Fintech PR campaign examples that accelerate business growth.
Competing in the Fintech industry can be brutal. Every Fintech is out for themselves. Many Fintechs have similar value propositions, product ideas and similar target audiences.
Competing in the Fintech industry can be brutal. Many Fintechs have similar value propositions, product ideas and similar target audiences, which makes competing in the industry extremely difficult and competitive.
Statistics indicate that 50% of UK’s startups fail within five years. One of the main reasons for startup failing is getting outcompeted, with 20% not surviving the industry.
Launching is hard, scaling is harder after all, and the numbers clearly show this.
Although the Fintech industry is tough, you can utilise the power of PR to scale up. Leverage your PR and creativity and remain front of mind.
Why do Fintech startups fail?
The environment is extremely competitive for Fintechs to survive, especially during the early stages of growing a company, but there are other important reasons worth explaining.
Many Fintechs fail because they don't have the right business plan in place, and consequently cashflow causes problems. Running out of cash and a low revenue is unsustainable for business growth within the first years of launching, leading them to crash. A clear strategy on the best approaches to scale is imperative before venturing out into the Fintech world.
Another reason for startups and Fintechs crashing and burning early on is because they haven't found their niche and their differentiating point. Any business can have an amazing product that is very useful, but how is your product any different to a product already out in the market? A specific product niche will prevent suffering the consequences of going up against the ‘big companies’ and losing money on competing fruitlessly.
However, Fintech marketing is possible and it can generate a lot of benefits if done right. Fintech PR campaigns are highly successful, such as the PR campaign by iZettle and Klarna.
Zettle: 12 hour store
Formerly known as iZettle, Zettle by Paypal was founded in 2010 to make POS products and to simplify payments. Anyone using Zettle can receive instant payments and track every sale, in one app.
To prove that payments with iZettle are quick and easy, it ran a pop-up store in Central London for six days. Every day, a business would sell and trade using Zettle’s products and POS.
Why it worked
- Brand awareness: The pop-up store served as a real-life ad with small businesses testing the products on the spot, increasing Zettle’s brand awareness.
- Brand messaging: This PR campaign emphasised Zettle’s brand message of supplying products to small businesses and, therefore, coming closer to small business owners. A physical store helped the brand stay front of mind and make their brand known to the right audience.
Klarna: What's the catch? with Bretman Rock
Klarna, a Swedish fintech company, was founded in 2005 to make shopping simple. How it works is this: you shop for the goods and you pay at a later time, or you pay in three repayments. It works similar to a loan which you have to repay. Their partners include popular brands such as Puma, Harrods and GUESS.
Klarna is known for campaigning on social media, and for creating useful campaign videos on Youtube to promote its services and how the app works.
Why it worked
- Videos and Youtube: Klarna utilises the power of Youtube and its vast audience - millennials and Gen Zs - to reach its target market. Videos attract more viewers compared to other social media platforms because videos are easy to watch and to understand. In a series of Youtube videos with Bretman Rock, Klarna unites creativity with brand awareness that attracts the right people to its brand.
- Influencers: This Fintech PR campaign also worked because Bretman Rock's following on social media is similar to Klarna’s. Klarna really took influencer marketing to the next level, by working with an influencer with a similar audience to promote its products.
- Creativity: For Fintech PR campaigns, creativity and thinking outside the box is essential to stand out as a brand. You don't have to go to extreme measures but rather be open-minded to what your audience likes.
Pockit: Banking poverty premium
Pockit was founded in 2014 with a mission to provide a prepaid account to the underbanked.
For this PR campaign, Hanbury Strategy worked with Pockit to create a report that highlights the cost to the unbanked in the UK that comes with not having access to banking. Hanbury Strategy briefed out the press release and report to journalists, which received wide media coverage from well known news outlets online, in print and on radio.
BBC: Lack of bank account ‘costs £500 extra a year’ in bills (article here).
The Guardian: Britons without a bank account ‘pay a £485 poverty premium (article here).
Why it worked
- Media coverage: This PR campaign worked because it received nation-wide media coverage from well-known publications such as the BBC.
- Emotional marketing: The PR campaign leveraged a common problem in society and brought attention to a serious disadvantage experienced by some. This campaign tapped into human emotion by stirring up feelings of unfairness, immorality and discrimination, drawing attention both towards the brand and the problem.
Leverage the power of PR for your Fintech
As shown by the examples above, effective PR campaigning can yield benefits for your Fintech that will help you scale up.
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