becoming influential!
Thanks to the advancements that this industry has made, it has revolutionized how we handle money, investments, and transactions.
But picture this: You have built a great Fintech product with cutting-edge technology & user-focused features. How do you get people to notice and choose it over your competition?
Studies point out that the global Fintech market is expected to reach USD 397.24 billion by 2029. This means more Fintech products will mushroom in the future. To stand out and boost your product's growth in such a vast landscape, you must market it effectively.
Because building a Fintech product is only the first step. To reach your target audience, you need powerful marketing strategies.
Now, when it comes to marketing, enough of those old-school marketing tips or tricks that aren't working anymore. Read this article for 5 practical Fintech Marketing Strategies that offer you a road map to boost your visibility.
5 Powerful Marketing Strategies for the Fintech Industry
1. Use Gamification
For many Fintech companies, engaging with their ideal customers is still a dream.
Luckily, gamification in Fintech apps has given us new hope by driving engagement and retention. It’s the integration of game-like elements in non-game contexts. It involves adding elements such as points, rewards, and challenges into your product that nurture potential customers to engage, earn, and stay interested while using your Fintech app.
Tell us: Who doesn't like playing games?
Fintech App gamification also helps break down tricky concepts. We know finance concepts are hard to comprehend. But with visually stimulating content, like games and short videos, you can easily educate your potential customers about your product.
Cred, one of the top Fintech companies in India, uses gamification to create engagement in its applications.
Its "Spin the Wheel" game has boosted daily engagement, where it gives users 10 chances to try their luck and win amazing rewards like Bitcoin, gift vouchers, and other useful rewards.
Another interesting example is Fortune City, a budget-tracking app that uses a simulation game that lets customers construct and oversee a virtual town. This gamification has used a good psychological trick.
For instance, as customers achieve different milestones, let’s say when they have managed to save better compared to their friends, they will be awarded the 'Master of Saving' badge.
The users also get various other badges as part of their virtual bragging rights. These give a feeling of achievement and a dopamine hit, which enables users to take positive actions inside the app.
Does the Fintech Industry really need gamification?
You can't take Fintech App gamification lightly. Reports show that by the year 2032, the global gamification market is projected to hit a whopping 116.68 billion dollars. These numbers highlight how crucial gamification has become in the financial tech world.
If you are looking for a reliable source that can help you with gamification in your Fintech app to boost customer acquisition, retention, and engagement, get in touch with Flyy, a gamified referral and loyalty rewards platform.
2. Create rich, informative content
Bill Gates wrote an essay titled "Content is King" back in 1996, which was revolutionary then but commonplace knowledge now. But have you wondered why content is king? It’s because it helps people and brands connect better and succeed in different areas.
Why is creating valuable and informative content relevant to Fintech trends important?
Financial literacy is an essential skill, but many people fall behind in that area due to a lack of quality content that educates readers on complex topics in a simple manner.
Studies done in the US show that only 28% of millennials have a clear understanding of how to invest, and 77% are striving to be more financially literate. As for developing nations, India has only 27% financial literacy. This underscores the importance of creating search intent-satisfied content to stay ahead in the Fintech Industry.
Create blogs to share insights, industry news, and product updates to showcase domain expertise.
Creating rich and valuable content on vital financial topics in different forms, like blogs and videos, not only educates your target audience but also showcases domain expertise.
But there’s a catch.
The industry is already saturated with tips and tricks. So, it is vital to dive in deep and analyze what your target is looking for.
Argyle is a B2B Fintech company that creates content based on conversations they have with their customers. This approach allows them to understand their pain points and queries and address them effectively in their content.
Another example is Spendesk, an all-in-one spend management platform built for finance teams. They are renowned for creating content that's all about comparison posts that rank for high-intent keywords.
3. Leverage referral, affiliate, and influencer marketing
Influencers, affiliates, and referrers are all branches of the same tree that help build awareness for your Fintech product and convince your audience to make purchase decisions.
Identify key influencers in the Fintech space
Studies show that 60% of consumers make purchasing decisions based on influencers. But if you think that influencer marketing is only for lifestyle or beauty brands, you are wrong.
Any industry, including Fintech, can add flavor to your Fintech marketing efforts.
But the key here is to find influencers in your Fintech space.
Klarna is a Swedish Fintech company with a smartphone app that lets consumers pay for goods in four interest-free installments.
Here, influencer and celebrity collaborations have spotlighted their company's brand. Although Klarna claims that influencer marketing is expensive, they say combining it with great branding principles pays off.
Example: Snoop Dogg promoted Klarna’s online payment services via the words "smooth dogg," indicating Klarna's ambition to make payments and transactions smooth.
Implement a robust referral or affiliate program
A referral program is developed to motivate existing customers to refer new customers, whereas, in an affiliate program, you tie up with a third-party to promote your product.
We must say Fintech companies have tasted success in this strategy.
Here's a great example.
US Fintech Coinbase introduced an affiliate or referral program. When a referral is purchased or sold for at least $100 within the first 180 days, the referee and referrer get a $10 bonus.
This Fintech marketing strategy pulled in influencers and bloggers, and they started promoting Coinbase through their channels.
Coinbase even raised the referral commission from $10 to $75 for a limited period, which excited even more people to jump on the affiliate bandwagon. Today, it offers more exciting rewards and keeps its customers in the loop.
4. Have a community-led marketing approach
Community marketing is a strategic approach that aims to engage and build genuine relationships with the targeted audience. Because in this fast-paced world of Fintech, trust is the currency, which can only be earned through community marketing.
How can this help?
This community-led approach makes people feel like they belong, creates brand awareness, and can back you up during tough times.
For example, Monzo's initial name was Mondo. They had to look for a new name after they had a trademark clash. So, they asked their 100K subscribers and broadcasted the message across social media and the press, asking for a new name.
Within 48 hours, their campaign landing page had 12,000 submissions.
This is why community-led marketing is vouched for as one of the best Fintech marketing strategies.
However, building a community for your brand from scratch is extremely challenging. But certain Fintech companies have cracked the code.
Leverage online forums, social media groups, and community platforms
When potential customers actively participate in these spaces, you get to know how they feel about your business. The experiences, pain points, and suggestions they share are a gold mine for iterative improvement.
Another way to grow your community is through crowdfunding, where you already have a pool of potential backers who have invested in your idea. So, let’s say that you launch a campaign, and your community becomes your initial support base.
This is what Revolut did in its initial days. Today, it has 16 thousand crowdfund investors who invested in Chip.
5. Practice powerful branding techniques
Define a unique brand identity that resonates with your target audience
Steve Forbes says that your brand is the single most important investment you can make in your business. But are Fintech companies doing it right?
Let's be honest. In Fintech, while products or services each carry a distinct brand identity, they all share commonalities, and they find it challenging to distinguish themselves in the market.
Here, branding comes to the rescue. It's powerful enough to make your product or service unique.
But remember that branding extends beyond merely designing your Fintech product logo and colors and adopting a minimalist and clean design.
Your branding must resonate with potential customers and help them recognize and remember your Fintech platform.
Craft a compelling brand story that communicates your values and mission
Figure out what your brand truly cares about and stands for. Make sure to tell this story consistently in all your messages and platforms so it feels real and leaves a lasting impression.
Venmo, a famous mobile payment service in the US, has made its name stand out in digital finance with its top-notch branding. Venmo promoted the idea that it's synonymous with the quick action of sending or receiving money.
So, it anchored this message in every outdoor marketing campaign, with billboards on trucks, streets, and even on boats. This way, it got people's attention and today, it stands as one of the most popular mobile payment services.
Conclusion
There's no doubt that the Fintech Industry is evolving, and the competition is becoming stiffer. But with effective marketing strategies, you can sell your product better.
Whether you are a Fintech startup aiming to shake things up or an established player looking to grow, these strategies can help you boost your Fintech product and make it stand out in the digital financial world.
According to author Philip Kotler, "Marketing is not the art of finding clever ways to dispose of what you make. It is the art of creating genuine customer value." Follow these bullet-proof strategies and watch your Fintech product grow.
