The fintech industry was formed when technology and financial services merged, resulting in exceptional efficiency. Fintech is attempting to integrate certain novel business structures with technology in order to facilitate, improve, and disrupt financial services. This means that there is a product available to meet any requirement a buyer may have, no matter how little.
This also means that each customer will have too many options and insufficient information to make an informed decision. This means that when something goes wrong with a customer, they do not have much time to investigate fintech products. As a result, the question becomes, how can fintech get out to customers with its amazing products? Here’s the response.
Without the assistance of social media marketing, it is impossible to enter this industry. A consumer cannot investigate the offerings, and fintech cannot reach out to them. It is not surprising that financial technology is one of the most closely followed sectors of the economy right now, with a global investment of $49.7 billion between 2010 and 2015.
What Exactly is Social Media Marketing?
Enough has been written about social media, how it changes consumer behavior, and how businesses can utilize it to turn the wheel of fortune in their favor. Despite the vast quantity of information available on the internet, many businesses fail to grasp the concept of “social media marketing” and how it works. Social media is a network of over 3.5 billion users who enjoy sharing, seeking, and creating information.
Investopedia defines the phrase as follows:
“Social media marketing is the use of social media websites and social networks to sell the products and services.”
However, something crucial is lacking from this definition. To put it simply: “Social media marketing is the act of developing customized content for each social media platform in order to increase engagement and promote your business.” Social media marketing is all about engaging with your target audience or customers and assisting them in better understanding your company.
Let’s look at the 7 reasons to focus on social media marketing as a fintech startup.
1. Delivery of Information in a Crisp and Quick Manner
People are highly busy these days, and it is tough for them to focus on one topic or product for an extended length of time. As a result, people desire more timely information about a product.
If the product information is twelve to fourteen pages long, it will be tough for customers to read because it will take up a lot of their time. As a result, video product descriptions are very valuable to customers these days. As a result, the major goal of fintech was to achieve the same thing, which was to reduce the burden on clients and assist them to learn more about the products.
After all, isn’t time money? And the less time prospective clients spend trying to understand your ideas, the more money you make.
When it comes to persuading clients, visuals are processed 600,000 times faster than words, and less is certainly more.
Social media marketing may help clients understand your fintech concept in just a few minutes.
2. Create a Long-Lasting Impression
Humans are visual creatures, and we remember 80 percent of what we see when compared to all other inputs. Using a visual approach to marketing guarantees that your brand reaches and is remembered by your target group. Social media marketing has been shown to increase brand remember and retention in a unique way. It is not only important for a fintech business to attract clients, but it is also important to keep them intrigued. This is when brand recall and identity come into play.
Let’s take a look at another angle here. Brand recall is obviously crucial for customers, but investors and venture capitalists should not overlook it. If you’re a fintech startup looking for funding, it’s critical to build and present your brand as one that stands out from the crowd, no matter how many comparable projects the investor sees.
3. Simplify your Business Concept
Financial technology is a new and developing industry. Most consumers are unfamiliar with it, and even if they have heard of it, they find it too difficult to comprehend. Let’s face it: Fintech is a combination of finance and technology, both of which are extremely technical in their own right. Furthermore, due to the complexity of fintech products, a consumer may be drawn away from a brand whose operations demand a lot of work to grasp and instead be drawn to a brand that seems easy and welcoming, even if it means passing up a product that is excellent for him/her.
With social media marketing, even the most complex fintech topics can be simply explained.
A well-executed infographic or explainer video can pave the way for you and set your fintech company apart from the crowd. These social media marketing features can shift the viewer’s attention away from the complex jargon and processes and toward the true value of your startup.
4. Capture Youth’s Power
According to the EY GFSI Journal, the first group of clients to adopt fintech solutions were youthful, well-off individuals. This suggests that the younger generation is already interested in and open to the fintech industry. It is safe to anticipate that reaching out to these consumers will require a creative approach that appeals to their mindsets.
The popularity of Youtube and Instagram among young people leads us to one conclusion: they prefer visual communication. They are more inclined to click on an explanatory film or infographic rather than a lengthy study piece. A fantastic product or service will not be enough to attract this sector of consumers to your fintech business. They must be shown why the product is so excellent and how it can improve their life in a few characters.
5. Actual Outcomes: Conversion and ROI
It is understandable that if you work in the fintech industry, you trust numbers more than words.
So, let’s get down to business.
- Video is the sort of content with the highest ROI, according to 51.9 percent of marketing professionals worldwide.
- People are 85% more inclined to purchase a product after watching a product video.
- Including video on a landing page can boost conversion rates by up to 80%.
- After watching the video, 65% of executives go to the marketer’s website, and 39% phone a vendor.
To summarise, graphic marketing increases conversions by a factor of 10 at a low cost! A one-time investment in a graphic marketing effort produces results for a long time. It not only increases conversion rates but also gets people talking about your company. In the long run, the investment in a graphic marketing strategy pays for itself many times over.
6. Gear the Influence of Visuals in Social Media
It is widely assumed that social media marketing is more suited to bizarre, creative firms rather than the fintech industry. That is not accurate at all, given that true financial technology users spend a significant portion of their time just on the internet.
According to a Carlisle and Gallagher Consulting Group analysis, 87 percent of 1,000 customers polled said banking institutions’ use of social media was boring, uninteresting, and mildly unpleasant. Social media users are certainly looking for material that is entertaining, relevant, and enticing. Using social media marketing methods is a terrific approach to link all three with your brand.
While social media may not be a primary focus for most fintech organizations, its importance should not be overlooked. A solid online presence may do wonders for a fintech startup’s customer base and truly help it take off.
7. Beating Competition: Local & Global
Crowdfunding, payments, data collection, education lending, credit scoring, thematic investment, and cybersecurity are all components of the fintech business. Because the fintech network is extended across countries all over the world, new rivals are added as the network grows. You are not only a league away from your local competition, but you are also one step ahead of the global ones if you find and communicate your fintech’s distinctive personality through social media marketing.
Social media marketing, as a multifaceted tool, can significantly increase the value of a fintech firm. Whether you want to get funding, expand your consumer base, or overcome the competition, social media marketing is a one-of-a-kind solution for all. As a result, we can conclude that social media marketing has become a panacea for all issues, and it has also increased the worth of organizations such as fintech. As a result, the fintech Company has been taking more and more steps to become more accurate in their new work, and they are, achieving wonderful results.
Read about fintech content marketing and how companies are using content marketing to improve their ROI – https://sabpaisa.in/fintech-content-marketing-stratgey/