Your Fintech Business Can Supercharge Its Growth by Doing These 3 Things…

As technology development continues to change how we live our personal and professional lives, innovators come forward and work out how best to design apps and software that complement such change. This occurs throughout every industry but is especially the case in the world of finance, as different businesses have different ways to merge the world of finance and technology. If you are one of these organisations, you might be wondering what some of the most effective ways you can boost your online popularity and growth are. This is going to be discussed in more detail below.

The Difference Between Traditional Marketing and Fintech Marketing

There is no denying that the foundation upon which Fintech marketing is built is the same as that reserved for traditional marketing. That being said, there are differences when you start looking at the specific ways you can encourage growth for your Fintech. It is all about where your customer wants to be marketed to, meaning you need to ensure that throughout any kind of marketing strategy for a Fintech, you focus on the likes of credibility, trust and reliability. These need to be at the forefront of your mind whenever you are putting together any plan on how you can grow.

Competition Within Fintech

Fintech is one of the fastest growing industries in the world at the moment, valued at billions and with start-ups being able to get in on the action, there is no surprise that the competition within the world of Fintech is vast. Industry watchers and those who frequently analyse different markets expect even more Fintech companies to be established within the next few years as well.

Not only this, but many traditional organisations that operate within finance have also started to catch up with the world of technology. This means that they are focussing a lot more on developing the tech their business uses and how they can make this available to consumers. They are also partnering with other Fintech start-ups.

The competition within the world of Fintech is clear; standing out has never been more important. So, what are some of the most effective ways you can do this?

Gamification

Gaming is a very popular form of entertainment and, therefore, something that immediately stands out and grabs consumers’ attention. Gamification is the process of applying different gameplay principles and elements of game design within an environment that doesn’t usually have them. Though it might not immediately be clear how this applies to marketing, there are several different ways that you can make it apply; these include:

• Holding competitions and giving away prizes to the winner (these are often done using social media).
• Provide reward points to your customers if they refer new clients or complete a transaction.
• If you have content that might appear ‘boring’, use quizzes, puzzles and other visual aspects to make it less so.

You tend to find that Fintech businesses will use gamification to create a bit of buzz before an official launch. The neobank Monzo, for instance, applied an excellent referral scheme for the launch of their app, where customers were rewarded for every new client that they introduced. They also used a waiting list, which is an effective means of tapping into a consumer’s competitive nature.

Influencer Marketing

This is an expansion on a traditional form of marketing that revolves around establishing a partnership with different third parties and using them to incentivise people to consume your product. These different influencers could be other marketers, industry bloggers or anyone relevant to your brand. The partnership tends to work because they will get some form of commission for every conversion their involvement earns.

Coinbase, a successful Fintech company in the US, used influencer marketing in order to encourage people to work with their product. It meant that prospective clients were a lot more likely to buy the product because they were encouraged to do so by respected voices within the industry.

Experience Marketing

This is exactly how it sounds, where you physically engage with your audience by offering them some kind of experience which goes along with the sale of your product or the promotion of your brand. It is easy to see how this would work when you are selling something, as you can have a pop-up shop that promotes the product, but experience marketing can also be very effective when selling different services. This is a good way to boost sales and generate a buzz about your business.

Zettle is a good example of this as when they launched in the UK in order to generate buzz, they held a press conference for different local journalists and influencers. This featured a physical pop-up market that showed the kind of ways various businesses could use the software.

In holding this event and inviting small businesses and journalists, Zettle encouraged growth and increased sales. This shows clearly how even if your business only sells a specific service, you can still promote said service by holding a physical event.

Encouraging Growth in the World of Fintech

Fintech is one of the fastest-growing and most competitive markets in the world. As such, you must ensure effective marketing to stand out and encourage growth. If you need assistance with this, you may want to enlist the help of professionals such as YouYaa. As a marketing agency, we have a great deal of experience in the world of Fintech and can sit down with your business to better establish how you can promote growth. If you have any questions or want more information on how we can help, do not hesitate to get in touch.