Tactics to avoid when marketing in the fintech sector

Marketing can be difficult, but how do you promote your business specifically in the fintech industry? You need to ensure that you launch and manage a marketing campaign that promotes your brand in the best possible way, showing customers why they should choose you over your competition.

But, how do you do this? To help, this guide will show you what you shouldn’t do when marketing in the fintech sector and how to ensure your next advertising strategy delivers the best possible ROI.

Not getting on board with branded products

At corporate events, seminars and conferences; is your brand offering potential clients and associates pens, mugs and other branded items? According to a survey, 80% of people can recall a brand after receiving a promotional product, while 58% of people keep a promotional product for one to over four years. If you want to encourage repeat custom, perhaps this marketing tactic is one you should adopt today.

Show the world that you are proud of your business and its services — this will inspire others to think more highly of what you offer. L.J Market Research found that over 50% of people in a survey eventually became a customer of a brand after receiving a promotional product from them — can you afford to miss out on this opportunity? Consider ordering a batch of promotional items that you can hand out at trade shows or that people could use in public to enhance your marketing ROI.

Forgetting about brochure marketing

A common misconception is that print marketing is outdated — but the brochure may be an asset to the fintech sector that many companies within it are failing to recognise. And it seems that professionals have a lot of faith in this platform, too. According to a survey conducted by the Center for Marketing Technology (CMT), 98% of front-desk staff would choose printed media.

But what do consumers think? According to an experiment by TrueImpact, customers use less mental effort to process a printed ad as opposed to a digital one, and they are able to remember print more easily after seeing it than digital. Don’t miss your opportunity to advertise your establishment by not investing in a brochure marketing campaign.

Not being creative enough with ads

The words and tone you adopt in advertising is crucial to success. So, don’t rush into writing an ad without taking time to consider every word you’re using.

The fintech sector is all about innovation, so your advertisements and promotional materials should mirror this. Words like exciting, transform, advanced and pioneering to describe services and products are great options. Although you mustn’t pack your marketing material with too much text. Instead, peppering your content with favourable and engaging words can make the difference between enticing your potential customer and losing their interest.

Not using imagery

If you don’t incorporate photos and visual content into your strategies, you could miss out on high levels of engagement. How many times have you seen a brochure or email ad for a hotel or B&B that didn’t include at least one or two attractive photos?

Customers expect to see images — typically, distributing text-heavy material will not work as well. In fact, according to a report created by digital agency, Bright North, poor image quality reduces the chance that a potential customer will choose you over your competitors. The term: ‘a picture is worth a thousand words’ was apparently coined by Frederick R. Barnard and is something anyone marketing within the fintech industry should bear in mind. Don’t turn consumers away by placing an image — or not using an image — with a poor resolution on your digital ads or print marketing materials.

Underestimating review platforms

Online review platforms can make or break a fintech business. According to statistics, there are around 455 million unique visitors and a million hotels on TripAdvisor — that’s a huge pool of potential customers that can read a single bad review and be dissuaded from choosing your business.

According to social media and customer services expert, Jay Baers: “A lack of response is a response. It’s a response that says, ‘We don’t care about you very much’.” So, what solution is available to help you maintain a positive standing on sites such as TripAdvisor? A great way to keep negative opinions off global, independent review sites is to be savvy with your social media activity. If you have a disgruntled customer, it’s likely that they want a response to their issue and will initially choose your company’s Facebook or Twitter account to communicate with you directly. If you receive a complaint — either via a tweet, a tag or a message — respond to it as quickly as possible.

Leaving a complaint means that your customer who has raised an issue might become more annoyed than they originally were. If they have messaged you via Twitter or Facebook, make sure you answer quickly — and reduce the chance that they will head to an online review platform. Theoretically, if they do, that means not only will all your brand’s social media followers see the complaint, but also potential customers who may be browsing independent review sites for future accommodation options.

Limiting your marketing to online or offline

Both print and digital advertising avenues offer benefits to businesses in the fintech sector. Being active on social media will help you to get your brand out there and build a rapport with customers. SUMO Heavy Industries — a digital strategy and design company — found that 72% of people use social media daily. On Facebook and Twitter, you can send instant replies to existing and potential customers, which could prove essential in order to secure a second or first-time booking, while theses channels also give you the opportunity to send immediate updates on special offers or photos of new rooms and services you’re now offering.

But it’d be a bad business move to ignore print entirely. When marketing in this sector, your audience can enjoy an attractive ad that sells your brand and doesn’t go away with the simple scroll of a finger. A university study discovered that, when comparing the efficiency of online and print adverts, the print format proved to have the most ‘advertising effectiveness’. This study took into account how much a person spent looking at the ad, how much information they took from it and how likely they were to buy (or book). Still not convinced? According to a survey of 2,400 consumers, 82% of people trust print ads, while only 25% said the same for online pop-ups — so perhaps it’s worth balancing out your marketing strategy if you’re currently focusing on digital platforms.

This article was created by Where The Trade Buys — a leading UK supplier of PVC banner printing services.