As a fintech entrepreneur with a brand new software solution that will save people thousands of dollars and make you millions, you can scarcely wait for the day when news gets out and clients start pouring in.
However, this has not yet occurred.
Your product or service is flawless — in fact, it is outstanding! – You’ve acquired growth capital, and you’ve got the drive, expertise, and faith. But, for the time being, your new client acquisition rate isn’t increasing at the rate you’d like it to, despite knowing it might.
So, with everything else looking so promising, there can only be one thing missing — a solid fintech inbound marketing strategy. There are numerous techniques you may follow when developing a great fintech inbound marketing plan – but today, you want to know how to win the most customers in the quickest amount of time. This entails Fintech growth hacks.
What is the Meaning of Fintech Growth Hacks?
In reality, despite the fact that many people like to combine the two, inbound marketing and growth hacking are completely separate disciplines with different purposes and goals.
Inbound marketing aims to create long-term business growth; growth hacking, on the other hand, focuses on the short term, attempting to gain as many new clients as possible as quickly as possible – by any means necessary.
The finest marketing plans for any type of online business will include both methods – but today, we’ll be focusing on fintech growth hacks particularly.
Top 4 Fintech Growth hacks
1. Aim for Organic and Viral Results
You’re surely aware of the viral approach of delivering an incentivized referral program to consumers. Not only do the clients receive a credit to their accounts for every referral, but so did every new customer who signed up. A method like this could be quite beneficial if carefully monitored.
Such a high Customer acquisition Cost is obviously not sustainable in the long run, but use it as a growth hack and know when to stop. As a newcomer to the market, you must play to your strengths while reducing your spending to a minimum. Instead of rushing right into billboards, hoardings, and other types of marketing that never actually help with conversion, look for more organic alternatives to bring in traffic. Your company’s operations are similar to those of the other players. Give it advantages that others don’t have.
So, here’s your fintech growth hack: offer incentives to new customers and referrals. You may not have $70 million to play with, but you will have some kind of marketing budget, and when it comes to fintech growth hacking, you must not be afraid to spend.
2. Create an Interest
There’s a reason why growth hacking is a startup term these days. Do not confuse it with inbound marketing. The main distinction between the two is the time factor. While inbound marketing is done with the goal of long-term sustainability in mind, growth hacking is done primarily (mainly by startups) to increase numbers in a short period of time.
Creating a sense of urgency for a product has proven to be a great growth hack for many fintech firms.
As growth cultivates curiosity. All you need to do is restrict your platform to ‘invite-only,’ and only the company or its users could invite others to sign up on the portal. To sign up, users must first like and follow you on Twitter and Facebook, and only then will they receive an invite. This will increase social media presence and also aided in filtering the audience to those who were genuine. Because, quite frankly, who in their right mind today would go out of their way to sign up for a platform unless they are actually interested?
So here’s the fintech growth hack: make it mandatory for your prospects to spread the word about your company while they’re trying to sign up. This strategy will be bolstered by only opening the ‘invite-a-friend’ window for a couple of hours at a time. As a result, during these exclusive times, those who truly want to gain access to the organization will be sent into a frenzy across social media trying to find someone to invite them, generating interest among followers.
3. It’s all about the Content
According to research, fintech firms prioritize product over branding, which seems reasonable until you want to grow your user base and get a million downloads. The content produced by fintech behemoths is nearly identical across all media platforms.
Ideally, this will not work because each platform has a new set of audience members or even the same audience members that come onto the platform with a different Headspace. If you publish an article on LinkedIn about Blackrock’s “Essentials to Make a Hire,” you will almost certainly be inundated with Inmails. Do you post the same thing on Twitter and Instagram? It’s extremely unlikely that you’d have a comparable result. This method of distributing relevant material across several channels may not appear to many as a “growth hack,” but it has worked brilliantly for fintech companies.
One company used a new content strategy to engage potential clients on Facebook. Uploading video testimonies from immigrant users who were requested to convey their thoughts on their last days in their homeland was one such campaign performed on International Immigrants’ Day, which resulted in their Facebook page growing by nearly 40%! Do you see the importance of content?
4. Pay Close Attention to detail
If you’re a company seeking growth-hacking tactics that actually work, you might want to leave the phrase “don’t sweat the small stuff” at the door. When executing a rapid growth plan, keep in mind that the clients will only follow every instruction that is part of the campaign because the CTAs(Call to action) should be so simple to use.
The unique waitlist referral scheme, in which a customer will be promoted to a step closer on the waiting list based on the number of recommendations they brought in.
Everything comes down to the user experience. Wouldn’t you be more likely to recommend an app to a friend if all you had to do was click on a CTA and enter your email address? Smaller details can sometimes make a big difference.
The trick, however, is to make the process gamified. Each person who signed up received a thank you message, and the number of people already on the waiting list will be displayed (i.e. providing the social proof that the organization is worth waiting for). However, if you wanted to skip ahead in line, all you had to do was refer your friends – and the CTA buttons made it extremely easy for users to do so.
Fintech growth hacks is a hazardous, as lovely and puffy as the term may sound today. Customers’ response to any expansion strategy would completely depend on its credibility, as this is a closely scrutinized business that is supposed to operate on the values of honesty and candor. Whether you want to increase traffic, the number of users, registrations, or conversion rates, make sure to validate your campaign to avoid lasting harm to the single most important aspect determining the success of a fintech business model- its reputation.