Let’s be honest to begin with! While the marketers would say glorious things about a campaign but at the heart of it, remains one and only objective and i.e. to improve customer engagement while ensuring retention. However, with new fintech apps launching a dime a dozen, that is getting more complex by the day. People nowadays have numerous fintech apps to choose from, whether for digital payments, trading, insurance, or wealth management. In this increasingly competitive ecosystem, standing out from the crowd has become more critical than ever. However, the answer lies in building a robust marketing plan that helps reach out to customers, engage them, and keep their attention for as long as possible.
Referral programs expand reach
Referral marketing is based on the age-old tradition of recommending a product or service to someone. People usually trust recommendations from their friends and family more than direct advertisements. Nowadays, brands leverage this power of social relationships to generate new leads by creating single or double-sided incentive-based referral programs. Giving a reward or an incentive to those who refer is indeed a great way to improve referrals.
Additionally, the surety of receiving an incentive – a discount, a voucher, or additional wallet credits – can also act as a decisive factor when someone is looking to download an app, whether for banking, making investments, or other financial services. While attracting new customers, it also helps in building customer loyalty.
Cashbacks are the new loyalty discounts
Offering loyalty discounts has been a successful retention strategy for ages. Gradually, more brands have been using cashback to retain and attract new customers. It is a part of loyalty programs, where a user receives a cash discount or points in the wallet after making a purchase or conducting a transaction. Today, a lot of fintech platforms have been using this marketing strategy to encourage repeat customer purchases. For instance, CRED gives CRED coins on each credit card payment made through the app. These coins can be used to access rewards and purchase at discounts.
Value-added brokerage benefits
Giving users extra benefits, along with main offerings, can be one factor that makes the users pick one app over the other. For instance, some online trading platforms nowadays offer discount brokerage, where they provide zero brokerage on investments and zero-cost delivery trades. This is something that appeals to seasoned as well as experienced investors. With newly opened Demat accounts reaching the INR 7.7 crore mark last year, using user-centric strategies that benefit the consumers and marketing them right through advertising can be the way to garner more traction.
Influencing through influencer marketing
In the last two years, retail investments by GenZ and millennials shot up significantly, which can be associated with the rise in fin-fluencers are educating the audience about managing finances and investments. The influencers are not a casual community anymore. They have become a crucial part of the fintech platforms’ marketing plans, enabling them to reach their target audience, especially the younger generation across Tier 2, Tier 3, and beyond. Simply put, influencer marketing helps fintech brands spread awareness to a broader audience through a trusted and widely followed internet personality, influencing them to use a financial platform. It is one of the most efficient and effective online reputation builders for brands today.
Social media and YouTube content builds a user base
People spend nearly 3 hours on social media platforms daily. As a result, social media marketing has become an excellent marketing tool. Earlier, people used to go to friends and family for financial advice, but today, more consumers take an interest in learning about a financial process or a newly launched application just by going through the recommendations or videos on YouTube. Gradually, it has become a go-to platform for gaining financial education. So, fintechs are tapping into keen investors by creating engaging, entertaining, and even vernacular content across these platforms to bring potential customers into their fold.
To thrive in today’s competitive market, fintech companies must have an edge. Employ focused marketing plans to reach, attract and retain customers. Since fintech platforms can be accessed by anyone and anywhere, the right marketing approach helps retain urban audiences and acquire new users from untapped markets, especially Tier 2 and Tier 3 cities. Therefore, newly launched or existing fintech platforms must narrow down their target audience, understand the market and customer sentiment and take the digital route to market their product for higher growth potential.
Views expressed above are the author’s own.