Marketing tips for growing your business
Are you part of the financial technology companies and want to grow globally? Do you want your brand to be most well known around the world? Well, you should know how to spend your money where it matters and boost your sales! Start using marketing strategies that will 'attract new customers' and stop throwing money away by using marketing strategies that don't work!
What is marketing? And how is it used?
Simply put, marketing is a concept used to get people interested in your company's product or service!
If you work in marketing, you will know that it's undoubtedly hard to define marketing, even though you see and use it every day. The term marketing means many things and is not a straightforward definition, however it fits perfectly with fintech companies.
Marketing uses research, analysis, and advertising to promote a business or service's goods and services. Using marketing will give you a better understanding of your customer's interests.
The vital point of marketing is to attract potential consumers to your brand, which is done through messages, which, whenever possible, should be educational, so you grab your targeted consumer's attention, thus converting the consumer into a lead.
Capture customers – Educate customers – Convert those customers!
Capture your customer
Capture the attention of your target market by using strategic planning and implementation. Engaging with your audience for a campaign in marketing brings an abundance of long term benefits. Done right, this is a vital part of fintech marketing where the attention should fall on the target audience.
Educate your customer
Always bear in mind people are looking for solutions and answers. So educate them by giving them the information they're looking for during their purchasing decision.
It would be best if you showed that you are an expert at what you do, so you must provide the right information to prove this. Potential customers will turn to your expertise and trust your brand if you deliver relevant and educational content. This will be useful if you are planning to start a financial business in another country and in fact, educating your customers about your products is crucial. You can also use the help of international payroll services in that regard. A PEO will help you find the best employees so you can start a business successfully and not worry about that part.
Show you are an expert and provide as much knowledge as you can relevant to what you're selling.
Convert your customer into a lead or sale
It would help if you remembered that you couldn't pack everything that a person wants to know into one ad. Cramming everything into one ad would be overwhelming and could mean your message is lost. You have to find a way to provide information in easy to digest chunks. So, provide reports, ebooks, case studies, blogs, and other marketing materials so that you're reaching your potential customer in various ways.
Remember, during the decision-making process, not everyone will want to know everything! But, everyone will want to be aware of the critical and relevant information and issues at stake.
**Converting is where many businesses fail. You need to offer prospects a flawless and concise message, showing how your product or service will solve their issue / give them what they need, making it easier for them to choose you over the competition.**
- Businesses and stakeholders want the same thing!
- New customers
- Less competition
- More profitability
- More retention and less turnover among their best and most productive employees
- Better results from their marketing and advertising
- Higher conversion rates!
Different types of marketing
The type of advertising you use will largely depend on where your potential customers spend their time.
Marketing is essential at every stage of a business's selling journey and uses several platforms like social media.
So, what marketing strategies are relevant today?
Internet marketing and how to use it effectively
It is a broad-ranging term that incorporates various marketing tactics and strategies to promote a business or brand and its products or services over the internet using tools that drive traffic, leads, and sales. Use a service like Spectrum internet for awesome internet plans and packages.
Search engine optimization (SEO)
Another important element for financial companies that should be considered is SEO, short for Search engine optimization which isn't hard and can lead to great results. SEO is essential if you want your fintech business to stand out. With over 1.7 billion websites worldwide, you must get this step right. The first consideration is your USP (Unique Selling Point). Know this and build your SEO strategy around it
The word blog comes from the amalgamation of the words "web" and "log" or "weblog," which was shortened to "blog."
Posting relevant content through your blog is an advantageous way to drive traffic to your website and services. Today blogs are easily integrated into a website, making it easier to manage, and find.
Blogging is a great marketing strategy because it provides new content that attracts potential customers, and keeps established customers engaged, and brings them back time and time again. It also provides a platform for businesses and customers to interact.
Social media marketing
Social media marketing uses social platforms to publish great content.
Social media platforms such as Facebook, Twitter, LinkedIn, Pinterest, YouTube, Instagram, and Snapchat are prevalent these days and are a great way to engage with potential customers.
This type of advertising can be launched within minutes.
Businesses use social media in countless ways. For example, financial technology companies can monitor what people are saying about them, allowing them to understand their potential customers.
When using social media analytics, businesses can monitor, analyze, and collect billions of conversations, and even come up with new business ideas. Helping them see what makes their customers tick! And give them valuable insight into how their social media advertising is working and what their competitors are doing!
Print / physical marketing
Just because we live in a digital age doesn't mean things produced on paper are obsolete.
From business cards to advertising on packaging, billboards, beer mats to handing out flyers at promotional events, printed physical marketing can go a long way in getting your brand seen.
A printed flyer, for example, is a tangible way to reach your customers. They can be handed out on the street, added to magazines, newspapers, and even posted through doors.
A well-made brochure is an incredible marketing tool that can hold an immense amount of information. From event guides and catalogs to portfolios and prospectuses, the booklet is a fantastic way to present large amounts of detail in a visually engaging format.
Search engine marketing
This type of marketing is called pay per click and is different from SEO. Businesses pay search engines like Google to place ads/links on their index's high ranking pages, giving them high exposure to their audience. When a potential customer clicks the ad/link, the business pays a fee for the referral.
Pay per click - PPC drives traffic, sales, and inquiries from a targeted audience. PPC platforms give businesses the ability to place ads in front of a targeted audience. For example: say your business makes catering equipment – somebody could place a targeted ad on a search engine index page - so when a potential customer searches for baking trays, your ad appears on the results page - right at the top.
Search engines are the number one way people look for suppliers of both products and services!
Video marketing isn't a new concept! Video boost conversations. They are a potent tool that should be used as a significant component of any marketing strategy.
Why? Increasingly financial companies realize the endless possibilities of video marketing. The video brochure blends print, video, and audio provides an unprecedented response from potential customers.
This presentation method is very flexible and gives businesses a great marketing tool. For example, a video brochure is used for everything from an invitation to an event to a thank you after a seminar.
Typically in today's hectic society, research has found that people would prefer to watch a two-minute video rather than taking 15 minutes to read the same information.
Watching a persuasive presenter in a video can sway buying behavior and coax a visitor to convert into a lead or a lead to transform into a customer.
Video can be added to an email marketing campaign!
Streamline processes and have a clear plan so that you and your team can concentrate fully on the jobs at hand.
Empower and motivate your team to plan efficiently, organize, and execute marketing strategies with clear and precise focus and action.
There are four main growth strategies that you need to know; these are:
A market penetration strategy holds a shallow risk; it is the starting point used by most fintech companies and is used as a strategy to develop growth. It shows how much a service or product is being used. It is used to create a business strategy to increase its market share in a particular product or service.
It is also used to determine the size of a potential market, giving an insight into the number of people that have purchased a specific company's products or services.
Market development is a tactic used to develop an existing market rather than looking for a new market. This will look different for every business.
Marketing development helps businesses discover new uses for their products and provides them with the opportunity to expand their services into new markets.
Humans are typically creative and good at improvising, which can mean that they don't always use the right tools for the job! But can be creative with how they get things done.
Fintech companies use surveys to determine which people are using their products and how they are being used. This can give companies fresh ideas on how to market their products.
Product development is the stage involved in bringing a product to market. It incorporates a product's entire journey from idea to market release and beyond.
Naturally, there are many steps taken, and each business will be different, but generally, most business will follow the below steps:
Identifying a market need - Brainstorming possible new products to identify a problem that needs solving, this is done through conversations with potential customers this can be done through surveys and other research strategies.
Idea analysis – Idea analysis means evaluating the product idea. Market research and concept studies are used to determine if the concept is feasible. The concept is identified and turned into a tangible concept.
Quantifying the opportunity – Remember, not every problem will warrant a product-based solution. This is where research is essential to determine whether there is enough demand for an answer. Fintech companies must assess data to decide whether it's a worthy problem to solve and if people are willing to pay for a solution.
Conceptualizing the product - Sometimes, solutions will be obvious. Here's where a team effort is required. There need to be creative discussions to determine how a product will serve a need.
Validating the solution – This determines whether a product is viable before time is spent prototyping and designing; this is an early test to see whether the particular product idea is worth pursuing further or if somebody will reject it.
Product roadmap – A product road map determines the first steps.
Developing the MVP – A prototype product is produced to identify possible pitfalls and see how the product performs, such as testing the waters around price and packaging. It also opens up channels for feedback. Feedback is vital. It produces ideas and gives a platform for complaints and suggestions, helping the business move forward toward full production.
Prototyping - involves creating a product concept that has been determined to have business relevance and value.
Diversification is a risk assessment to determine the products' financial value and looks at all relevant costs to see whether a product will yield fair returns.
Diversification minimizes the risk of portfolio loss because no-one has a crystal ball and can say whether a product will be received in a positive light. So identifying possible areas of financial concern is vital.
Markets can be volatile and unpredictable.
- Diversification exposes you to more opportunities for return.
- It gives you more opportunities for return.
- It reduces unpredictability
A definite advantage of diversification in your investments is to minimize the risk of a product nose-diving and to wipe you out!
This is especially true if you are a small business with one or two products or your services are limited, so if the market for your work were to drop, you could end up losing the investments that you have already made in your business.
Diversification gives you an idea of where to invest your money, which products will bring you the biggest bang for your buck, and which investments are not financially stable or viable.