As a fintech business, your No.1 challenge is this: standing out in a crowded marketplace. There’s so much competition, it can be tough to get customers to notice your brand and choose you over other fintech solutions. VC global investment in fintech amounted to $92bn in 2022 – a strong number, but also huge drop of 30% on the prior year (Innovate Finance).
If you’re at the start of your journey, or even if you need a re-think, these following steps will help you get noticed.
Define the problem you're trying to solve. It's critical that you know what your customers want, and that you have a concrete plan for how you'll deliver it.
If there isn't an obvious problem, then your business won't be able to gain traction. You can't just expect that people who don't have a need for what you're selling or aren't aware of its existence yet will suddenly start buying from you.
You need to think about your competitive advantage. What is it?
What’s the value that your target audience will get from working with or buying from you? And how exactly are you going to provide that value – what are the main components of your product or service?
With this information fully thought out, you should have the ability to build your Unique Selling Proposition. It may develop into something like this:
"Our company provides X [the problem], so that Y [the target audience] can do Z [the goal]." This will help potential customers understand how they can benefit from doing business with your company.
Community building is more than just getting people to like you on social media. The community you build will have a direct impact on your business, so it's important that you do it right. Here are some ways to get started:
PR and content marketing are essential to the success of your fintech business, so it's important that you get started with these two channels – without delay. PR is a great way to get your name out there and attract new customers, while content marketing can help you build an audience’s trust – crucial for success.
Here are some tips for getting started with PR and content marketing:
To make your fintech business stand out, it’s important to home in on customer satisfaction. After all, it’s all very well getting new clients or customers. Keeping them is the hard bit. It’s the key to growth and will help you achieve your goals.
Customer experience is an important part of customer satisfaction – it's what makes a good experience great! If you provide an exceptional experience for your customers, they'll be more likely to come back and tell their friends, clients and business partners about it.
In other words: if you want repeat business from loyal customers who recommend you to others (and therefore bring in new business), then focus on providing excellent service from start to finish.
As companies grow and it gets easier for businesses to connect with international consumers, both digitally and offline, so the customer journey also gets more complex. This makes the vital process of tracking prospects equally difficult. And when your marketing team is also relying on a few AdTech vendors, the validity of that data could also be questionable. In fact, the problematic issue of bias in AdTech channel reporting in platforms such as Amazon, Facebook and Google was highlighted by 80% of marketers in a survey by QueryClick.
Many fintech companies are increasingly using AI and machine learning to help them understand the customer journeys of their users. By tracking the data that customers give them, they can identify patterns and provide more relevant content or services for each user based on their previous interactions with the platform.
This is especially helpful for businesses that want to target specific demographics or geographic areas with their products and services, but it's also important for improving overall customer satisfaction levels because it means providing a better experience from start-to-finish (or as close as possible).
If you’re a fintech startup, differentiating yourself from your competition is key. But even a growing or more established business can get stuck into old ways of doing things. If you’re unable to keep flexible and agile in a fast-moving sector by consistently reviewing your customer, evaluating their journey or updating your copy and content, you’ll simply get lost in the crowd.
How do you do this? The most important thing is to keep on asking yourself what makes your business unique and then remember to communicate that clearly through all your marketing channels – website copy, social media profiles and posts, content, advertising campaigns (paid or organic), etc.
Fintech is a very competitive industry and it's crucial that you stand out from the crowd. If you want your business to succeed, then you need to make sure your focus remains on what sets your company apart all other fintechs in your space.
I'm Dan. After over 20 years working directly in investment, wealth management and banking, including starting my own regulated business and then transitioning to a copywriter, I've decided to share my knowledge, experience and business views with you.
My mission? To empower you make better decisions in your business and personal life. You'll find me talking about business, finance and fintechs, copy and marketing techniques and how this connects to well-being and mindfulness.