Fintech. You’ve heard this word every time someone mentions the start-up they work for. And while it might get old, there’s a real reason why fintech is so popular—the financial industry’s incredible technological shift. This shift has shaken the traditional banking model and has opened doors for many new companies to find success. Now more than ever, effective marketing is necessary to stand out in a crowded, popular, difficult, but lucrative market.
Fintech encompasses a wide range of businesses, from digital payments and lending to crypto and insurance. What unites these companies under this “fintech” umbrella is their reliance on technology to deliver financial services more efficiently. Capturing and retaining customers is now more important than ever before.
Let’s dive into fintech marketing and how an agency like M&P can leverage incredible marketing experience with the talent of this emerging industry. (If you’re already sold, schedule a call with us today!)
Challenges of Fintech Marketing
Marketing a fintech company is complex. Traditional banks often have established brand credibility from decades of business. Fintechs don’t. The question becomes, how do you establish brand trust and recognition in a rapidly evolving market?
Fintech products are also not the easiest to understand. This requires marketers to bridge the gap between complex financial concepts and easy-to-understand messaging to make the product user friendly. On top of the complex product understanding, there’s also the strict regulations that require deep compliance understanding.
What we’re saying in nice terms is that this industry is fun, it’s fascinating, and it’s emerging as an important sector in finance. But it’s also a clusterf*ck that requires time and attention.
What Can a Marketing Agency Do for Fintechs?
Fintech companies can benefit from the same marketing services as many other industries, including paid search, SEO, content marketing, web design, social media, and even brand photography. This expertise helps drive growth and success.
Let’s get into a little more detail on what marketing agencies can do for fintech marketing.
- Brand development: A strong brand identity and compelling story that resonates with a target audience is so important for the relatability of fintech companies.
- Identify target audience: Who your brand is targeting through in-depth marketing research is important to identify ideal customer segments.
- Customer acquisition: Acquiring new customers is a top priority and multi-channel marketing campaigns are a great way to achieve this.
- Customer retention: Retaining existing customers is equally important, and loyalty programs and customer engagement strategies are priorities for agencies.
- Digital marketing expertise: A strong online presence is a must and agencies can help optimize websites, manage social media, and implement SEO strategies.
- Content marketing: Creating high-quality content helps establish a fintech company as a thought leader.
- Data analytics: Measuring data to see the effectiveness of marketing campaigns and to optimize changes is essential for performance metrics.
What Does Fintech Marketing Success Look Like?
Speaking of performance metrics, a marketing agency in the fintech space will look for metrics like website traffic, social media engagement, conversion rates, customer acquisition costs, and customer lifetime value to indicate the overall effectiveness of their marketing efforts. Depending on results, this could require pivoting towards something that works.
The Future of Fintech Marketing Agencies
The fintech landscape is constantly evolving, and the marketing strategies used must adapt accordingly. Emerging technologies, like AI and virtual reality, will likely play a larger and larger role in shaping the future of fintech marketing. And as consumer expectations continue to rise, personalized experiences will become even more important now than before.
As your fintech company expands in the future, don’t be afraid to ask for marketing help. We rely on experts in the financial field to help us with our questions, so do the same of our services. At M&P, we have the experience you need to elevate your fintech brand. Schedule a call with us today and let’s start this partnership.
