In recent years, social media has become an increasingly important tool for fintech companies looking to promote their services and reach new audiences. With the rise of platforms like TikTok, fintech marketing has evolved to meet the needs and preferences of younger, digitally-savvy consumers. In this blog post, we’ll explore some of the key strategies that fintech companies can use to market their services effectively in today’s social media landscape.
Influencer Marketing For Fintech
Influencer marketing has become a popular strategy for fintech companies looking to reach younger audiences on social media. By partnering with social media influencers and content creators, fintech companies can tap into their followers’ trust and influence to promote their services. According to a survey by the Influencer Marketing Hub, more than 50% of marketers plan to increase their influencer marketing budgets in 2023.
However, when selecting influencers, fintech companies should ensure that they are aligned with their brand values and message. It is also important to work with influencers who have an engaged and relevant audience, rather than simply focusing on follower count. For example, if your fintech targets an older demographic who may not be as active on social media, influencer marketing may not be the most effective approach.
Additionally, certain types of fintechs may be better suited for influencer marketing than others. Fintechs that offer consumer-facing products such as mobile banking, investing, and budgeting apps may have a higher likelihood of success with influencer marketing than B2B fintechs that provide services to other businesses.
TikTok and Gen Z for Marketing Success
The rise of social media platforms such as TikTok has brought a new wave of marketing opportunities for FinTech companies. With its large GenZ audience, TikTok offers a chance for FinTech firms to connect with younger generations and build trust through influencer marketing. This is especially important in a B2C business model where consumers are looking for financial solutions that not only work but also resonate with their values and lifestyle.
1. Personalized & Thought Leader Content
Consumers today crave personalized content that speaks directly to their needs and interests. Fintech companies can leverage data and analytics to create targeted content that resonates with their audience. This can include social media posts, videos, blog articles, and other forms of content.
Personalized content should not only focus on promoting the company’s services but also providing valuable information and insights to consumers. By positioning themselves as thought leaders in their industry, fintech companies can establish credibility and build trust with their audience.
Furthermore, it’s crucial for FinTech companies to create high-quality content that resonates with their audience. Whether it’s educational content about financial literacy or showcasing the benefits of using their product, the content must be tailored to the platform and the audience. FinTech companies should also consider leveraging user-generated content to showcase how their products are being used in real life.
2. TikTok and the Rise of Authenticity
TikTok has pushed influencer marketing for Fintech into a whole new realm. Instead of focusing on clickbait-type content that would typically go viral on platforms like Twitter, TikTok users sought content with more value-driven stories from creators. This included personal stories, vulnerabilities, and traumas. As a result, Fintech companies have had to pivot their marketing budgets to influencer marketing – because TikTok proved that people follow people, not institutions.
Gamification is a popular trend in fintech marketing, particularly among younger audiences. By incorporating elements of gamification into their services and promotions, fintech companies can engage and motivate their audience. This can include reward programs, challenges, contests, and other interactive experiences.
Gamification can also be used to educate consumers about financial topics and help them develop positive financial habits. By making financial management fun and accessible, fintech companies can appeal to younger audiences who may be intimidated by traditional banking and investment options.
4. Social Responsibility
Younger consumers are increasingly conscious of social and environmental issues and expect the companies they do business with to share their values. Fintech companies can leverage social responsibility as a marketing strategy by incorporating environmental and social initiatives into their business practices.
For example, some fintech companies have partnered with non-profit organizations or pledged to donate a portion of their profits to social causes. By demonstrating their commitment to social responsibility, fintech companies can appeal to younger consumers who prioritize ethical and sustainable business practices.
5. Measure Success
Tracking important metrics such as engagement rates, click-through rates, and conversion rates is also critical for measuring the success of marketing campaigns. By analyzing these metrics, FinTech companies can identify what works and what doesn’t and adjust their marketing strategies accordingly.
6. Diversify Reach
With the potential ban of TikTok looming, it’s essential for FinTech companies to diversify their marketing strategies and not rely solely on one platform. While TikTok has proved to be an effective channel, it’s important to explore other social media platforms such as Instagram, YouTube, and Twitter. Each platform has its unique strengths and audience demographics that can be leveraged by FinTech companies to reach their target market.
Fintech marketing has evolved rapidly in recent years, driven by the rise of social media and the changing needs and preferences of younger consumers. By leveraging strategies like influencer marketing, personalized content, gamification, and social responsibility, fintech companies can reach new audiences and establish themselves as leaders in their industry. As the fintech industry continues to grow and evolve, it will be essential for companies to stay abreast of these trends and adapt their marketing strategies accordingly.
borderless, a global payments company that provides a software and API to companies to process payments to 120+ countries. borderless specializes in cross-border payments, and their platform utilizes local payment rails, real-time payment rails, and SWIFT to facilitate faster and more efficient payments. To learn more, contact our team to schedule a demo today.