Published On: Thu, Oct 4th, 2018

Marketing mistakes to avoid in the fintech industry

Marketing in the fintech sector can be tricky. 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.

the fintech industry

However, this may seem easier said than done.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.

Undervaluing review platforms

Each fintech business needs to be mindful — and monitor — online review sites. 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.

Social media and customer services expert, Jay Baers, claims: “A lack of response is a response. It’s a response that says, ‘We don’t care about you very much’.” But how can your brand retain positivity on 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.

Always respond to complaints. If a customer has messaged you via social media, answer quickly to lower the chance that they will put up another damaging review on a 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.

Not considering brochure marketing

Those in fintech need to realise the opportunities offered by brochure advertising. According to a survey conducted by the Center for Marketing Technology (CMT), 98% of staff would choose printed media over alternatives.

Sounds great — but how about customers? 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.

Lacking creativity

Your choice of words is vital to the success of your ads. So, don’t rush into writing an ad without taking time to consider every word you’re using.

The fintech industry is all about revolution and originality — therefore, your ads need to reflect this innovative appeal. 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.

Missing the boat on branded merchandise

In 2018, many fintech brands take part in conferences and corporate events — but you’re missing a trick of you don’t enhance your brand with branded products. 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.

Encourage the world to take notice of your company and what it can do by offering quality, branded merchandise that shows you’re proud of your services and products. L.J Market Research found that more than half 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.

Lacking in imagery

Engagement is enhanced by pictures and visual aids in ads. 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?

Consumers expect attractive content — meaning nothing text heavy, good use of colour and quality images. 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 fintechindustry 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.

Choosing between offline and online

The fintech sector really can benefit from print marketing as well as digital advertising in 2018. 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.

Print offers a world of opportunities for fintech brands. 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.

Author bio:

This article was created by Where The Trade Buys — brochure and book printing specialists. The UK brand has around 150 employees with bases in London and Sunderland.