How to create an effective digital marketing strategy for your fintech business
With so many players in the fintech field, it can be challenging for companies to stand out from the crowd. An effective digital marketing strategy is an absolute must for growing your fintech brand.
But with the digital marketing scene constantly evolving and changing, it’s hard to know where to begin. We’ve put together our top helpful tips for fintech companies to consider when strategizing their marketing plan.
Measure your success
If at first you don’t succeed, try and try again. But how do you know if your marketing strategy is succeeding? Measuring your marketing techniques is crucial to understanding what you’re doing right, and where you could do with a little improvement – not only for your customers’ experience, but also for making sure that you’re hitting your goals and targets.
Whenever you plan and create a piece of digital content, make sure that you define the KPIs which will identify and measure the success of that specific piece of content.
Generally, you’re going to be looking at the following metrics:
- CPA (cost per acquisition)
- LCV (lifetime customer value)
- Organic search traffic
- Percentage of active users
- Virality coefficient
So how do you use all the above to gain a comprehensive picture of your marketing success? Using a platform (such as Google Analytics or HubSpot) which gathers all your metrics in one place is a convenient way to measure if all the energy you’re actually putting into your digital marketing is paying off.
Setting your KPIs is also important to measuring your success but bear in mind that this can be a moving goalpost and must be adapted with the changing trends and shift in your strategies.
Understanding and delving deep into your analytics will help you uncover any blind spots in your marketing strategy and, therefore, know what strategies have been a marketing success story, or where you could improve.
Understand your customer
Without fully understanding your target audience, all your marketing efforts will be stabs in the dark, so to speak. To plan and implement a successful digital marketing strategy for your fintech, it is vital that you have a deep understanding of who you are speaking to, how to speak to them, and where you can find them.
A good method to use before you begin planning your marketing strategy is creating your typical customer profile. Spend some time researching who your ideal customer is. Where they spend their time on the web, the keywords they’re searching for, the content they respond to, and the influencers they follow are all clues to gaining a deep understanding of their habits and patterns.
Once you have established your target buyer, you’re one step closer to successfully tailoring your content towards them.
Engage with your audience
Following on from understanding your audience, the next key step to nailing your digital marketing strategy is using your knowledge about your customers to create engagement.
Customer engagement is one of the most important factors for building a strong fintech marketing strategy, with today’s average consumer wanting to feel an authentic connection to brands. Creating a personal experience for your existing and prospective customers will help them to feel heard and seen.
If you are interacting with your followers and asking for feedback, make sure that you follow up on what you learn, and share this with your audience. Respond to comments and questions on your social media channels. Personalise your emails and advertising. Create content that is specifically targeted at your target audience. Simply create a clear strategy for engagement with your customer when you are setting out your digital marketing strategy plans.
Know your brand inside out
The web can be a busy, cluttered, and confusing space. To ensure that your fintech business is making its mark in the digital marketing scene, it’s imperative that you have a clear brand.
Before you even begin to set out your digital marketing strategy, ensure that every single person in your company knows your branding guidelines and culture. Your branding will be determined by the audience you’re targeting, and it’s worth spending a little time delving into the psychology of colour branding to get yours just right.
When we talk about branding, we don’t just mean the name of your company or what your logo looks like. It goes much further than that. Your brand encompasses the essence of your fintech company, from your culture and ideals to your standards and values; it is the personality of your business.
Why is brand so important? As we said, knowing your brand inside out will give you an edge against competitors when trying to be seen and heard by your target customers. Ultimately, customers stay loyal to a brand rather than a product, and that’s why it’s a vital part of your digital marketing strategy.
Stay on top of the latest trends
When all is said and done, you could have the most detailed digital marketing strategy laid out for your fintech company, but it’s no good if it’s out of date. By out of date, we mean focusing on platforms and techniques which are no longer useful or relevant.
The digital marketing scene is constantly evolving, and to ensure that your marketing strategy is effective you need to stay on top of the latest trends and know exactly where your efforts are best focused.
‘Traditional’ marketing and PR have been taken over (although there is still definitely a place for them; that’s a post for another day!) by the new kid on the block… inbound marketing. This style of marketing, which relies less on shouty sales techniques and more on pulling your consumers in through catchy and useful content, may be seen as just the latest ‘trend’ but this will only evolve and adapt in the future.
Stay ahead of the game and make sure that your company is constantly researching the latest trends, platforms, influencers, and techniques appropriate to the fintech industry. You don’t want to get left behind!
A digital marketing strategy should not be rushed, and you certainly shouldn’t ever just “wing it”. However, if you follow these tips and take the time to map out a strategic plan for your fintech company, you’ll be well on the road to success. Let us know in the comments which strategies you’ll leverage for your fintech digital marketing strategy in 2021 and beyond.