Digital Marketing Strategy Template for a Fintech
Creating a digital marketing strategy for a Fintech is not as hard as it seems. I'll show you how I do it.
With a decade's experience up my sleeve in marketing for Fintech, I know what works and what this industry needs.
In this industry, all CEOs care about is seeing the numbers and hitting targets - this environment is very brutal for some, what with the pressure of delivering those numbers. Because numbers are so important, top advice I always give to young marketers is: know your numbers and articulate your marketing strategy in numbers.
If you can, hire a marketing analyst - you won't regret it.
For a successful Fintech marketing strategy, you will firstly need to do some market research:
- to analyse the internal and external environment your company is operating in
- identify your audience and how to keep them engaged
- identify your competitors
- set your business objectives
Once you've identified who your competitors and customers are and which opportunities you should chase, you are ready to plan your marketing strategy.
In your strategy, it is important that you include:
- the current view of the company
- the challenges
- marketing solutions which align with your business objectives and the challenges of your Fintech
- set targets of what you'll achieve within 30 days and within 60 days
- budget plan
Read more to understand how I build leading marketing strategies for Fintechs, whether B2C or B2B.
For a successful marketing strategy for your Fintech, you need to understand your company identity, where you stand in the market and who your competitors are.
Analysis of the internal and external environment
A PESTLE external analysis looks at the political, economic, social, technological, environmental and legal factors that influence your company's processes.
For instance, you might determine that Brexit has changed regulations in finance and banking which has repercussions to the type of services you want to provide as a Fintech in banking.
Research on your internal environment is equally important, as every Fintech has to be aware of their own strengths, weaknesses, opportunities and threats. A SWOT analysis does just that, it analyses where opportunity and danger exist for you.
Do these two exercises with your team - brainstorming with them yields the best results.
Your audience is who will support you through thick and thin and who is purchasing your product.
By knowing who they really are, their pain, their needs, and their demographics you are able to create a more direct communication channel. You know exactly how to speak and engage with your target audience, and you know what content and services they will find valuable and relevant.
The STP marketing model (Segmentation, Targeting and Positioning model) is ideal to understand who your audience and customers are. It allows marketers to
- segment their market depending on characteristics,
- evaluate each target segment
- and decide on the positioning of the company and product, depending on the target segment that will engage most.
Buyer personas are also helpful as you identify your ideal customers.
To cope with competition and to understand how your rivals are successful in the market - and consequently differentiate your Fintech - use Porter's Five Forces framework.
This framework determines:
- your rivals and how difficult it will be to compete in the market alongside them
- the bargaining power of buyers who might challenge you to lower or increase the value of your service to get better benefits for themselves.
- the bargaining power of your suppliers who might demand higher prices for their goods you're purchasing
- the threat of new entrants which is the main competitive force for a Fintech, especially for Fintech unicorns
- the threat of substitute products or services.
Set business objectives
After you have a clear picture of who you are as a brand and business and where you stand in the market, it's time to set your business goals in order to align your strategy with your future plans and goals.
A marketing strategy pitch and proposal should be carefully strategised and planned for maximum ROI. As mentioned previously, give special emphasis to numbers!
Current view of the company
In your strategy presentation, one of the first facts you should describe is the current state of your Fintech; how the company is perceived based on the information you've previously gathered from your SWOT, PESTLE and competitor analysis.
Identify the three main pillars that characterise your Fintech - these are your strengths that you should support in the future.
You can create a presentation slide for each point of discussion, such as this one:
Explain why as a company you should focus on these strengths, using numbers.
Subsequently, you present the challenges your Fintech is currently facing based on the market research that you've completed.
Again, identify three main challenges that threaten your company and that don't allow it to grow. Once you understand what challenges and problems your Fintech is facing, you will be able to suggest solutions.
For instance, you might have realised that your environment is too competitive; or that most customers don't have much trust towards banks, which means your challenge is to be trustworthy.
How can you change that?
In this part you present your Fintech marketing strategy and your proposed solutions.
Explain what you're suggesting the company should improve on and how.
For example, if you suggest that they improve their value proposition, explain how, such as by refining the company's identity and brand position. If you suggest to improve brand awareness, suggest methods such as PR and events.
In your strategy, it is important that you acknowledge the importance of your audience and propose ideas on how to nurture them as well. The audience is the most fundamental part of a company - without them, your Fintech ceases to exist.
Propose ideas such as:
- content marketing
- Newsletter - email marketing
- social media marketing
Build your strategy around your company aspirations and the overall competitiveness of the market.
Set targets and KPIs
A Fintech marketing strategy, always includes specific targets and Key Performance Indicators.
Explain the targets and the results you want to achieve with your marketing solutions, always with numbers.
KPIs influence smart decisions as well as the direction of all processes. It is essential that you know how you will measure your strategy's progress and where the company’s progress is headed.
Your KPIs should be SMART:
For instance, you might want to increase revenue in order to invest in other areas of your Fintech. Your KPIs need to be as precise as possible.
Also, set a timeframe; set to hit your targets within 30 days and within 60 days. Include a brief plan on the next steps after the two month period.
Lastly, a brief and approximate budget plan is essential for the strategy. The stakeholders and investors you'll be presenting your strategy to need to be aware of the potential costs of the whole future project.
Strategic marketing is not rocket-science.
It's actually quite simple.
All you have to do is do your market research and then strategise on solutions that will achieve the company's business goals.
Always explaining your suggestions with numbers.
This digital marketing strategy template is what I use to pitch ideas and strategic ideas to Fintech companies that are asking for my help. My experience in the Fintech and Financial services market tells me that your strategy needs to be precise, measurable and creative.
Get in touch with me and I will happily answer all your Fintech questions.