The Biggest Fintech Marketing Mistakes Start-Ups Make and How to Fix Them
When people start a business, they go into it knowing that they will make mistakes and that the most important thing is to learn from said mistakes. Yes, this is true, and it’s also a healthy attitude to have. When you acknowledge that starting a business will not be smooth sailing all the time and you will slip up here and there, you are open to taking more risks and appreciate the struggle that comes with running a business.
Of course, just because you have this mindset doesn’t mean you should go into your new business venture blind. Instead, you should be sure to make yourself aware of what some of these more common mistakes in the world of business are and, as such, become more aware of how you can avoid making these same mistakes. For practical and easy-to-follow advice, you’re in the right place. Throughout this article, we will discuss in more detail some of the most common marketing mistakes that Start-up Fintech companies make.
Not Communicating Well with Your Customer
This might seem obvious, but businesses continue to fail to speak to their customers’ needs regularly to the point that it bears repeating. The world of Fintech is complicated, and when you are particularly close to what you have developed, it can be easy when putting together content for your business to get bogged down in jargon. When you do this, what you write becomes completely inaccessible to your customers.
If you talk about that state-of-the-art technology you have managed to develop that uses AI and cloud-based tech and has great storage and retrieval capabilities etc… it may make complete sense to you but will be lost on the average person. When you are writing about what you do and offer, you need to pretend to be communicating directly with your customer.
Keep everything simple and be direct. Consider what the problem your system fixes is and focus on that. The consumer will be able to identify directly with the issue you fix and will be able to grasp what your business does as a result.
If you are going to be engaging with content marketing, it could be worth getting professionals on board who will be able to make your content a bit more user-friendly.
Not Conducting Market Research
Following on from the above, you will never be able to convey to your audience how your product meets their needs if you don’t know what those needs are. You need to make sure that you are doing a significant amount of customer research to ensure your product or service applies directly to them and convey this effectively.
Your research can involve looking up the market and learning about the demographic but don’t stop there, as this could lead to stereotyping. Instead, you should also make sure you are interviewing potential customers and looking at other businesses’ sites to understand everything happening within the market.
Once you have done enough research, you are going to want to split your audience up into different personas. A persona is an ideal representation of who your target audience is. You should have around one to five different personas with a multitude of pain points that apply to them. You can then ensure that you are marketing effectively to these different personas and their pain points.
Not Prioritising Marketing Efforts
You tend to find that small to mid-sized Fintech organisations don’t put as much effort into their marketing as they should. The fact is these businesses need to prioritise their marketing efforts. Inbound marketing is one of the most effective methods to build a recurring audience.
There are a few ways you can do this in a way that drives significant website traffic weekly. SEO-driven content is an excellent starting point, as when you blog, you are ensuring you rank highly on search engines and give yourself something to post on your social media account. You could even start a webinar series or a podcast if you don’t want to write. Regardless of the format you choose, make sure you are consistent with your content and that it is both informative and engaging.
Use Branding that Differentiates You from the Rest
If you’re operating purely from an SEO point of view, then the best company names would be ‘digitalbankingservices’ and ‘moneysavingbank’, but Monzo and Revoult didn’t opt to go for these choices, did they?
A lot of the time, effective marketing doesn’t just mean following the rules; rather, it involves knowing the rules and breaking them. There is great value in conveying to your audience how hardworking you are and how much you value client satisfaction; however, these values don’t separate you from the rest of the competition.
Don’t be afraid to go bold with your marketing. For instance, if you work in solving debt, why not brand yourself as the only company in the world that loves debt? There are exciting and creative ways to convey what your business does, which will allow you to stand out from the competition in the process, so don’t be afraid to not always stick to the rules when marketing.
Do You Need Help with Your Fintech Marketing?
If you run a Fintech business, you no doubt understand how important effective marketing is. Many start-ups make a number of mistakes, and you need to ensure you are avoiding these moving forward.
If you need help with your Fintech marketing, you should be sure to enlist the help of professionals such as YouYaa. Our team of experts will be able to help you market your business in a way that you communicate effectively with your audience and stand out from the competition. If you have further questions, please do not hesitate to get in touch.