This year emerging fintech marketing strategies focus on utilising new technologies and data-driven approaches. This new focus provides customers with increased convenience, personalisation, and immersive experiences. Let’s look at the latest emerging fintech go-to-market strategies every financial technology company should consider.
Benefits Of Using Emerging Fintech Go-to-Market Strategies
There are several benefits of a fintech company using emerging go-to-market strategies to stay competitive in 2023:
- Increased customer engagement and retention.
- Improved customer satisfaction and loyalty.
- Ability to differentiate from competitors.
- Better understanding of customer needs and preferences.
- Increased revenue potential through upselling and recurring revenue streams.
- Ability to reach the right customers at the right time.
- Increased revenue through upselling and creating a recurring revenue stream.
These benefits can help fintech companies stay competitive in 2023.
Financial Marketing: 9 Emerging Go-to-Market Strategies To Dominate Your Niche
If you want your fintech to dominate your niche, you must implement the following 9 emerging marketing strategies.
1. Digital Wallets And Contactless Payments
Digital wallets and contactless payments are popular, emerging strategies in fintech marketing.
E-wallets like Apple Pay or Google Wallet allow customers to store their credit or debit card information electronically on their mobile devices.
This eliminates the need for customers to carry their cards with them and allows for faster transactions as they can simply tap their mobile device at a point-of-sale terminal to make a payment.
By leveraging digital wallets and contactless payments, fintech businesses can provide customers with a seamless and convenient purchasing experience, which can drive customer loyalty and increase sales.
2. Omnichannel Marketing
Omnichannel marketing is a strategy that aims to create a seamless and consistent customer experience across all touchpoints, including the website, social media, email, and mobile app.
This approach allows businesses to connect with customers through multiple channels, providing a more personalised and convenient experience.
Omnichannel marketing allows businesses to provide a more personalised and convenient customer experience by connecting with customers through multiple channels and creating a consistent brand experience.
This can lead to improved customer engagement and increased conversion rates.
3. Personalisation
Personalisation is an emerging strategy using customer data to tailor the customer’s experience to their specific needs and preferences. This could include personalised financial advice, offers, and recommendations.
For example, a fintech company can use data such as income, savings, and spending patterns to provide personalised financial advice to customers. The company can also use browsing history data to recommend specific financial products or services that align with the customer’s needs.
4. Virtual And Augmented Reality
Virtual and augmented reality (VR and AR) are emerging technologies increasingly used in fintech marketing to create immersive and engaging customer experiences.
Fintechs can use VR or AR to showcase financial products and services in a more interactive and engaging way. This helps you differentiate and stand out from the crowd, position your business in an innovative way and create interesting PR angles.
For example, a bank could use VR to create a virtual branch where customers can explore different banking services and products. They can get a feel for how the company would work in real life. This can be an effective way to educate customers about the bank’s offerings and increase brand awareness.
5. Social Media Listening
Social media listening is an emerging fintech marketing strategy that involves using social media listening tools to monitor customer sentiment. It allows fintech companies to obtain real-time feedback and respond to customer complaints or questions.
Social media listening tools allow businesses to track and analyse customer conversations and feedback on social media platforms like Twitter, Facebook, and Instagram.
They can use this data to gain insights into customer preferences, pain points, and areas of concern. This data can then be used to inform marketing and customer service strategies.
6. Interactive Content
In 2023 interactive content can be a valuable tool for fintech companies looking to understand their customers better and create more relevant and engaging marketing campaigns.
For example, a fintech company could use an interactive quiz to gather data on customer financial knowledge or a survey to learn more about customer investment preferences.
A fintech company can distribute interactive content through various channels such as email, social media, websites, mobile apps, and more. It can increase engagement, build trust and loyalty, and gather valuable data about customer needs and preferences.
7. Gamification
By using game mechanics such as points, badges, and leaderboards, fintech companies can make financial products and services more engaging and motivating for customers. For example, a fintech company could create a savings game that rewards customers for reaching specific savings milestones.
Gamification can also be used to drive customer engagement and retention. For instance, a fintech company could create a rewards program that rewards customers for using specific products or services or reaching certain milestones.
8. Location-based Marketing
Fintech companies can use location-based marketing to reach customers in proximity to a physical location, such as a bank branch or ATM.
For example, a fintech company could use location-based marketing to send a push notification to a customer’s mobile device, offering them a special promotion when they are near a bank branch.
Advertising technologies like Google and Waze provide some great solutions here while there are also bespoke media companies that have augmented media technologies to provide specialised localisation tools.
The fintech industry can use location-based marketing to deliver personalised offers and promotions based on a customer’s location history.
A fintech company could use location data to learn about customers’ spending habits and send them relevant offers and promotions based on their past behaviour.
9. Subscription-based Models
Fintech companies must consider subscription-based models to provide customers with ongoing access to financial products and services in 2023. This creates a recurring revenue stream for the company and helps to create a more predictable income.
Subscription-based models can also upsell customers to more advanced or premium products and services. For example, a fintech company could offer a basic subscription service and upsell customers to more advanced services as they become more comfortable with the company’s offerings.
