Date: 30 September 2021
Author: Richelle Jem, Guest contributor
There is a high demand for fintech services in the UK, with over 70% of UK residents making use of them. However, UK fintech firms are at risk from the growing amount of global competition. Former Worldpay Chief Ron Kalifa states that because international fintech services are rapidly evolving, British businesses need to keep up. Therefore, to succeed in the fintech industry, you need to make sure that your business stands out despite all the competition. That being said, here are some tips that can help your business rise above the rest.
Identify Your Unique Selling Proposition
First and foremost, you need to identify your Unique Selling Proposition (USP). This is essential because your USP is the defining factor that sets your fintech business apart from the others. USPs are very specific, so digital marketer Neil Patel states that this is the detail that businesses eventually become known for. To identify your business’ USP, identify marketplace gaps that your product or service can fill. Even better, look at the services of your competitors and compare those with your own so that you can easily figure out what makes yours different.
Plan Your Content Strategy
An effective content strategy is an excellent way to engage your audience. However, this aspect of digital marketing is nuanced and multifaceted. Marketing agency Ayima who work closely with fintech company Worldpay, emphasise that content strategising demands SEO research, data analytics, and even paid media. The right mix of these makes for a well-rounded content strategy that brings value to your audience while also driving traffic to your website. But to start, fintech companies can focus on propagating their site blog. After all, creating value-adding content establishes your company’s name and demonstrates your expertise in the field of fintech.
Leverage Social Media
You can also enhance your content strategy by using various social media platforms to your advantage. In fact, many financial institutions are already using social media to engage with their target audiences. For instance, Neobank Xinja released a ‘Ditch dad banking’ campaign in January 2020 to illustrate that banking can be cool for younger generations. As a result, they garnered AUS$100 million less than three weeks after the campaign was released. It just goes to show that a good social media strategy is effective at boosting engagement. To use your social media channels, create a campaign that embodies your brand. But at the same time, make sure it appeals to your target audience and is optimised for the specific platform.
Connect to Your Target Consumers
The beauty of creating content and using social media is that they can bring you closer to consumers. This makes it easier for fintech companies to communicate with the digital-native generations. And according to Devin Partida, millennial and Gen Z consumers expect fintech services to be available on various digital platforms. After all, these generations value convenience and remote access. Thus, focus on optimising your app or web services. Additionally, ensure that your customer service covers both these and your social media platforms. Covering all these fronts ensures that you never miss a message.
Address Internal Gaps
By working on your internal team, you can improve operations and, subsequently, business performance. Fintech services are already rapidly evolving, so it’s important to work on any skill and knowledge gaps that are slowing the progress of your business. For instance, your marketers may need to improve their SEO and social media marketing skills to boost customer reach. On the other hand, your development team may need to double down on data analyses to focus on your USP. Look for these internal gaps and address them ASAP to boost the efficiency of your business.
More individuals are using fintech services, so you need to seize this opportunity and stand out from your competition. To innovate, upskill, and grow your organisation, check out FINTECH Circle:
- Our Scale up Programme can help your startup identify a USP, expand sales internationally and take the company to the next level
- Ready to connect with other fintech entrepreneurs, business leaders and investors building the fintech world of tomorrow? Join our startup community!
- Our marketing, demand generation and engagement services can help with demand generation – contact us for more information
- Our insights, resources, and fintech news will help your business navigate through this ever-evolving industry