Our article expands on some of the exciting trends, Growth Gorilla founder & CEO, Shameer Sachdev discussed on the London Fintech Podcast (Listen to podcast)
1) Promote Your Business From Day 1 – Before You Even Go Live
Okay, so you’ve got a great Fintech product, something that really disrupts the market and makes customer’s lives 10000x better.
Don’t wait till your ready to launch to start promoting your brand. It’s never too early to start celebrating your company and all of your ambitions.
With more than over 1600 Fintech firms in the UK, a figure that’s expected to double by 2030, waiting till launch could put you far behind.
You need to get out there and spread your message. Share your company’s ethos, mission, and awesome product through digital channels and seed customers’ initial awareness.
Building brand loyalty from early on can make it easier for you to grow and scale as you have customers cheering you on and consistently using your product or service. Bring your customers in your journey and you’ll have loyal followers for life.
We typically recommend a mixture of organic and paid marketing activities as this allows you to connect with customers on different levels and increase your reach.
As customers come to know and love your brand, it’ll be easy to grow your company and turn your awesome idea into a billion-pound business. Read more
2) For B2B Fintechs, A Good Sales Strategy Depends on Effective Marketing Campaigns
Most B2B Fintechs see marketing as a way to increase conversions and build awareness. And, likewise, a strong sales campaign requires effective marketing. After all, there’s nothing worse than connecting with a prospect who’s never even heard of your brand.
With so many overlaps, it’s often hard, if not frickin’ impossible, to draw the line between where sales ends and marketing starts.
And, sometimes, B2B Fintechs make the innocent, somewhat naive, mistake of thinking they don’t need a marketing strategy as their sales strategy will suffice and investing in marketing is an additional cost. Spending even more money is never ideal for startups who are looking for every way to keep overheads low.
But, marketing provides a softer sell by helping your potential customers learn about your product and its value. Without marketing, they’ll only know your brand through your pushy salespeople, a tactic that simply doesn’t work in today’s world.
95% of customers buy from brands that provided online content throughout the sales journey.
Aligning your marketing strategy and making people aware of your proposition before you start contacting prospects will supercharge your sales team. So, your team can deliver sky-high returns.
3) Create a Customer Value Proposition
Your marketing will fall flat without a clear understanding of your proposition, target customer and their pain points, and market positioning. Nailing down these elements puts you on the fast track to success.
It’s even more important in financial services and fintech industries as you face a whole host of unique challenges. Most of the time, you’re not selling a tangible product or, in other words, something customers can hold in their hands. You also have to deal with strict regulations and enhanced risk.
Customers need to learn about how your complex product works, how it benefits them and its value.
Here at Growth Gorilla, we use a specific formula to nail down your value proposition:
- Customer needs
- Reasons to believe
- Concrete outcomes
The best way to support customers throughout this educational journey is by understanding their needs and pain points. You can then position your company’s products as the ultimate solution and much-needed outcome — taking your company from vitamin status (i.e., a nice to have, but not essential) to a headache tablet (GIVE IT TO ME NOW!).
How to Understand Customer Pain Points
- Investigate the key decision-makers and customers’ network.
- Use quantitative and qualitative market research to understand your target customers and decision-makers.
- Speak directly with your customers to understand their problems and values.
- Conduct A/B testing to determine which messages resonate and deliver the best results.
Using the above techniques will help you determine your customers’ pain points and help you establish and refine your customer value proposition, market position, and messaging. Your sleuthing may uncover surprises as sometimes your target audience doesn’t know their own pain points. Read More
4) Marketing is About More than Just Creating Awareness
Sure, marketing lets you build brand awareness. But, it’s brand awareness isn’t its only purpose.
Marketing also gives you prime opportunities to collect data about your customers and engage with them. As you talk with them and begin to understand their needs/desires/values, you can use these valuable insights to improve your company.
Marketing campaigns also provide a great opportunity to collect hard data points, which you can use to identify customer segments and improve targeting for your next campaign.
Listening to customers and prospects is one of the best ways to uncover new pain points and market gaps. So, you can then refine your product and make it even more damn sexy.
5) Awesome Customer Experiences is the Key to Growth
You have MUCH better chances of selling to existing customers. Research shows that you have a 60-70% of closing a deal with a current customer and only 5-20% of selling the same product or service to a brand new customer.
Supporting your customers with an awesome customer experience compounds your growth and unlocks unparallel potential.
True growth and scale happens when successful customer acquisition meets awesome customer experiences. Once you achieve this profound shift, you’ll really start to see ROI will go through the roof.
6) Customer Experiences Start with Onboarding
Creating an awesome customer experience starts with the onboarding process.
You can start onboarding customers with a freemium or free trial. Both approaches allow customers to get to know your brand and how your product works with minimum commitment. Once they know and love your brand, it’s much easier to convert them into paying customers.
Free trials should show your customers why they can’t live without your product.
But, sometimes, customers fall quiet after or during their demo period.
Thankfully, there are some excellent ways to re-engage inactive customers like:
- Remarketing. By showing targeted adverts to customers who’ve previously engaged with your brand but since left and not returned.
- Drip email campaigns for prospects. To support potential customers who’ve provided their email addresses, but have since dropped out of the funnel.
- Drip email campaigns for current customers. To make sure they’re having a good user experience during the trial period and can successfully onboard. For example, customers know what to expect and what they need to do, like linking to their bank account.
Throughout your campaigns, remember that transparency upfront will reduce signups but ultimately increase conversion rates. By delivering clear, transparent messages, the battle then becomes converting prospects into paid customers rather than keeping current customers active. Read more
7) Getting Started is Easier than You Think
You don’t need a massive budget to start marketing your company. You don’t even need to bring in a professional (at least at first)!
Start playing around with small marketing campaigns and organic content. Publish weekly blogs, post on social, or try your hand at paid ads.
When you’re ready to get serious about your marketing, we’re here to help. We often kick start our relationship with clients with a dedicated Growth Strategy Workshop, which empowers you by refining your customer avatars, market position and messaging. We also create a 12-month growth marketing roadmap.
Once we’ve established the foundations, we can start implementing campaigns covering the digital landscape, from paid search and social to marketing automation and organic SEO optimised content.
Send us a message to learn more about our services and start your marketing journey today.
SUBSCRIBE TO THE GROWTH GORILLA BLOG
Great ideas to help grow your business, delivered straight to your inbox.