If you are running a fintech company or about to launch a start-up, setting up your marketing is probably one of the main tasks on your list. How can you market your new, disruptive fintech solution?
If you developed a unique tech solution or you found an elegant way to apply existing technology to create a new category, then you also have to adapt your marketing approach since you also need to educate the market.
FinTech Product Design
First of all, it’s important to understand that no amount of marketing can sustain a business that has no product or a weak product design.
A fintech with a product that solves a need, addresses a specific demand for people in a new, compelling way is easy to market and sell. Build a unique or truly useful product, and marketing becomes suddenly much easier.
For your fintech, a basic digital strategy should be evident in the business plan and product design. Start off by answering these questions to understand how you want position yourself:
- What problem or need are you addressing
- Who has the problem or need
- Why your fintech has the needed solution
- How does your fintech solution work
- What are the challenges for users to start using it
You can then develop a strategy for your fintech marketing, based on a set of core principles that will crystallize once you find the answers. Then you can start devising customer profiles, buyer personas, and go through market segmentation in the early stages before launch.
Brand Development for FinTechs
The best branding strategy for a fintech will depend on the nature of the problem it solves, and the demographics of the target market. There is no unique strategy that can be universally applied.
Brand strategy is often overlooked or set aside by fintech companies. Most leading fintech founders are often focused on the development of the product, with things like brand strategy being superficially done.
Brand strategy is often associated with a logo or identity system, however it goes much deeper. Brand strategies are the foundation for how a company looks, sounds and communicates to each of its audiences, instilling a belief system for employees and users alike.
Branding in the fintech age is a very different proposition from logos and a catch-phrase. Your fintech branding can be the tipping point between lingering in obscurity and succeeding in the industry. Take the time to make your branding right.