July 15, 2021
Fintech is exploding – the industry is valued at around $180 billion with over 30,000 fintech startups. We’re seeing that this high growth in startups and VC funding is driving a lot of marketers to specialize in fintech, which has made fintech marketing evolve as well. After working with many clients in the space, these are the six fintech digital marketing trends that you should keep an eye on:
Especially after iOS changes, focusing on creatives and testing at scale is more needed than ever. Following Adaptive Growth and building a modern growth team can help your brand succeed even through a more challenging ecosystem.
Inga Mejer, one of our paid ads specialists that works in fintech campaigns, had this to say:
“It is super important to have the tracking set up correctly on your user journey to make data driven decisions - implement an MMP in order to get the fuller picture of your results as the data on the platforms isn’t as accurate anymore – especially for apps.
On creative testing - don’t stick to one idea or route. You may have a gut feeling that something is going to work but the testing results are often surprising. By limiting yourself, you reduce the chance of creating winning strategies. Test different angles and be sure to analyze the data after in order to inform your future activities.”
The way fintech companies can reach their market has changed. We used to live in a world where they only had press releases and PR if they wanted to share their brand story.
Today, attention has been democratized. For B2B Fintech companies, platforms like Twitter, LinkedIn, Medium and industry-specific blogs are a great way to show their expertise, educate and bring value to their market – and leverage all that to build brand equity and highly-qualified MQLs. We’ve also seen a great opportunity to use the personal brand of their founder, CEO, executive team and even employer branding to make that thought leadership more personable and human.
For D2C brands, Twitter, Instagram and Tik Tok are the platforms where we recommend creating content to drive signups and create awareness. You can leverage creators, influencers, or even UGC to build those creatives. Here’s an example of Robinhood, a fintech brand creating Tik Tok content:
Depending on what generation you’re targeting, your brand story and company values can be a powerful marketing opportunity you need to leverage. On the latest Consumer Culture Report, only 21% of Baby Boomers said that buying from brands that share their values and ideologies is important – but that number increased by each generation and up to 83% of Millennials said that values alignment was an important factor when choosing what brands to buy fromm
D2C Fintech marketers targeting younger generations should know that, if their brand stands for specific causes or has a clear set of values, their market wants to hear more about them and will see themselves represented in them. We’re seeing brands across industries make clear stances, and we believe fintech companies will follow the same trend.
Whether you’re working with a D2C or B2B fintech brand, marketing’s job doesn’t end once you reach customer acquisition. You should continue to educate and nurture your clients/users across the whole funnel to increase retention and potentially lead them through upsells and cross-sells when appropriate.
We’ve found that this job is usually shared in B2B fintech companies between marketing and your customer success team. Whatever system you’ve implemented, we highly recommend you think about how to keep your users’ engagement and that they are using your core product’s full functionality. Regular check-ins, feedback capture forms and feature webinars are some ways to achieve that. Those can also be good opportunities to share other products your users might benefit from which will also increase your AOV.
For D2C fintech companies, we’ve also seen great potential to add educational resources that will bring value to your users and continue to build brand equity.
Gamification is turning non-game products into game-like experiences by making them more competitive, engaging, and appealing. We’re seeing that fintech products can greatly benefit from gamification and that fintech marketers need to include it across their whole funnel – from user acquisition to user retention.
Many fintech products are trying to disrupt a banking industry that has often been considered repetitive, plain, and complex. By using gamification, we’re seeing brands create better incentives for their users to increase saving and financial planning, improve their financial literacy, and promote sustainability.
While this certainly benefits the end user, it can also drive great impact for your brand as it will help boost user engagement and improve customer loyalty.
Here’s an example: SmartyPig is an online piggy bank that makes saving towards specific financial goals fun and has educational resources to help you along the way.
“Finfluencer” (aka, a finance influencer) might be a new term, but the concept of leveraging influencers to drive awareness and user acquisition is not. However, we hadn’t really seen much of it in fintech marketing until recent years – but that has changed.
This is especially meaningful for D2C fintech brands targeting younger demographics like Millenials and Gen-Z. We’re seeing influencers like Mrs. Dow Jones (231k+ followers on Instagram) and Humphrey Yang (2.7m+ followers on TikTok) build a targeted audience by sharing personal finance educational content.
Partnering with finfluencers is a great way to reach their audience and take advantage of the trust equity they’ve built over time. Just make sure you keep an eye on regulatory elements and you consult your lawyers beforehand.
Here’s an example of Intuit using influencer fintech marketing:
As even more VC funding enters the fintech ecosystem and more startups looking to disrupt the space appear, we will continue to see the marketing change and these trends evolve.
We are working with multiple clients in the space by helping them grow and scale through paid search and paid social, and these are the six trends we’re seeing that can help you and your company:
1/ Adaptive Growth and Modern Growth teams
2/ Invest in content and thought leadership
3/ Cause-based fintech marketing
4/ Improve retention through in-app marketing
5/ Use gamification
6/ Influencer fintech marketing
If you want us to help grow your business through data-driven creative, you can reach out to us here.
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