How can your FinTech firm generate excellent results from your marketing spend? Martina Doherty explains
No one would think about trying to build a house without first putting in place good foundations. Yet that is exactly what many businesses do when they start marketing their products.
They plunge straight into marketing activities – often wasting thousands of pounds in the process – without having a proper strategy in place.
With the right marketing strategy, however, they could generate tens of thousands of pounds of new business, instead. So, here are my recommended five steps for generating great marketing results:
Step 1 – Know who you are
It sounds obvious, but it’s surprising how many FinTech businesses cannot explain their proposition in a clear and succinct way. They fall into the trap of blinding their clients and prospects with meaningless industry buzzwords and jargon instead of stating what they offer in a language that their market understands.
The result of this is wasted marketing effort, because prospective clients either don’t understand what they offer or don’t understand how it differs from their competitors, who use the same industry buzzwords and jargon.
The best way to avoid falling into this trap is to start with a clear description of what your FinTech business offers – working with a professional if need be – and to define three or four simple values that sum up the brand.
Also, think about how your FinTech service or platform benefits your clients and what sets it apart from those offered by competitors – is it the offering itself that is unique, or the service and terms that go with it, for example? Once you have an honest idea of who you are, your proposition becomes a lot easier to explain to the market, as well as easier to put into the context of what your clients need. Which brings me to my next point….
Step 2 – Know what your FinTech clients want
Most businesses undertake marketing for two reasons: To get new clients to buy from you and to get existing clients to buy more. Yet so many of them fail to factor clients into their upfront thinking – they just assume that they know what they want. Your clients and potential clients should always be front-of-mind when you are working on anything related to marketing.
In which context are they most likely to come across your FinTech brand and to form a good opinion of it? And how do you actually find out what your clients want? You ask them, of course! That’s why client surveys are a really important part of the upfront thinking and planning phase of any FinTech marketing strategy.
Step 3 – Decide what you want your marketing to achieve
It is important to invest in marketing if you want your FinTech business to grow – experts recommend that you should spend around 10% of your annual revenues on it.
However before you plunge into any campaign, take a step back to think about your goals and what you want to achieve from your activities: – Brand visibility? – Awareness of new functions and features of your technology? – Increase in sales? – Lead generation? – Thought leadership?
Without knowing where you want to go or what you want to achieve, it is impossible to tell if the outcome is successful; so a thoughtful, considered approach is needed.
Step 4 – Decide how you will track your marketing
Marketing takes time to make an impact so you shouldn’t expect amazing results overnight. Nevertheless, it is important that you do track your results so that you know whether you are investing in the right areas. And if something doesn’t work in terms of generating the results you want, then look at changing or amending it until you get there.
Digital marketing can easily be tracked since you normally have access to data on click-through rates. If you have posted a blog on a social media platform, you will also be able to see how many people have viewed and shared it.
You can also track the success of press releases by using an agency that monitors which publications have picked up on your news. What can be more challenging, however, is knowing which form of marketing is responsible for generating the leads or awareness you want for your FinTech business.
So it’s important to always ask new prospects or clients how they heard about you. You should also check with existing clients if they have read your recent press coverage or blogs – never assume that they have! And most importantly, keep a record of all this information in order to inform your FinTech marketing strategy for the future.
Step 5 – Get an external perspective to challenge you
Getting an external perspective – a ‘critical friend’ – is a crucial part of any successful marketing strategy. Often, this will involve hiring a professional FinTech marketing consultant to advise you. They can challenge the assumptions that you have made about your brand, your values and your proposed approach to marketing your product.
If your strategy stands up to some robust challenge, then you will know that you are on the right track. If it doesn’t, then at least you will be able to adjust it before you spend too much money.