Fintech is a fast-growing company expected to hit a total valuation of 310 billion dollars by 2022. Back in 2020 February, there were about 8,775 Fintech startups in America alone, with thousands more throughout the world, according to Statista. In 2018, it showed a staggering growth of 120%, making it a very lucrative sector to ply your trade.
Additionally, plenty of other established financial institutions are also looking to get into Fintech already making it a sector for the future. We here at the ZED Network work with Fintech companies all the time, providing them with comprehensive payment orchestration platforms for safe and smooth operations.
Our experience in working with Fintech companies has given us a unique perspective on the sector, and we think we can help guide your Fintech company to success in the future. If you already have a Fintech company, then there are three things that you already established. They are:
- You have successfully identified a problem and devised a solution to it.
- You have created a product or service that has global benefits.
- You have already impressed a bunch of investors with your thoroughly researched business plan.
In a highly contested niche, standing out is hard. To ensure your Fintech company is in the best position for growth in 2021 and beyond, you need a comprehensive marketing strategy. So how do you turn your target into leads and then to paying customers? Well, it’s easy. All you need to do is create a strategy that compels action, instills long-term trust, and differentiates itself.
Remember, you are not a hometown bank, so your approach should not be like one. Unless there are some geographical restrictions, you will more or less be able to operate worldwide, being able to reach every corner of the earth. So you need to think big and then think even more significant than that. Now, how do you do that? Well, that’s what we will talk about now, so let’s begin!
Understanding Customer Profiles
Defining and understanding your customer profile is vital if you want your Fintech company to succeed in 2021. According to Zed Founder and entrepreneur Alan Safahi, you must have an in-depth knowledge of the profile and should be able to identify customer pain points and needs. When you understand whom you are marketing to, the rest will become easy.
One of the reasons you need to do that is because you have to grow out of your perceptions. That will help you create a marketing strategy that generates engagement. As a Fintech company, you will usually have an extensive reach, so making a precisely targeted strategy is the easiest way to ensure sustainable growth.
If you are a Fintech company that offers one of the essential financial services out there, it won’t matter if there’s no one to buy it. Simply acquiring leads just doesn’t cut it. You have to make sure you convert, nurture and retain them. Building rapport and trust of the customer is the only way you can ensure long-term success.
Your job is to create a highly optimized marketing strategy that turns an applicant into a customer and a fully engaged customer. According to marketing studies, fully engaged customers generate 50% more revenue and sales than their disengaged counterparts. In another report, the numbers show that if you can increase customer retention by 5%, you will see around a 25% upgrade in profits.
Remember, traditional businesses have personal physical interactions to build trust and relationships with customers. As a Fintech company, you need to ensure you touch customers at every possible touchpoint to ensure you achieve the same goal as traditional financial institutes.
Easing The Customer Journey
One of the biggest hurdles that Fintech companies face is ensuring more and more people sign up for their services. In 2021 you should be looking to ease your customer’s journey. Not only should you look to optimize your site navigation but also ensure that people know about your service.
If you want to set your Fintech company up for 2021 and beyond, then you must make sure that you remove any friction when signing up. Talk to UX/UI experts if you are having a hard time optimizing your customer’s journey. It would be best if you also encouraged self-service on your platform whenever you can. Educate your audience about your frictionless experience when signing up with your content marketing effort, and you will start seeing the results.
Automation Is Key
Fintech companies usually emphasize innovation, and odds are you do too, as you should. However, most Fintech companies tend to overlook automation, which is a vital part of sustainable growth. Automation incorporates everything from automating the onboarding process to rolling out the marketing strategy and everything in between.
According to Alan, you need to ensure your audience is engaged and invested in your vision with highly targeted emails, valuable content, and strategic retargeting. While static reminders and generic language worked before nowadays, people want to form an emotional connection with companies whose services they take up.
So you can use automation to ensure your customers experience the product naturally. It can help you make your audience active and willing participants, which guarantees prolonged engagement.
The Future Is There For The Taking
So there you have it. These are all the things you can do to ensure your Fintech company is in the best position for sustainable growth in 2021 and beyond. Along with ensuring all the stuff at the top, you also need a dynamic payment orchestration platform for your company that allows for seamless transfers. If you are looking for payment orchestration solutions, then we can help you out. Feel free to contact us for any queries regarding payment orchestration, and we will answer every last one of them.
So with that being said, we arrive at the end. Tell us your take on positioning your Fintech company in 2021 and beyond in the comments below. Or hit us up on our socials with any developing trends. We will come back to you with something new soon. Until then, see ya!