Fintech marketing rules have changed. Do you have the right tools for success?
In an industry that has thrived on physical, face-to-face interactions to establish trust, relationships, and integrity—how do fintech companies adapt their current marketing efforts to capture the hearts and wallets of their target customers?
If your fintech marketing strategy is centered around the needs of your company rather than the needs of your customers—you’re doing it wrong.
Long gone are the days of disruptor marketing—blatant, unpersonalized advertising that tells people how to feel instead of evoking emotions that connect them to your brand, and ultimately, to your product.
Because at the end of the day, your customers want to feel safe, secure, and confident in your company’s ability to deliver exactly what it promises—and then some.
Welcome to the age of customer-centricity and brand authenticity in fintech marketing.
Fintech Marketing: The rules have changed
Trust. Relationships. Integrity.
These words echo through the walls of every financial services company in history. Because when it comes to entrusting their hard earned money to a third-party—people don’t want to feel confident and secure—they need to.
The fintech industry is one of the fastest growing financial services sectors in history. The total transaction value in the digital payments segment alone amounted to $3,952,706 million in 2019 with YOY transaction values up +74.6%. As fintech continues to experience rapid growth, brands are fighting for their own piece of fintech’s multi-billion dollar market share.
And while technology is the focal point of this industry, companies can’t lose sight of the people they rely on for success. The individuals, families, and businesses who demand trust, relationships, and integrity from their financial services partner.
Fintech companies have not only disrupted the traditional financial market with more convenient, efficient solutions, they’ve overtaken it. And just as the traditional financial services sector has fallen short, so have traditional marketing tactics.
As Lindsay Cottman of Woden explains, “The rules of trust-building have changed. Institutions and establishments no longer have the power that they used to, and traditional campaigns are not strong enough to win hearts and minds. Instead, what’s required for success and genuine trust is an authentic brand that makes every customer, whether business or consumer, feel like they are part of real relationship.”
The Importance of Brand Authenticity in Fintech Marketing
If you want to capture wallets, you need to connect to the people they belong to first. And it’s as straightforward as being authentic, customer-centric, and aligning these efforts across the entire customer journey.
Sustained revenue growth for your company means approaching fintech marketing a bit differently than you have in the past—okay, a lot differently. Here are a few things to think about as you connect brand authenticity and customer-centricity to your comprehensive fintech marketing strategy.
- Pay attention to authentic metrics: When your marketing efforts shift toward brand authenticity and the customer experience, so will how you analyze campaign results. While there is no one type of metric that measures consumer perception of brand authenticity, there are ways to analyze current data differently. Focusing on authentic metrics will help you determine whether your message is resonating with its intended audience. Three key authentic metrics to help measure brand authenticity in fintech marketing include: interaction, engagement, and participation.
- Be authentic about customer-centricity: Let’s be honest. Your company would not exist without its customers. A player this critical in your company’s ongoing success deserves to be put front-and-center—don’t you agree? Customer-centricity goes beyond recognizing the role customers play in your business by making sure every part of their journey is exceptional. It’s about digging into the data, building a deep understanding of your customers, and discovering how you can improve their experience – through your marketing messaging, UI and UX, and cadence and quality of communications. PwC’s “Experience is Everything” study found that 42% of consumers would pay more for a friendly, welcoming experience and that, “65% of US customers find a positive experience with a brand to be more influential than great advertising.” If growing revenue is part of your business plan in 2019—and we’re guessing it is—don’t make customer-centricity part of your strategy, make it the focal point.
- Align your efforts authentically: A big part of brand authenticity and gaining the trust of your audience is consistency. When your sales and marketing strategies are aligned with brand authenticity, a consistent customer experience will come naturally. Integrating every part of a customer’s experience will help ensure a seamless journey from one medium to another. Consistency across all platforms, channels, departments and messaging builds confidence and trust with your audience.
Ignite Your Company’s Growth in 2019
Authenticity, customer-centricity, and alignment are the foundation that your fintech marketing strategy should be built on. It will fuel your company’s growth engine, spark lead generation, and propel it into the future.