5 Fintech Marketing Strategies To Adopt in 2021


Though they comprise a burgeoning new industry that could be the future of banking, fintech companies may still find it challenging to get their message across to their potential users. People and businesses are set in their ways and can be particularly wary of innovative approaches that require entrusting them with their finances. 

Besides, the fintech market has been growing increasingly more saturated in recent years. While that may be good news for users, it is not such a positive development for companies. It makes it difficult for businesses to set themselves apart from the entire market. Any company worth its salt will look to fintech marketing strategies to ensure it reaches the right audience and builds their trust.

The Approach

Whatever marketing strategies you choose to adopt for your company, your campaign should fulfill these four goals:

  • Educating your audience – Young or old, the world of finance can often seem impenetrable for many individuals. Ensuring your potential clients know what you are offering and are not confused by the financial jargon could be the key to successful growth. 
  • Building trust – The mistrust of banks and financial institutions at large is as old as time, and the relatively recent crisis did not help. If this is the deal for brick-and-mortar banks, what reason do fintech startups have for hope? You can gain trust by educating your audience about your operations and committing to transparency and clarity. 
  • Offering a good user experience – This has more to do with the service or product you provide. However, an awareness of the expectations your customers will have of their user experience will help you devise a successful marketing strategy. 
  • Making a difference – The quality of your services is paramount. Even if you master that, though, it can be difficult to reach your desired audience in today’s overly-saturated market. The best fintech marketing strategies will help you set your business apart.

Learn More: The Rise of Digitalization in Fintech

Five Fintech Marketing Strategies You Should Adopt Right Now

1. Going mobile

According to statista.comOpens a new window , the number of mobile users worldwide is likely to rise to 7.1 billion in 2021. In the US alone, mobile users spend over 5 hoursOpens a new window a day on their phones. Reaching your audience this way will ensure you make the most of your marketing strategies. But how do you go about it?

Having a mobile-responsive website will do two important things. Firstly, you will rank higher among search engine results. Secondly, you are more likely to create conversions from your visitors if your website is fast to load and easy to use. 

To achieve this, make your website clean, simple, and to the point. Widgets, pop-ups, and unnecessary information won’t do you any favors. On the other hand, visual elements like infographics and large fonts will go a long way.

2. Making the most of social media

While advertising on social media is an obvious choice of a fintech marketing strategy, it is vital to put in a lot of effort into devising a campaign that will fit your brand, the chosen platform, and finally, your target audience. Zeroing in on who you want to reach will help you pick the social platform(s) to focus on. 

Personalize your content for each to get the best results. The best part about advertising on social media is that it helps you target your ideal customer. Social media also allows you to improve customer engagement, besides connecting with them over the phone or email.

Learn More: Customer Demand Is Driving Contactless Payments for SMBs

3. Generate valuable content

No matter which fintech marketing strategies you use, content is king, just like in any other industry. It is particularly important here to help you educate your target demographic about what it is you do and why they should be in business with you. For example, several recent studies of millennials showed their great hunger for finance-related knowledge, with the internet being the primary source they turn to. 

Creating content that simultaneously engages your target audience, informs them about your services, and provides them with the knowledge they are looking for can position you as an authority, leading to more conversions and successful marketing campaigns.

4. Consider paid ad campaigns

Instead of funneling a lot of money from your campaign into billboards, TV, and radio spots, it might be more effective to focus on other channels. A deep understanding of your demographic will allow you to be smarter with your budget and use channels like Google and social media ads instead. 

Being successful in narrowing down your target demographic is almost half the job. The other half includes fashioning ads with the right keywords, visuals, and calls to action. This way, you reach more people with a personalized message, something you cannot do with traditional advertising.

Learn More: 7 Steps To Effectively Manage Finances in 2021

5. Introduce referrals

Word-of-mouth is an invaluable part of any marketing campaign, especially because it can be challenging to inspire. One of the fintech marketing strategies that can make this work is introducing referrals. Your existing customers act on your behalf as a form of brand ambassadors, bringing in new clients for a reward. It also reinforces their loyalty to your brand by giving them a chance to contribute personally.

Making the so-called free money part of your marketing strategy can be done through referrals. It can even be devised as a reward for creating an account. CashApp, for example, would deposit $5 or $10 into your account once a friend used your referral code to transfer that same amount. No matter how you decide to play it, referrals coupled with free money are a very successful strategy for growing your number of users.

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