The FinTech industry in Sri Lanka has been growing over the last few years, seeing an increase in the number of people who are opting for FinTech products and services. Thilina Naveendra – Digital Marketing Manager at LoanMe – believes that this can be attributed to a number of reasons, such as major advancements in technology as well as the general public having better access to technology & resources over time. He believes that another major contributing factor is the increased awareness of FinTech products and better knowledge on how they can benefit users. As such, it is extremely important for FinTech companies to communicate their message well, by investing in their marketing efforts and effectively reaching out to potential customers.
Why Good Marketing is Important in the FinTech Industry
FinTech is a relatively new sector, specially in Sri Lanka, that really took off only in the past decade or so. As awareness about FinTech products was generally low back then, the initial challenge faced by pioneering FinTech service providers in Sri Lanka was the question of how they could introduce FinTech products to the local market. Relying on marketing, these service providers launched extensive campaigns in order to drive awareness on the products and its various uses – which was key in educating the market about a brand new product. It is evident that these marketing efforts have paid off in the long-run, as more and more users have successfully turned towards FinTech products and services.
Thilina states that another reason why a proper marketing strategy is crucial in the FinTech industry is due to the sheer number of financial technology companies. The number of players in this rapidly-growing industry are increasing quickly – giving customers numerous options to choose from. Standing apart from your competition in such a competitive industry is not easy and requires immense marketing efforts in order to really stand out and be successful.
What Marketing Strategies Should You Consider?
Traditional marketing methods such as print media, broadcasting, direct mail and outdoor advertising was what marketers used to rely on, in order to reach their audience. However, there has been a massive shift in marketing practices over the years, as it has evolved to keep up with digitization and advancements in technology. Online marketing is now embraced around the world, in order to keep up with the times.
Having an online marketing strategy allows your brand to stay competitive and relevant by engaging with customers through various digital media channels. Selecting your channels is extremely important as this relies heavily on the nature of your brand.
Online marketing is also a great cost-effective way to reach out to more consumers in your target market. It enables you to measure results accurately and measure the impact of any specific channel, as well as help you target your specific market with greater accuracy.
Remember that a good strategy will need to communicate what problem you are solving, have a clearly defined target audience and talk about how your FinTech products help your audience solve this problem. Below are a few key components that should be part of your online marketing strategy.
Social media holds immense power in this day and age, which is why it should be an essential part of your marketing strategy. First of all, it is important to figure out which channels are best suited for your brand, in order to communicate your message to your desired target audience. For example, Facebook is best suited to target a wider range of people, while LinkedIn is ideal when you want to reach out to professionals and corporate groups.
Search Engine Optimization is another key strategy to be considered as part of your marketing efforts. As a marketer, you need to ensure that your FinTech product or service is made available to those who are actively searching for it. Online research is an important aspect in the FinTech space as it leads to product discovery – which is why you need to ensure that your products and services rank high on search engines.
This plays a key role in educating your market about your product and can range from blog articles to videos to infographics. This is where you want to ensure that your message is communicated very clearly – talking about your brand and what services it offers, what problems it helps to tackle and how users will benefit from using the product.
Creating a PR buzz is important to build a story around your brand, helping you establish credibility and trust in the long-run. When combined with other marketing efforts, it is one of the most effective ways to build a strong reputation by creating a lasting impression in the online space.
Paid advertising is another important aspect that should be looked into – as this involves a strong focus on ROI, together with clear targeting options. Opting for strategies such as Google ads or social media ad campaigns help you reach out to a precise niche market, whilst giving you the the ability to set clear marketing objectives for each of your campaigns.
This is yet another popular strategy that is being used by most brands to establish a strong online presence and to remain relevant in the online space. With influencer marketing growing rapidly, financial services companies are also looking to utilise similar efforts to promote FinTech services through key social media channels.
This strategy is carried out to reach target audiences on their smartphones, tablets or other devices and can be done in the form of mobile app marketing, SMS marketing, voice marketing or even in-game advertisements. Mobile marketing is a great way to communicate directly with customers by connecting with them on-the-go.
There are numerous other online marketing strategies that are being utilised by FinTech companies, in addition to those listed above. Remember that when promoting a digital financial service, it is important that your target audience is tech-savvy – in order for them to be interested in the products and services that are being offered. This is why investing in online marketing makes perfect sense when promoting a FinTech product or service.