Fintech marketing has emerged as a new category in the marketing world, encompassing all the tactics and tools used by fintech organizations to drive demand, foster customer loyalty, and achieve business growth. While the principles of marketing remain the same across industries, fintech marketing requires a special focus on trust, credibility, and reliability due to the sensitive nature of financial services. In this blog post, we will explore seven of the most successful fintech marketing tactics and strategies, accompanied by real-life examples of their implementation.
- Gamification: Gamification involves applying gameplay principles and design elements to a non-game environment. In fintech, gamification is commonly used in pre-launch campaigns to generate buzz, awareness, and acquire new users. For instance, Monzo, a leading UK retail challenger bank, introduced a waiting list along with a referral scheme for the launch of their banking app. Users were added to a waiting list and could move up the queue by referring friends to the product. This strategy tapped into people’s competitive nature, exclusivity-seeking behavior, and curiosity.
- Referral, Affiliate, or Influencer Marketing: Referral, affiliate, and influencer marketing are all variants of partnership marketing, where third-party marketers or influencers are incentivized to promote a product or service. Fintech companies often leverage affiliate programs at launch to gain quick access to their target market and build trust. Coinbase, a prominent US fintech, implemented a referral program that rewarded both the referrer and the referee with a bonus for successful conversions. This approach attracted industry bloggers and influencers, leading to increased promotion and customer acquisition.
- Experiential Marketing: Experiential marketing involves creating unique physical experiences that engage target audiences with a brand. While commonly used in the consumer space, it has also proven effective in fintech. For example, Zettle (formerly iZettle), a Swedish fintech startup, hosted a press briefing featuring a physical pop-up market to replicate the business environment where their product could be used. The event attracted journalists and stakeholders, resulting in extensive media coverage, increased sales, and heightened brand visibility.
- Partnership Marketing: Partnership marketing involves collaborating with third parties, such as businesses or brands associated with a target market segment. Fintech companies often use partnership marketing to validate product concepts or reach new customers. YoYo Wallet, a UK payments startup, conducted a pilot project with Imperial College to test their concept model. Ripple, a leading US bitcoin company, focused on partnering with established finance and banking players to integrate their solutions into existing services. These partnerships allowed Ripple to tap into a broader customer base and gain credibility.
- Community Marketing: Community marketing is a popular tactic in fintech, involving the creation of close interactions with target customers’ audiences and involving them in business development. Building a community fosters loyalty, strengthens relationships, and provides valuable insights. Fintech startups like Revolut, Monzo, 11:FS, and Finimize have successfully built brand communities that drive product development, client retention, and growth. Crowdfunding is often used to quickly grow a community base and generate interest in a company.
- Branding: Differentiating a fintech company in a crowded market is crucial for success. N26, a fintech disruptor, implemented a bold branding strategy with their #nobullshit campaign. By adopting a direct and human tone of voice, N26 aimed to connect with millennials and position itself as a transparent alternative to traditional banking. While controversial, the campaign attracted attention and established N26 as a disruptor in the industry.
- Content Marketing: Content marketing and media production play a significant role in fintech marketing strategies. Content marketing involves creating and distributing valuable, relevant, and engaging content to attract and retain a clearly defined target audience. In the context of fintech, content marketing aims to educate, inform, and build trust with potential customers by offering valuable insights, industry trends, expert opinions, and educational resources.
Here are some key aspects of content marketing and media production in fintech:
- Thought Leadership: Fintech companies can establish themselves as thought leaders in the industry by producing high-quality content that showcases their expertise and knowledge. This can include blog articles, whitepapers, case studies, research reports, and infographics. By sharing valuable insights, fintech companies can build credibility and gain the trust of their target audience.
- Educational Resources: Fintech is a complex field, and many consumers may not fully understand the intricacies of various financial products and services. Content marketing provides an opportunity to educate the audience about different fintech solutions, their benefits, and how they can address specific financial needs. This can be done through informative articles, video tutorials, webinars, and online courses.
- Social Media Engagement: Social media platforms offer fintech companies a direct channel to engage with their audience and share relevant content. By creating and sharing engaging posts, infographics, videos, and live streams, companies can establish a strong social media presence and interact with their followers. Social media platforms also allow for targeted advertising to reach specific demographics and expand the reach of the content.
In conclusion, fintech marketing is a unique discipline that requires a tailored approach to effectively promote financial products and services. The strategies discussed in this blog post highlight the diverse tactics used by fintech companies to drive demand, foster customer loyalty, and achieve business growth. From gamification to referral marketing, experiential marketing to partnership marketing, community building to branding, and content marketing to social media engagement, each tactic plays a vital role in the overall marketing strategy of fintech organizations.
Trust, credibility, and reliability are paramount in fintech marketing due to the sensitive nature of financial services. Fintech companies must prioritize building trust with their target audience by demonstrating expertise, providing educational resources, and engaging in transparent communication. The examples provided illustrate how successful fintech companies have implemented these strategies to their advantage.
As the fintech industry continues to evolve and innovate, marketers must stay abreast of emerging trends and adapt their strategies accordingly. By leveraging the power of these marketing tactics and embracing creativity, fintech organizations can effectively differentiate themselves, establish thought leadership, and ultimately succeed in the competitive fintech landscape.
