Fintech has undoubtedly become a major power player in the financial industry. It’s allowed consumers to radically change how they view money, including transactions, savings, and investments. While some may believe that fintech’s growth has plateaued, others find that the industry is still at its nascent stage. Take South Korea, for example. Otherwise known as a tech-savvy country worldwide, the nation is at the earliest stages of true fintech adoption in sharing the market with financial companies. In addition, Fintech Marketing in Korea is growing like never before.
As traditional institutions and fintech startups battle for bigger market share, a marketing strategy can make or break performance. This is true regardless of where your startup is located. Both consumers and businesses are constantly searching for innovations, better convenience, and more cost-efficiency in a soon-to-be crowded marketplace. To stand out, you need a comprehensive strategy that details every stage of the marketing and sales funnel.
Understand Compliance & Regulation
The most important step in your marketing strategy is knowing where you stand with compliance. For example, if you sell financial products in the United States, you must adhere to strict regulatory measures to ensure the contents are okay for use in a public setting. These laws exist to protect consumers from misleading or inappropriate advice from people who don’t have the necessary financial licenses. In other words, regulation bodies like the FINRA, SEC, and the National Examination Risk Alert will monitor how you advertise your financial products online.
This means you must position your marketing content in a way that adheres to compliance laws. For Korean fintech startups with products in the United States, contacting a legal counsel or distributor with expertise in compliance with regulatory bodies can be a great way to kickstart your overall marketing strategy. Having knowledge of what you can say or not for marketing purposes can save loads of time and resources later on.
Invest Heavily in Content
Content is extremely valuable for fintech. This statement cannot be understated. Whereas outbound is the better option for other businesses like eCommerce or hospitality, fintech companies simply cannot rely on outbound to drive sales. Sure it may raise brand awareness among your target audiences, but at the end of the day, fintech companies need to earn their customers’ trust. And this cannot be done through paid ads. You need to invest in creating quality content that genuinely educates your customers in a meaningful way.
But with so much information available, the question remains: how do we stand out?
There are several ways you can achieve this. One is through industry reports. When you create a report with an analysis of your market size, competition, potential growth, and more, you automatically bring authority to your content. This will allow you to gain trust with your customers and eventually share marketable content about your products. A few things you may want to include in your report are:
- A concise overview of the industry
- Historical data and the growth potential of the industry
- Competitors and their operations in the industry
- Any regulations involved with the industry
- Consumer behaviors related to the industry
Other types of content you should invest in for fintech are blog articles (both educational and promotional purposes). As well as, infographics, email newsletters, social media posts, and featured news articles about the company.
More Content
While inbound strategy sits at the core of branding for fintech, outbound also plays a critical role in bringing potential customers. However, due to compliance, you may have a limited capacity to be creative with paid ads. In addition, fintech companies will also need to go through a security review process with ad platforms like Facebook and Google. In many instances, your ads will get rejected due to ad policies even though you went through the initial compliance review. This will cost you extra time and money so it’d be wise to plan ahead.
One of the most important ways to optimize your digital marketing efforts is to ensure your landing pages are user-friendly and information is easy to digest. Oftentimes, fintech companies have great products but they are way too difficult for regular consumers to fully understand. That’s why it’s critical for fintech marketers to use layman’s terms to describe their products. Dealing with uneducated audiences is already a challenge in itself. You need to write compelling copies to hook your audiences. Then ensure there is an adequate backstory to fill in the details.
Key Takeaway
The conclusion is pretty simple. In order to create an effective marketing strategy for fintech companies, you need to first understand compliance regulations. Then you need to create high-quality contents that set a good foundation to meet your marketing goals. Unlike other industries, fintech has a difficult hurdle to pass in order to gain loyal customers. But once they go through the initial challenges, the potential outcome is well worth it.
