B2B Fintech Marketing: Strategies, Benefits and Challenges

Fintech marketing is not just another glorified version of digital marketing. It's a robust marketing strategy that keeps trust and loyalty as the basis of marketing activities. The financial tech world is not like an ecommerce industry. It cannot operate on flashy brand messages and catchy content.

That’s where fintech marketing comes into play. Users simply cannot trust any brand or organization to manage their digital payments, transactions, and overall online security. For this, brands need to build their presence as thought leaders first, which creates a sense of trust and reliability among the audience. Meanwhile, fintech users are rapidly increasing, with the global digital payments user base projected to surpass 3.5 billion by 2024. This makes fintech marketing more crucial than ever for businesses.

Challenges in Fintech Marketing

B2b fintech marketing is highly regulated and often gets smacked with new regulations and safety concerns. Businesses that are aiming to find new customers and retain existing ones need to be updated with industrial norms. However, due to this industry's delicacy and fragility, brands are constantly challenged by its ever-changing demands.

Some of the challenges faced in global fintech marketing are:

Security and trust concerns among the audience– In the fintech marketing world, trust is the deciding factor. Gen Z and younger audiences have always been skeptical about digital security. Therefore, it's always tough for businesses to win users' trust, especially with increasing concerns and cases regarding data breaches and security.

High Costs incurred in acquiring customers– The FinTech sales cycle is usually complex and more complicated than other industries. Fintech companies often struggle with higher customer acquisition costs (CAC).

How Does Fintech Marketing Help?

Some of the benefits of fintech marketing are as follows:

Promoting innovative brand offerings– Fintech marketing is crucial in promoting innovative and advanced products and services. Its comprehensive marketing strategy gives marketers a holistic overview of product features and benefits. Ultimately, it convinces users to take action.

Fosters loyalty and Growth– Fintech marketing campaigns revolve around winning the trust of prospects and positioning the brand as an authoritative entity in the industry. It uses different strategies to attract and nurture new customers while solidifying their relationships with existing ones.

5 Best Fintech Marketing Strategies

Focus on Educating Your Prospects First

Financial knowledge and literacy are more crucial than ever in today’s digital age. Younger and Gen Z audiences generally have a solid understanding of personal finance and digital wellbeing. However, it also makes them more judgy and skeptical because they cannot trust some new brand or fintech app to take control of their personal finance. Therefore, to get the attention and approval of the audience, brands need to position their brand as a trustworthy figure. That’s why, in fintech marketing, businesses focus on educating prospects first instead of marketing.

Some of the ways how businesses can educate prospects are:

Create educational bite-sized videos and post on social channels.

Produce evergreen and latest content that solves customer queries and serves as a go-to guide for any financial advice.

Solidify Relations With Existing Customers

Studies show that businesses earn more revenue and sustainability by strengthening relations with existing customers. The retention rate for businesses in fintech is really low as users simply hop on another fintech service when it offers better features and benefits. Therefore, it is high time for businesses to explore opportunities with existing customers instead of going out for new ones.

One of the benefits of this approach is that brands know the purchase and online behavior of their existing customers. They can easily succeed in fostering loyalty and upgrading their relations.

Partner with Industry Influencers and Affiliates

B2b Digital marketing for fintech is a different ball game. As we discussed, brands cannot win over new clients with branded content and promises. Therefore, to crack this code, enterprises partner with affiliates and industry influencers that already have a solid reputation among brands target audience.

Brands partner with third-party marketers and influencers to promote their products and services in exchange for sales commissions.

Make Social Your Ally

Social media plays a good role in B2B fintech marketing strategies. Before leveraging social networks, brands must decide their target audience and define their objectives. Seeing their target audience characteristics, brands can choose different social networks like LinkedIn, TikTok and Facebook etc.

After choosing the platform, brands must create educational, humorous and informational content. This solves users' queries and creates engagement with customers.

Wrapping Up

B2B fintech marketing uses different marketing strategies like social media and influencer marketing. Brands focus on educating prospects first, developing their presence as a trustful entity and then capitalizing on those terms. To conclude, fintech marketing helps businesses foster customer loyalty and turn brand customers into advocates.