Fintech Marketing Guide: Best Marketing Strategies for Fintech for 2024

Fintech Marketing Guide - Best Marketing Strategies for Fintech for 2024

Fintech Marketing Guide: Best Marketing Strategies for Fintech for 2024 – African2nice Online fintech tips updates for Fintech Marketing Guide: Best Marketing Strategies for Fintech for 2024.

Fintech has been one of the fastest-growing industries in the past few years. There are more than 10,000 fintech startups in America, with 9 out of 10 Americans using fintech apps. Initially valued at $127 billion in 2018, the industry’s valuation is expected to more than double to $300 billion by the end of 2022.

Fintech has produced 162 unicorns — companies with more than $1 billion in valuation. With demand for fintech apps increasing to 132% globally, the space has become highly competitive, and fintech companies are fighting to gain the most significant financial market shares. During the 1st Quarter of 2021, fintech app marketers have already invested $1.2 billion in user acquisition.

Unlike other industries, fintech marketing is tricky because users can quickly jump ship to the next competitor promising the biggest reward. In 2019, fintech apps experienced a 35.5% average uninstall rate, causing a $100,000 average monthly loss. These glaring values push fintech marketers to search for the most effective fintech marketing strategies guaranteed to retain and convert users.

What Is Fintech Marketing?

Fintech marketing refers to the strategies and tactics used to reach and gain customers for the financial technology sector. Trust and credibility are crucial in any fintech marketing strategy, like in other industries. However, most consumers view the finance sector as a tedious necessity, making it challenging for marketers to come up with exciting ways to market their fintech apps.

Further, finance technology is a complicated topic that is often hard to grasp by the typical consumer. It involves complex terms and unfamiliar conditions that marketers must simplify to gain customers’ interest.

As a result, fintech marketers must utilize creative and educational strategies to build their brand and gain loyal customers. The primary fintech marketing strategies are the same as in other industries. But the execution is different in addressing the unique concerns of the finance sector.

10 Most Effective Fintech Marketing Strategies for 2024

1. Create a mobile-friendly website

Develop a Mobile-Friendly Website

There are more than 6 billion smartphone users worldwide, and it’s estimated that we spend five hours daily using them. Smartphones have been ubiquitous in our daily lives, and we do almost everything with them. Fintech apps aim to improve the accessibility of financial services like banking, bills payment, loans application, and investments using smartphones.

A mobile-friendly website is imperative if you want to reach consumers and tell them about your services. Before investing in paid ads and other marketing strategies, ensure that your website is accessible and viewable on mobile devices. Check that the user experience is seamless and that customers can quickly find what they’re looking for.

Customers who have a terrible experience with a non-responsive site are more likely to go to a competitor than patiently navigate to find the information they need. In a tight competition, you can’t afford to miss this chance.

Benefits of a mobile-friendly website:

  • Increases competitiveness. Every fintech app now has a fully mobile-capable website. You are marketing a mobile product, so it’s a must to have a mobile-friendly site. If you fail in this aspect, then you are already behind other fintech companies.
  • Boosts Google search ranking results. Customers perform 52% of searches using mobile devices, and Google prioritizes showing mobile-friendly websites on these searches. Not having a mobile-friendly site means missing out on getting to the top of Google search results.
  • Convenient way to reach customers. Most of your fintech customers are already smartphone-savvy consumers. They are already comfortable transacting with their phones and will likely research fintech companies on their mobile devices.

Tips for Creating a Mobile-Friendly Site:

  • Keep text and descriptions short. Mobile devices have less space to display text, making long paragraphs hard to read. Use large fonts and catchy visual elements.
  • Avoid using popups and unnecessary widgets that clutter your site and make it hard to navigate.
  • Constantly optimize to make sure your mobile site loads fast. Remove unnecessary elements, and use images or videos with small file sizes.
  • Create clear call-to-action buttons that are easy to click.

2. Educate your customers

Educate your customers

Financial literacy is the key to building a loyal consumer base. More than 5 out of 10 millennials use mobile payment apps, but less than 20% are financially literate. Millennials are the biggest target market for fintech apps, and there’s a huge opportunity to educate them about their finances.

When you focus your fintech marketing strategies on teaching consumers, they will find ways to utilize your app more, tell their friends about it, and remain loyal to using your app. They’d begin seeing you as a partner in their financial journey, not just a tool to help them manage their resources.

Ways to educate customers:

  • Utilize video marketing. Produce bite-sized videos and post them across social media platforms like YouTube, TikTok, and Instagram. Videos are a great way to make complex ideas easy to understand and can be a creative avenue to make these concepts enjoyable. You can use explainer videos and other animated videos to help customers grasp the main ideas.
  • Write informative blogs. Cover many informative financial management topics and turn them into helpful written guides. These blogs could be about foundational knowledge that consumers could refer to every time, or they could be about the latest best practices to maximize their financial resources.
  • Use the power of images. Create visual guides to help customers understand step-by-step processes relevant to their financial needs. For example, you can help them understand how loans and credit score ratings work. Or give them helpful guides on how to start investing and what investment products will work for them. Turn this information into easy-to-digest guides they can share or save for future reference.

3. Utilize gamification techniques

Utilize gamification techniques

Customer engagement is crucial for fintech companies to stand out from the competition and retain their customers. Gamification is one great strategy that has worked for many fintech apps.

It’s a fintech marketing strategy that involves utilizing game-like elements that reward customers for completing specific tasks. For example, you can run tactics like quizzes, puzzles, and contests that measure customers’ financial knowledge. You can reward customers with badges for completing specific tasks, such as making transactions, paying bills, taking out a loan, and others.

Gamification techniques work best with millennial and younger customers who appreciate a fun and gamified approach to completing routine tedious tasks. Gamification also helps you turn financial education into a fun activity that encourages customers to broaden their financial understanding.

Benefits of Gamification Strategies:

  • Promotes regular interaction. Customers are encouraged to interact regularly with your products. Fintech apps are created to solve recurring financial needs, such as paying bills, making investments, etc. Gamification keeps customers logging in to your app frequently versus exploring other similar apps.
  • Results in higher conversion rates and better revenues. With customers frequently using your app, they’d be more likely to perform the actions you want them to do and convert to paying customers.
  • Creates brand awareness and sustains brand excitement. Gamification helps spread the word about your app because users are inclined to share their achievements on their social profiles. It also keeps users excited to interact with your brand regularly to see how they can achieve more rewards or level up their status.
  • Helps position your brand as exciting and fun. Fintech companies are often viewed as complex and serious, and gamification helps to lighten this view and makes your brand more accessible.

4. Take advantage of social media marketing

Social Media Marketing

Social media is one of the most powerful fintech marketing tools today. Everyone is registered to at least one platform, and whether you like it or not, you’re missing out on customers if you’re not doing any form of social media marketing. However, most financial institutions use social media in a rather boring manner and have the misplaced conception that it’s only for fun and quirky brands. Fintech companies can benefit significantly from using social media with the right marketing plan.

There’s no one-size-fits-all approach when using social media. Every platform has different pros and cons and different target audiences, and it’s essential to understand these before crafting a social media strategy.

Instagram and Facebook may be from the same company, making cross-posting possible, but the way people engage on Facebook and Instagram is different. YouTube and TikTok may be video-sharing platforms, but the types of video content shared on each site differ. Knowing the various requirements will help you create content that resonates with these platforms’ audiences.

How to Use Social Media for Fintech Marketing:

  • Identify your target audience and the platform they frequent. While every social media platform has representative audiences, there are dominant groups and profiles in each one. Gen Z dominates TikTok, while professionals flock to LinkedIn. Know what market you want to target with each social media platform and tailor your strategy accordingly.
  • Build a community with your audience. Don’t treat social media as a one-way street. It’s supposed to be a social connection between two entities; in this case, between you and your target audience. Use social media to share about your company and the issues relevant to your customers. Listen to your customers’ positive or negative sentiments and show that you are not afraid to address them.
  • Be consistent with your messaging and efforts. You can’t run one campaign or make sporadic posts and think you’re doing well with social media. That’s not how you’ll build a community. Social media platforms use algorithms to show their users the most relevant content. With thousands of brands competing for their attention, failing to be consistent with your efforts will push you out of their radar.
  • Work with one platform first. Start with one social media platform and add additional ones after establishing your first profile. Once you’ve created a solid marketing strategy with one platform and know the ins and outs of using it, you can start adding another. This strategy will help you maximize a platform’s intended audience and avoid burnout from managing multiple social media platforms simultaneously.

5. Don’t underestimate SEO

Fintech SEO

SEO, or search engine optimization, is one of the oldest but most effective fintech digital marketing strategies you can implement. It involves optimizing your website for the right keywords that users are searching for across their buying journey. It also includes SEO strategies like improving page speed load times, being mobile-friendly, and using backlinks to increase your site’s search rankings.

Fintech SEO helps your site generate organic traffic, which means visitors can find your content without relying on ads. In the long term, SEO produces higher ROI because as long as your content is relevant to what customers are searching for, it will continue to create leads and sales for your brand.

Benefits of SEO marketing:

  • SEO builds consumer trust. Financial services rely heavily on consumer trust to be effective. You want customers to view you as a credible and professional fintech company that can be trusted to handle their personal and sensitive data. A high-quality website that follows SEO best practices sends clear trust signals.
  • SEO helps you reach customers at the exact point in their buyer journey. When it comes to financial services, customers seek solutions and answers to their pressing questions. With an SEO-friendly website, you can be confident that your site is at the top of the search results when customers search for answers.
  • SEO creates a steady stream of customers. When you publish fintech articles on your website, search engines index them and show them to customers as long as they are relevant to the search queries. An evergreen content that answers timeless financial concerns will continuously rank high on search results and be a consistent source of high-quality leads.
  • SEO fosters collaboration. One of the critical SEO strategies is creating backlinks from other websites to your site. Backlinks are achieved by collaborating with other industry experts like financial publications, finance bloggers, and other authoritative sources.

6. Consistently create quality content

Develop a quality content

Content marketing is the backbone for having a successful SEO strategy and a high-quality website. As previously mentioned, building trust and credibility is the primary goal of any fintech marketing campaign. Consistent, high-quality content is the best way to let your audience know that they can trust your brand.

Don’t simply create content to make one or because you want to rank in the search engines. Quality content involves producing materials that your target audience would find helpful and valuable, and it’s not just creating any blog post or video. Every piece of content must be based on facts and address a customer’s need.

Go beyond the usual “tips and tricks” or “things to know.” Customers are looking for in-depth articles that are well-researched and thoughtfully created. There are thousands of written blogs and videos about financial topics on the internet. Create something different but worthy of your audience’s attention.

Make your content accessible and easy to digest. No one wants to read content full of jargon or complex terms, no matter how highly researched and in-depth it is. Learn how to strike a balance between practical and comprehensive content.

Importance of Good Quality Content:

  • Boosts your site’s organic SEO. The trick to appearing on the first page of search results is to write high-quality content that targets keywords and addresses the searcher’s needs. Average time on page is one of the factors Google and other search engines use to measure quality content. It refers to the amount of time a user spends on your page. If your site has low-quality content, users would quickly leave it to search for another answer. But if your site provides the information they need, they will stay longer to consume your content.
  • Establishes your brand as a thought leader and expert. Regularly producing high-quality content tells your audience that your fintech company knows what they’re doing. In finance, it’s essential to come out as an industry expert for people to trust you. Industry experts can adequately address customers’ needs and not necessarily bombard them with useless information.
  • Creates credibility and brand trust. High-quality content reflects the kind of brand and product your fintech company has. When you take the time to produce good-quality content, your customers will know that you care about them and will trust your word that your product is the solution they need.
  • Increases loyal customers and revenues. High-quality content is something that customers can refer to over and over again. It’s a helpful piece of content they’d love to share with their family and friends and use as a reference when they are faced with the same dilemma. Companies offering fintech services have many opportunities to create valuable content that customers will find helpful time and time again.

7. Explore affiliate and influencer marketing

Affiliate and Influencer Marketing

Influencers, affiliates, and referrers are third-party advertising channels that help quickly build awareness for your fintech app. This fintech marketing strategy enables you to reach a targeted audience who are more likely to purchase your app or try it out.

Most companies offering fintech services already utilize affiliate marketing to gain new customers. Affiliate marketing involves paying a commission to an affiliate (a third-party individual or company) for every successful lead they send to your business. Referral marketing gives existing customers an additional incentive to share the app with their network. Influencer marketing involves working with influencers whose audiences fit your target profile.

The great thing about utilizing influencers and affiliates is that they already have an engaged and loyal fanbase. They’ve built credibility with their audience, and when they promote a product, there’s a higher chance of success. Influencers can range from those with thousands of followers to micro-influencers with several hundred followers. Finding the right ones whose personality and follower profile fits your brand is vital.

Benefits of Influencer Marketing to Fintech Brands:

  • Instantly create public awareness about your brand. Influencers use social media to reach their audience, and working with a bunch of them would immediately explode your brand awareness across multiple audiences.
  • Reach a highly targeted and engaged audience. Influencers have loyal and active followers who regularly engage with their content. They develop creative ways to maintain this engagement, and when you tap them to promote your product, you can be sure that your promotion will be well-received.
  • Cost-efficient and leads to a higher ROI. When you factor in the costs of paying for influencers versus the revenues the campaign would generate, you’d see that it’s one of the most profitable fintech marketing strategy. And if you work with micro-influencers, you won’t have to pay as much to promote your fintech solution.
  • Allows you to form genuine brand ambassadors. When you choose the right influencers that fit your brand, you’ll have brand ambassadors who can credibly promote your brand better than some paid ads or models. Customers now trust referrals and social reviews more than paid ads. Influencers can provide social proof for your brand and increase its social acceptance.
  • Generate tons of organic content about your brand that also boosts SEO. Influencers create content that would sometimes go viral or hit millions of views and engagement. These are good ranking signals for your website that search engines will use to boost the rest of your content.

8. Harness the power of branding

Branding

Branding is more than just your fintech app’s logo and colors. It’s about what you want to convey to your audience about the financial solution you offer, and it’s also about what would appeal to your audience.

If you’re targeting the millennials and Gen Z, a bold and daring brand would be a good fit. On the other hand, you may think twice about using non-conventional colors and text if you’re targeting the Boomers.

Branding also involves creating an image of what your product stands for. It’s about communicating the problems you’re trying to address and the direction you want your app to take. In most cases, it involves sharing the mission of your product.

Branding helps you stand out from the competition. As more players enter the fintech industry, almost everyone has adopted the minimalist and clean design that it’s becoming hard to stand out. Understanding your brand helps you explore creative ways to present your product so that you won’t get lost in a sea of similar apps.

If you’re unsure how to create a compelling brand for your fintech solution, you can tap the expertise of branding services. They can help outline what your product stands for and create a winning brand that will resonate with your target audience.

Benefits of creating a strong brand:

  • Improves brand recall. A strong brand identity helps customers remember your product. They may first interact with your brand in an ad or an influencer campaign, search for it via Google, and finally decide to download it. A solid brand helps them recall your product accurately in all these touchpoints.
  • Creates positive word-of-mouth advertising. Branding involves creating a story that resonates with your audience. When you do this right, your audience will handle spreading the word about your brand. Word-of-mouth advertising further raises your brand’s credibility since consumers believe social proof more. Word-of-mouth improves your campaign’s impact by 54%.
  • Reduces price sensitivity. When you build a strong brand, your customers will feel an affinity for it, making them less sensitive to your prices. Building a solid brand includes communicating what your product stands for and what problems you are trying to solve. When customers see your solution as more than just another fintech app, price and fees will be less of a consideration.
  • Creates customer loyalty. Branding is about creating something that your customers will find relatable. When they understand where your brand is coming from and what you’re trying to solve, they’ll stick around even if other fintech brands offer more lucrative incentives or competitive features. Loyal customers can become allies who’ll help your brand improve by giving valuable feedback about their needs.

9. Leverage video marketing

Video Marketing

Videos have proven excellent mediums for conveying complex ideas in simple and easily understandable terms. More than 50% of digital marketers agree that videos produce the best ROI and can increase conversion rates by as much as 80%. You’re missing out if you’re not making videos.

Different kinds of videos should be part of your fintech marketing strategy. You can explore explainer videos or product how-to videos that showcase how consumers can use your fintech app. You can also create testimonial videos from users who’ve successfully used your product to improve their lives. An animation video can be an excellent tool for explaining a tricky concept because the visuals will help simplify the idea. Customers are also better engaged with a video because they see and hear information simultaneously.

You can use these videos as part of your social media marketing campaigns and content marketing strategies. Videos can be incorporated into blog posts to help rank them higher, and videos will also showcase your product better than words or static images. For fintech apps, letting users see the actual app and how it works is crucial in building consumer trust and eroding any additional barriers.

It can be tough to come up with a video concept, let alone shoot one, but you can continuously tap video marketing companies specializing in creating these materials. They may be a considerable investment, but video materials will go a long way to helping solidify your brand and capture your audience’s interests. Plus, video production agencies know the latest trends in video design and can guide your company in the right direction. When choosing video marketing companies, ask for past projects to help you decide if they are the right agency for your needs.

10. Build a community around your product

Community Management

Community marketing is one of the most popular fintech marketing strategies in the tech world. It’s a powerful tactic in building loyal consumer bases by harnessing strong emotional connections between the brand and the target audience. Community marketing works by involving your audience in the creation process of the app.

As you develop your product and release beta versions, you encourage your community for feedback. You share your development progress and any setbacks. When your product launches, you can depend on your community to raise awareness and become early adopters.

Most startups form a strong community as they develop their products, leading to massive success. They involve their community in activities like naming the product, suggesting product features, joining beta test groups, participating in Q&A sessions, and hosting community meet-ups.

Building a strong community from scratch can be challenging, but the brands that manage it earn lifelong loyal customers.

Hire a Professional Fintech Marketing Agency

Creating a fintech app is only half the battle. You must successfully market your solution, so your intended customer can find it. The resources available today make marketing a tech product easier than before. The above fintech marketing strategies are meant to guide you and show you what’s possible today.

If you want to achieve massive growth for your fintech app, working with a reputable financial marketing agency like NinjaPromo will help you navigate the complex but exciting space of fintech marketing. They can help you with your fintech marketing strategy by:

  • Creating a fintech marketing campaign that unifies your product’s features with the pain points of your target customer
  • Producing high-quality content that’s guaranteed to create awareness, drive engagement, and bring repeat customers
  • Managing simultaneous campaigns and measuring their performance versus set goals
  • Developing your product’s brand to appeal to your target audience

When hiring a fintech marketing agency, look for a track record of successful campaigns, preferably in the same niche as your product. Consider their past projects and confirm that their experience and expertise meet your expectations.

Conclusion

Fintech is an exciting and highly competitive space that presents many growth opportunities. Don’t be afraid to develop solutions for this industry, as endless possibilities remain. Just ensure to observe the right fintech marketing strategy to help your app reach the intended customer. After all, you don’t want to create a solution only to end up with no one wanting it.

By developing a winning product, following the tactics outlined in this guide, and partnering with a fintech marketing agency, it won’t be long before your fintech app becomes the next unicorn.

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