Marketing Strategies for Fintech Startups

Fintech looks to be an industry that has a strong future despite the recent slowdown of investments in the industry. Early-stage fintechs will almost certainly have product development and customer acquisition high on their list of priorities, but have trouble staying on top of the evolving marketing landscape. We have previously written about some quick and easy wins for early-early stage fintechs to help your brand grow. Some of these strategies include the need to start a blog, email marketing, being involved in local events, and social media. All of these strategies are still necessary in 2023, but they are not the only strategies that can be implemented for a fintech startup.

The Need for Social Media

Social media presence in 2023 is essential to help build brand awareness, brand loyalty, and connections with your consumer. Not only does social media allow the consumer to interact with the company, but it also allows the company to understand the consumer and how they view your company. Social media can seem very daunting at first, especially when deciding which platform to use and what content to post.

• Choosing Your Content: Deciding what content to post can be an overwhelming task, especially if you try to decide on the fly. It is important to plan and schedule your social media content well in advance to avoid stressful, last-minute tasks. The creation of a social media content calendar is a great way to lay out the plan. This includes the type of content, date of post, social media platform, a brief description of the content, and any other relevant information you can include. 
• Picking Your Platform: After deciding what content to post, the question of where to post arises. Each social media platform lends itself to a specific type of content, which will help to narrow down the initial platforms. Additionally, it is important to research the demographics of each platform as they may not always be what you expect. The demographics should match that of your target audience and will be crucial in determining the best platforms for your company.

Valuable Content

The content that your company is creating should be content that educates and creates trust with consumers. The format of the content can be a seminar, blog post, social media post, or the form your startup best interacts with consumers. 

• Education: People want to understand and interact with financial topics more than they have in the past, but there are still gaps in financial literacy. In a recent report, 56% of Gen Z investors still believe that there is a lack of knowledge surrounding investing. This shows the need for valuable content surrounding financial topics, which can be provided by a fintech startup.
• Trust: More people are becoming aware of the Fintech industry, 96% of people surveyed by EY in 2019 have at least heard of Fintech transfer or payment services. However, in the same report, 22% of the people stayed with their incumbent financial institution because they trusted the financial institution more than the Fintech company. Trust is a key issue that many Fintech companies are facing. By creating valuable content for a consumer, you will start to build trust with your target consumers.

Community Marketing

Building a community around your company is one of the most important marketing strategies for any company. The concept of community marketing is creating close interactions with your target audience and involving them directly in your business to make sure you are meeting their wants and needs. This sounds intuitive and simple, but it is something that can easily be overlooked. Community building can happen through a lot of different media and platforms, including social media, surveys, and local events. These are not the only ways to build a community, some other examples are asking customers to suggest names for future products or having live Q&A sessions with customers. In general, doing things that allow people to feel a connection with the company. 

This is not something that will be fast and easy, but it is something that helps to prepare a company for the long term. A tight-knit community will give you people that are invested in the success of your company and will often let their friends and family know about your company.

Using these marketing strategies, your fintech will be able to create meaningful connections with your target audience, increase brand awareness, and establish your company longterm within your community.

For more marketing tips and tools, check out our other content here.