Follow these five tips and you will boost your chances of landing industry recognition in the FinTech sector.
Top FinTech businesses realise that winning an award for their platform can be marketing gold.
It is a prestigious stamp of approval from an independent party – often a respected industry publication, such as Profit & Loss or Financial News – that indicates the FinTech platform outperforms its peers in the marketplace. Therefore customers are more likely to be interested in it and journalists are more likely to write about it. The result is usually a boost to both the top and the bottom line.
Deciding that you would like your platform to win a FinTech innovation award is easier than actually managing to win one, of course. But there are five key ways in which you can boost your chances of landing the ultimate prize.
1) Know the criteria
It may seem obvious, but if your FinTech award entry doesn’t contain what the judges are looking for, then it isn’t likely to get very far.
If it’s a written submission, you need to complete the entry in the same way that you would approach an exam question. In other words, you need to answer the question that is being asked rather than go off on a tangent about all the wonderful features that your FinTech platform offers.
So, if the criteria ask for any new innovations that you have made to your platform over the past 12 months, then that is what you need to focus on. You will also need to compare your FinTech platform with the wider market and explain exactly what is innovative about it.
If the awards are judged based on the publication’s knowledge of the platform and client testimonials, you need to ensure that you have an adequate media relations strategy in place so that the publication is aware of your offering and that what you offer is different. Do not assume that the publication’s editorial team knows this because you have issued press releases and had lunch with them last February!
2) Be clear and concise
Written submissions tend to have word limits so you will need to be a pro at conveying the main benefits of your FinTech platform clearly and concisely.
Whatever you do, resist the temptation to lapse into generic industry jargon such as saying: “My FinTech platform is a flexible, transparent and bespoke solution that can be customised according to your needs.” Be specific, instead, and use simple language to highlight exactly what your FinTech platform does that makes it stand out from its competitors.
This also applies to the more knowledge-based awards judging. If your website and press releases are full of jargon and don’t highlight your expertise, you lose the opportunity to stand out in the journalist’s mind as ‘one to remember’ or ‘one to watch’.
3) Provide relevant supporting data
Businesses are often reluctant to release figures about their FinTech platform into the public domain.
Yet judges (and journalists in general) need information that can offer them some insight into how a FinTech platform is actually performing in terms of sales, usage and customer satisfaction.
If you don’t provide that data, then you are likely to be at a disadvantage during the judging process. If you aren’t happy to provide data, client testimonials from named clients is an excellent alternative.
4) Use testimonials wisely
Not all awards allow the use of testimonials, but those that do present you with a great opportunity to showcase customer satisfaction with your FinTech platform.
When you ask customers to provide testimonials for you, ensure that you ask them to be specific about what they like about the platform – which functionality works best for them and what sets the platform apart from its competitors in their eyes?
If you are able to submit more than one testimonial, ensure that the different testimonials make different points about your FinTech platform.
5) Be different
The chances are that the judging panel will have a pile of submissions to wade through or a list of possible FinTech platforms to consider.
In the written process, what if you are number 97 on the list and the judge is tired and just wants to get to the end? Will they want to read a submission that is packed full of acronyms and jargon, just like all the rest? No, they won’t. So you need to cut to the chase and offer them something different straightaway – make them sit up and say: “That’s interesting!”
One way to do this is to focus on the gems – the two or three things that your FinTech platform does really brilliantly, rather every piece of functionality that it has.
The same is true for awards that require a media relations strategy – give them something different so that they remember you for all the right reasons!