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In 2008, Kevin Kelly, Wired’s first editor, said: 1,000 true fans hypothesis. Fintech startups and other businesses can make money if he attracts 1,000 loyal fans. However, this may seem unrealistic for fintech startups.
Variant Fund co-founder Li Jin has lowered his original goal to 100 loyal customers. In her opinion, companies can succeed by offering more value at a higher price to their most loyal fans. This client count is very realistic, but getting her 100 brand followers in a competitive environment is difficult. This goal can be achieved with a clear marketing strategy for Fintech startups. Let’s see the most efficient way to get her first 100 customers.
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Typical Problems Facing Fintech Startups
Recruiting the first 100 grateful clients is difficult. The market has strict requirements for new entrants.
eyeAn industry with low barriers to entry
According to Statista, the number of startups in the US, EMEA, and Asia Pacific has nearly tripled over the past four years. Investment in fintech companies is increasing as consumers prefer mobile banking apps. Project ideas for the financial industry are more important than ever.
Users don’t entrust sensitive data to unfamiliar apps.
Users trust financial apps with large audiences and positive reviews. The App Store and Google Play review the safety and quality of each platform before publishing, but not everyone buys new products.
Startups need to come up with great fintech marketing strategies to engage users and turn them into loyal customers.
Businesses don’t know how to convert customers into leads.
To make their products visible and in demand, startup initiators must understand their target audience and know how to convert one-time visitors into leads.
An efficient sales funnel introduces users to your product and guides different customers to purchase. An advanced fintech marketing strategy can help build interaction scenarios with each customer type and accompany the sale until the product is purchased.
To get their first 100 customers, companies must use proven fintech marketing strategies. So here are his 5 ways to get new customers.
1. Use personalization to communicate with your target audience
According to Epsilon, 80% of users prefer brands that offer personalized service.
Project initiators must remember that every customer is unique, tailoring software solutions to specific objectives and personalizing marketing messages. Specialists interview users, find problems, and divide them into groups.
This segmentation of the target audience will help build more personalized communications with customers. Enhancing Fintech Startup Marketing with AI will help create targeted text messages and product/service recommendations. help.
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2. Convince Your Customers With Persuasive Words: Build a Content Promotion Strategy
When users are looking for software solutions to their financial problems, they search the Internet. Enter a keyword to find related material. Marketers can capitalize on people’s desire to know more to compare apps and build content promotion strategies for him.
The main thing is to find keywords that answer your customer’s concerns and create useful content. Write articles comparing several services and proactively disclose the benefits of financial software. Create a list of the top investment apps that mention your product. Give a postmortem to a customer who has solved a problem with your app and explain its functionality.
A variety of content allows potential customers to try a free version of your product, sign up for a demo, or purchase a discounted subscription.
3. Pay attention to the visual component of your fintech app
Numerous studies confirm that product branding directly influences the decision-making process. A user’s decision to buy a digital product is determined by navigation, color, style, and a focus on customer value.
The text message, font size, distance between elements, object color, everything matters. The right combination of these will motivate your customers to take targeted actions.
Engage an experienced UX/UI designer with knowledge of the psychological principles that are important in creating landing pages. Place preferred buttons so that users can easily find and click them. The advertised object must point to a call to action element.
4. Trump up on financial software gamification
Gamification has captured the attention of non-gaming app creators. According to Yukai Chou, customers experience success when using the app. This mechanism works much like a psychological trigger, facilitating interactions with serious financial programs.
Gamification can be a lead magnet. Certainly, customers will be interested in fintech platforms integrated with fitness trackers. Banks can give him a 3% interest rate for reaching his fitness goal of 10,000 steps. Providing investment education in a simulated environment also sounds appealing.
Surprise your customers and acquire new customers by skillfully promoting your financial product’s gaming features (avatars, quizzes, rewards, infographics, etc.).
Related: 6 Great Content Marketing Examples for Fintech Startups
5. Rely on referral fintech marketing
In 2012, Nielsen found that 92% of people trust word of mouth more than traditional advertising when making purchasing decisions. The situation is still the same. 9 out of 10 of her buyers trust reviews from friends, acquaintances and other users.
Use referral marketing to reach your target number of 100 clients faster. This is a powerful mechanism for acquiring new customers. Encourage your first users to share their positive impressions of your brand with people they know and offer fun bonuses for doing so (cash rewards, personal discounts, etc.).
Engaged customers speak better product/service value than marketers. Reveal the benefits of your brand from the user’s perspective. Conduct a quick survey to find out what rewards your clients want. Work with them until you have the right number of loyal customers.
Getting your first 100 clients is no easy task, but we’ve shown you the top 5 most effective ways. Start small, test your ideas, and use a mix of different marketing fintech activities. Through trial and error, you will find your formula for success.