The use of mobile banking is growing. Fintech was, in fact, growing significantly prior to the pandemic forcing everyone online. Fintech apps have sprung out to compete with one another in cyberspace as a result of the increase in online payments, receipts, investments, loans, and other financial transactions.
Making your app stand out in this crowd is difficult, but it is possible with the correct marketing plan.
What the figures indicate
According to Ernst & Young’s Global Fintech Adoption Index 2019, there are already 64% of digital internet users that use fintech, and this percentage is expected to rise. The article continues by stating that during the last few years, consumption has doubled. If that is not enough evidence, the Mobile Finance Report (2020) from Adjust and Apptopia adds further credence to the argument by stating that usage of mobile payment and banking apps has increased globally. Although the overall increase was only 26%, payment sessions increased by over 50%.
It is indisputable evidence that those in the fintech industry face fierce competition. It is time to get your act together and create some excellent marketing plans. Here’s how to do it:
Prioritize Mobile
Fintech’s primary idea or objective is to simplify financial transactions. And what a great idea that is. Imagine carrying your bank with you at all times, conveniently located in your back pocket. Even if a customer does not always have cash or credit cards on him, he almost certainly has his smartphone. Fintech is therefore by its very nature mobile-first, and you should take a similar tack, which goes beyond simply making your software mobile-friendly.
When creating your app and website, you should prioritize mobile use and make necessary adjustments for laptop or PC use. When Google CEO Eric Schmidt stated, “Mobile should always be the answer,” he was spot on. Your mobile app should always feature your greatest app and team. And Apple took this advice to heart, simplifying the design of its mobile apps. While minimizing text, the one-column layout informs the user of what the business can accomplish for him.
Leaders in the financial market, like as Paytm and Navi, have gone beyond the mobile-first strategy and made it necessary to download a smartphone app in order to transact. Navi’s website is only accessible on a desktop computer. The smartphone app is required for transactions. Transactions using Paytm’s web version are permitted, but only if you have the app.
Teaching versus Marketing
Social sales account for more than 50% of income in 14 main industries, according to Smallbizgenius. Someone who explains you why and how to utilize their product is more than welcome in an environment where half the individuals you meet are attempting to sell you something. The more in-depth material that presents use cases and scenarios and goes further into the industry, the better.
Via its YouTube channel, Navi, for example, informs its audience about different facets of the BFSI sector in addition to loans. PayTm, on the other hand, mostly concentrates its videos on how to using the app. Under its varsity vertical, the online trading site Zerodha provides free finance classes to its users. Including education in your digital marketing strategy helps you reach a wider audience and draws in customers who might not have otherwise found you.
Utilizing Videos
The Groww trading software is very popular on YouTube. With 52 distinct playlists composed of their video content, they boast nearly 1.5 million users. That is how effective video marketing is. According to Wyzowl, the millennial audience searches for explainer films in moments of uncertainty or confusion. There are other platforms available for video marketing than YouTube. There are a few more, including Facebook, LinkedIn, and Instagram. All you have to do is select the channel that will work best for your campaign and the target audience.
Influencer Promotion
While some firms suffer, others have millions of social media followers. Some might do well on one channel while failing miserably on another. Having an online presence across several media is essential if you want to have a powerful digital footprint. The solution to this problem lies in influencers.
You can reach a large number of celebrities and influencers who have millions of followers. In an effort to increase awareness and increase sales, a lot of fintech companies are now enlisting the help of influencers, which can range from celebrities to YouTubers and Facebook users who are also celebs.
The app CRED assists you in paying your credit card payments. worked together to produce videos featuring well-known athletes and Bollywood stars, like as Rahul Dravid, Karishma Kapoor, Anu Kapoor, and Deepika Padukone, in order to grow their fan base. Groww made a better move by teaming up with financial YouTubers like Basic Gyan and B Wealthy, who not only helped spread the word about their program but also educated their audience. Such partnerships can greatly benefit your brand.
Become Aggressive in Social Media
Not a violent moment! That is not the position we are taking. However, you need to build and grow your social media presence aggressively. Since it can be challenging to manage several social media accounts, you might want to take the time and make the effort to choose two or three that best suit your business and where you can locate your target audience.
After that, you can delve further into these channels to learn how to use them to your fullest potential. You may utilize a variety of features on each social media network to promote brand awareness, spark discussions, and boost sales. The methods and resources you employ will determine how best to take advantage of the platform. You can always outsource all or some of your digital marketing efforts to a branding and marketing agency if you realize that all of that is too much to handle.
Establish Connections
For every marketing campaign, cultivating a relationship with your target audience is an essential component. This was formerly the domain of shop floor salespeople. These days, the entire marketing department, the CMO, and the marketing manager or strategist are in charge of it. Having a social media chat with your customer and then slowly guiding him to a personalized messaging platform where he may freely express his opinions and concerns is one method to develop relationships.
Personalization like this has several benefits. Simple gestures like informing users about impending bill payments and disseminating news articles that may directly impact them will make a lasting impression on your audience and give a human touch to an otherwise impersonal service.
Make your app well-known.
There are several instances of brand names taking the place of product names or the other way around, from Colgate to Xerox and Fridge. The idea is that you will be set if your software gets widely used and becomes a part of everyone’s lexicon. You have mastered the awareness tactic. For example, PayTM coined the catchy phrase Paytm Karo, which in India took the place of UPI payment. Only long-term gains can be expected from this technique, which is difficult to develop and even harder to implement. If you succeed, though, the rewards will be immense.
Concluding
If you are a fintech company’s CFO, CEO, or CXO, you are undoubtedly worried about the fierce competition your business will likely encounter in light of this data. Your Indian digital marketing company, Litmus Branding, is here to allay your fears by providing you with some pointers that will help your digital marketing plan stand out and increase sales.
