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Marketing mistakes to be aware of in the FinTech sector

The best way for potential customers to know you’re there is to market effectively. That’s easier said than done though — with all your competitors marketing their services too, you don’t want to be drowned out, nor do you want to make an embarrassing mistake in your marketing that leaves you looking like a non-contender!

The following guide serves to help you build a strong FinTech marketing campaign…

Don’t say too much!

If you have big news coming up, that’s great. But don’t tell the world straight away. In this day and age, it’s all about building the hype. Think about a big, upcoming movie release; they don’t just have trailers anymore. Now, we get teasers for the trailers themselves, the trailers have release dates and countdowns like the full movie release does! This gets people talking and discussing what is to come — they know something is about to land, but they don’t know what, and that’s exciting!

Incisive Edge recommends that FinTech companies should use an embargo on big news if they are heading to a trade show or exhibition soon. Create a press release, but put an embargo on it so that the press sources can’t publish the news until a certain date. You can do this to stir up excitement, as well as giving the content writers longer to work on their piece.

Using boring language

Knowing how to speak English and knowing how to use English are two separate things. That’s why people get degrees in marketing and language!

While your text might well be accurate and technically sound, if the choice of words is poor or uninspiring, it’ll drag your whole advert down. Take a moment to consider the goal of your piece. What are you trying to make the customer feel? Excitement? Using words like “innovative” or “cutting-edge” instead of “new” or “updated” make for a much more enjoyable read. Don’t be afraid to use bold terms; FinTech is a disruptive sector, after all. Shake it up!

Being online all the time

Your sector is very much surrounded by technology, it’s true. But that doesn’t mean your marketing strategy should be online-only. The offline branch of marketing is still a strong choice, and it’s a brilliant way to get noticed.

According to Delineo, several FinTech companies have made use of offline print marketing effectively. For example, a robo-advisory firm set up a series of print ads through an underground tube network, reaching a huge audience who don’t have great phone signal in the moment they’re in the advert’s vicinity. Without mobile distraction, printed adverts at underground stations tend to get noticed!

If you’re a start-up, you may not have the marketing budget to pull off a large-scale print campaign just yet. But there are other avenues you can explore. Why not get some banners printed for your stand, or some fun selfie frames for visitors to your next exhibition stand to use and share online?

Not using social media

Following on from the previous suggestion, it would be unwise to wholly neglect social media. There are ways to blend offline strategies with online, and it’s all about finding a balance. Plus, as Securion Pay notes, 84% of Millennials — a key target audience — have smartphones and 78% of them use their devices for more than two hours every day. Your audience is already there, so make sure you’re visible online!

It’s not enough to just make an account on Facebook, Twitter, or Instagram though. You have to use social media well in order to bring about some great marketing. Some sectors have already failed to do this, with 87% of consumers saying social media usage by banks often came across as irritating, dull, or unhelpful.

But used correctly, social media is a key way for you to connect with your customer base and build rapport. Of course, positive feedback is great, but in the event that you receive negative feedback online, don’t fret. Handled right, a negative feedback post can become a very positive display of ownership and resolution. Respond quickly, professionally, and work with the customer to bring the matter to a satisfactory result. Ignoring the comment will leave your unhappy customer even more frustrated, and they are likely to lash out on other websites with larger audiences about your service.

“A lack of response is a response,” says social media and customer services expert, Jay Baers. “It’s a response that says, ‘We don’t care about you very much’.”

 

Make your FinTech firm stand out from the crowd. It’s a competitive sector, and you need to be seen for all the right reasons. A well-constructed marketing strategy will help you achieve this.

Sources:

https://www.callboxinc.com/b2b-marketing-and-strategy/fintech-marketing-strategy-tips/

https://blog.incisive-edge.com/blog/6-fintech-marketing-strategy-tips

https://www.delineo.com/culture/4-fantastic-fintech-marketing-campaigns/

https://securionpay.com/blog/6-marketing-trends-fintech-industry/

http://www.brightnorth.co.uk/whitepapers/Image_Quality_and_eCommerce.pdf

https://skift.com/2016/05/13/why-the-tourist-brochure-is-still-surviving-in-the-hotel-lobby/

https://www.forbes.com/sites/rogerdooley/2015/09/16/paper-vs-digital/#7de095dc33c3

https://www.pinterest.co.uk/pin/307300374549933402/

https://www.ama.org/partners/content/Pages/6-dos-and-donts-of-promotional-product-marketing.aspx

https://expandedramblings.com/index.php/tripadvisor-statistics/

https://www.prnewswire.com/news-releases/print-ads-in-newspapers-and-magazines-are-the-most-trusted-advertising-channel-when-consumers-are-making-a-purchase-decision-300424912.html

https://www.forbes.com/sites/matthunckler/2017/02/01/jay-baers-top-3-tips-for-acing-customer-service-in-the-age-of-social-media/#1cbbd1764a08

https://www.forbes.com/sites/rogerdooley/2015/09/16/paper-vs-digital/#31d49c533c34

https://blog.techdept.co.uk/2014/12/marketing-technology-words-marketers-need-to-know/