The marketplace for fintechs is getting increasingly crowded. Competition is heating up for all sectors, and with VC investment dropping by 30% year-on-year in 2022, the need to stand out from the crowd is essential. To establish yourself in the market, it’s crucial for fintechs to build brand awareness and develop a robust strategy that targets its ideal customer base.
So, how to do it?
The following six strategies will help fintech companies increase their brand recognition, attract new customers and retain current ones.
In my view, social media offers a powerful tool for fintech firms to get their message and values across to their target audience. But more than that, it enables them to engage confidently and build a rapport with their audience, as well as showcase their products.
And by creating engaging content on social media that resonates with their audience, it’s possible to build a loyal following and establish themselves as a thought leader in the industry.
Each firm will find the right platform for their business, but most successful fintechs that I encounter have established a prominent presence on LinkedIn.
LinkedIn can be particularly valuable for finance and fintech businesses. Personally, I don’t view LinkedIn purely as a ‘social media platform’. It’s developing much more into a professional networking platform – for all businesses, professions and equally, individuals. By connecting with other people in your industry, directly or via relevant groups, the potential to build a network of long-lasting professional relationships is evident. It matters.
But it’s important for your employees to interact with their prospects. Building a community by engaging with other members of your industry needs to come from individuals, rather than a company. People buy from people, not businesses.
Share content, provide value, ask questions and listen and respond to answers. This is how business opportunities are made – at least on LinkedIn.
Provide updates on new features, customer success stories and share insight that gets you noticed as a thought leader in your field. By sharing valuable information and participating in discussions with others you can establish yourself as a leader in your industry. At the same time, whilst organically showing credibility, you’ll build relationships that can turn into potential customers.
The majority of consumers who interact with financial businesses do so because they have to. Because they need to. Not because they want to.
The primary reason for this is due to the perception that finance is complex. And when you combine that with technology, that level of complexity, for many, accelerates.
However, we both know that:
But this isn’t how many companies project themselves. So, it’s important for financial and fintech companies to build brand awareness by educating their audience on relevant topics.
This could be done through blog posts, webinars, videos, or social media content. By providing valuable information and insight, firms can position themselves as approachable thought leaders and establish credibility amongst their target audience.
And by educating potential customers, firms can help demystify complex financial concepts and build trust with the audience.
With trust comes brand recognition.
With brand recognition comes new custom.
Empower is a great example of who to do it right. They’re a financial planning and wealth management business who speak directly to their audience in a simple but knowledgeable way. They provide valuable resources via blog posts, webinars, and guides on topics such as retirement planning, investment strategies, and tax optimisation, but revolving around the themes of money, life, work and play – and in an easy to understand way. In providing such educational content, the company positions itself as a trusted adviser, and continues to build brand awareness among potential customers.
It’s crucial to get your brand in front of new people. And if you create your own event, you know that EVERYONE is there because they want to hear from you. They’re already interested in your business, your product and your message.
They are ALL your potential ideal customers.
This is an ideal situation. And what’s also in your favour? By hosting the event you’re able to control the message. You’re projecting the branding and messaging that you want to convey.
So, when people leave your event, you can be certain that they will have a positive impression of your business, and if you do it right, they’ll also have impetus to act.
So, by hosting a focused and memorable event you can:
Content marketing is a long-term strategy. It should form an important part of your marketing arsenal for you to:
I’m not talking about posting a couple of blog posts each month. You need to build a content strategy that’s right for your business. It may include:
They should all be pulling in the same direction. They should all be actionable pieces of content that aren’t curated to just sit in the resources section of your website, gathering internet dust.
They all ultimately carry the same message for your business and guide your reader to act.
Because, if they don’t what’s the point?
Yes, they’re there to build your brand and establish a level of credibility and awareness that gets you noticed.
But they are also sales documents and don’t forget that!
Using content marketing to showcase expertise and thought leadership is a proven strategy for fintech companies looking to increase brand awareness. By creating high-quality content that is informative and engaging, companies can attract potential customers, build credibility, and establish themselves as leaders in the industry.
Whether you’re a finance company, a retail business or offering a digital service, the buying decision comes down to emotion – most of the time.
Sure, product features come into play but emotional needs is the overriding factor.
So, the requirement to create emotional connections with your potential audience is paramount.
How to do it? Here are a few options:
Happiness, sadness, fear or anger are all viable strategies that marketers often use to create action.
Whether the action is to elicit a purchasing decision, more clicks, stronger loyalty or greater sharing, they all have their place.
For example, Heineken’s "Worlds Apart" campaign attempted to get people with opposing views on emotive subjects to explore their differences and create connections. They do this while sitting down over a bottle of beer. Heineken’s goal was to show how people – even strangers – can engage with each other, share their emotions and open up with those who would otherwise appear incompatible. The audience viewed this positively, noting how common ground can unite people.
Whilst this campaign is now several years old, it still sticks in the mind having racked up huge numbers of views globally across all social channels.
By creating emotional connections with their audience, fintech companies can establish similar long-term relationships with customers and increase brand awareness in the process.
Experiential marketing is a way to engage with your audience by creating an experience for them. Instead of getting your message across through traditional marketing methods, experiences can connect in unique ways that others can’t.
You may be thinking that this would be great for physical product consumer brands but not for fintechs.
If so, you’re wrong.
There have been many companies in both the financial and technology space who have used experiential marketing to great effect.
The leading fintech startup, Zettle, used this strategy to launch their product into the UK. In doing so, they invited local journalists and influencers to a press briefing, where they were met by a physical pop-up market. It was built to replicate a typical business environment, with real businesses able to accept card payments through their digital devices.
Zettle was effectively allowing their modern point-of-sale payments products to do the talking for them.
The event attracted 70 journalists and stakeholders and generated over 80 articles in the local media and press. Following the event, app traffic rocketed and sales rose by 425%, with 17,000 products sold.
1. How can companies determine the optimal allocation of resources among different brand-building initiatives?
Determining the optimal allocation of resources among different brand-building initiatives is crucial for fintech companies, especially startups with limited budgets.
One approach to tackle this challenge is by conducting a thorough cost-benefit analysis of each strategy. Fintech firms can assess the potential return on investment (ROI) of various initiatives based on factors such as expected reach, engagement metrics, and conversion rates. Additionally, companies can prioritise initiatives based on their specific business objectives and target audience preferences. For instance, if the target audience is highly active on social media, allocating a larger portion of the budget towards social media marketing might be warranted. Ultimately, it's essential for fintech companies to strike a balance between cost-effectiveness and impact when allocating resources for brand awareness initiatives.
2. What metrics should fintech companies track to gauge the success of their initiatives, and how can they adjust their strategies based on performance data?
Fintech companies need to track the performance of their initiatives to assess their impact and make informed decisions. To measure effectiveness, companies can track key performance indicators (KPIs) such as website traffic, social media engagement metrics, lead generation, and conversion rates. By analyisng these metrics regularly, companies can gain insights into the effectiveness of their brand awareness efforts and identify areas for improvement. Additionally, implementing tools such as Google Analytics, social media analytics platforms, and CRM systems can facilitate data collection and analysis. Based on performance data, fintech firms can refine their strategies, allocate resources more efficiently, and optimize their brand-building initiatives for better results.
3. Given the highly regulated nature of the fintech industry, are there any specific regulatory considerations that companies need to account for when implementing brand awareness strategies such as influencer marketing or content creation? How can fintech firms navigate compliance requirements while still effectively promoting their brand?
Given the highly regulated nature of the fintech industry, companies must adhere to various compliance requirements while promoting their brand. For instance, when engaging in influencer marketing, fintech firms need to ensure that influencers disclose any material connections with the company and comply with applicable advertising regulations. Moreover, in content creation and marketing, companies should avoid making misleading or deceptive claims and ensure that all content complies with relevant advertising standards and consumer protection laws. Fintech companies operating in multiple jurisdictions also need to be aware of cross-border regulatory differences and tailor their brand awareness strategies accordingly. By staying informed about regulatory requirements and integrating compliance considerations into their brand-building efforts, fintech firms can mitigate legal risks and maintain trust and credibility with their audience.
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