Let’s face it: the only people who aren’t using a social media platform these days aren’t living on planet Earth. Your target audience is on social media – the challenge is establishing which ones they’re using and engaging with the most. In this article, we unpack the integrated nature of social marketing and social media marketing. We’re also discussing three reasons fintech startups should consider social media marketing, and seven marketing tips for fintech startup companies.
What is social marketing?
Social marketing is good for humanity. It involves the use of marketing techniques to change or maintain the behaviour of people for the benefit of society. It’s marketing focused on creating positive social change and promoting the welfare of communities and individuals.
How does social media marketing relate?
Social marketing and social media marketing are closely related. They both aim to create positive social change and promote community welfare. Social media platforms like Facebook, Twitter, Instagram, and LinkedIn provide a direct and cost-effective way to engage with target audiences.
This is a great way to build brand awareness and promote fintech marketing campaigns and initiatives. Social media marketing is also great for gathering data and insights on target audiences. This can inform the development and implementation of social media marketing campaigns.
3 reasons fintech startups should consider social media marketing
Targeted advertising
Social media marketing platforms provide a wealth of data on their users. This allows financial technology startups to target their advertising to specific demographics. This includes age, location, interests and income levels. This ensures that advertising budgets are spent on reaching the people most likely to be interested in their products.
Build trust and credibility
Social media marketing allows financial technology startups to build trust and credibility with potential customers. By providing them with valuable information, answering their questions and addressing their concerns in a timely manner. This can help to increase customer loyalty and reduce the risk of customers taking their business elsewhere.
Cost-effectiveness
Compared to traditional forms of advertising, (like television, radio, and print) social media marketing is relatively inexpensive. This makes it an attractive option for financial technology companies with limited startup resources. Companies can publish content, run campaigns, and engage with audiences for a relatively low cost and with a high ROI.
7 social media marketing tips for fintech startup companies
- Define your target audience
Understand who your target customers are, their needs, and where they spend their time online. This will help your fintech startup to choose the right social media platforms to market on and tailor your content to appeal to your audience.
- Develop a content strategy
Create a content calendar that includes a mix of informative and educational content, as well as promotional content. This will help your financial technology startup to build trust and credibility with your target audience.
- Use eye-catching visuals
Use eye-catching visuals such as images and videos to make your content more engaging and shareable. This will help to increase the reach of your fintech startup’s content and attract more followers.
- Engage with your audiences
Respond to comments and messages in a timely manner, and actively engage with your audience by asking for their feedback and opinions. This will help to build a strong and loyal community for your fintech brand.
- Run promotions and competitions
Run promotions and contests to encourage engagement with your marketing while attracting new followers. This can be done by offering discounts, offering free trials and executing giveaways to those who participate.
- Leverage influencers
Partner with financial technology industry influencers to reach a larger audience with your marketing messages and increase your brand awareness. Influencers are powerful online personalities that have serious clout with their audiences – the trick is to partner with influencers whose networks include your ideal customers.
- Track and analyze results
Half the job of executing excellent fintech marketing is learning what works and what doesn’t. Use social media marketing analytics to track the performance of your marketing and advertising campaigns. Use this data to make informed decisions about future fintech marketing campaigns.
