• Ssemujju Lewis E

A Beginner's Guide To Marketing Automation For Fintech

The tech in Fintech stands for technology. Marketing automation is about leveraging technology and automating processes to reduce costs while improving efficiency. Therefore, Marketing Automation marries efficiency and digitalization to better service provision in the financial sector.

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  1. Marketing Automation for fintech

  2. Benefits of marketing automation for fintech

  3. Marketing automation strategies for fintech

Marketing Automation for Fintech

Automation feeds on the data from interactions between a company and its clients to understand their behavior, gain insight, and improve the entire process. For example, Fintech can carry out personalized communication with its clients with the help of marketing automation for Fintech.

In addition, automation provides an omnichannel for FinTech for improved customer service. Omnichannel is a lead nurturing and client engagement strategy where a company avails all its products, offers, and support services to customers or prospects on all channels, platforms, and devices. Omnichannel marketing is where companies promote their products, offers, and support services to customers or prospects on all channels, media, and devices through consistent and engaging branding and intentional messaging.

Read: Omnichannel Marketing; Definition, Benefits, Examples & Tools

Omnichannel marketing is customer-centric marketing. A customer-centric strategy is based on putting your customers first and at the core of your business to provide a positive experience and build long-term relationships.

Why do FinTech companies need marketing automation?

The use of marketing automation in Fintech crafts customer relationships and maintains joint customer service, increasing sales and productivity.

Marketing automation is poised to grow to 25.1 billion US dollars by 2023.

Below, we'll learn how marketing automation is beneficial to fintech companies.

1. Saves time

Marketing automation aids you automate marketing administration tasks that would be time-consuming and tiresome. The activities include; ensuring that marketing lists are kept safe and in one place, email marketing, managing campaigns, reporting, updating CRM software systems, and other tasks.

Furthermore, automation saves time in many areas of marketing and sales, such as workflows, reporting, lead qualifying, and much more, allowing you to focus on growth strategies and creative initiatives.

2. Improve lead nurturing

Marketing automation helps analyze leads and determine the best strategies to categorize and nurture them. Next, marketing teams nurture leads and hand them over to the sales teams. A high conversion rate is an indicator that the nurturing process is working.

In addition, it helps with the use of lead magnets. Lead magnets are essential to enable you to count your automated marketing procedures as a success while closing deals. Lead magnet triggers could be; a customer will exchange their email address with you.

Classification Of Leads

An effective marketing automation software should help you craft chains of lead magnets. Lead magnets deal with different types of customers. This means they can generate content depending on the nature of the customer, the interests and the kind of business they are running. This helps to improve customer experience and also helps to retain customers hence closing more deals.

3. Maintains close customer relationships

Customers are the most important people who form your business's most significant part. Therefore, you need to allocate time. Don’t get lost in cost savings and the time you utilize during marketing automation. Instead, try to make time for your customers.

You can find marketing automation tools to find time to engage with your customers. This will help to form more meaningful relationships with your customers. Note that the more time you allocate to customers, the more they get engaged and feel part of the business. This doesn’t not only help to maintain and retain customers but also attracts continuous support.

4. Improves measuring ROI

Marketers and sales personnel commonly use marketing automation to control a company’s online marketing activities. For example, campaigns help reduce the chances of human errors and are an excellent labor-saving technique that maximizes efficiency and effectiveness, thus delivering maximum revenue for the company-the overall goal. If you need to measure your return rate on investment, you have Marketing automation at your disposal; it's timely, cost-saving, and grows the organization/business as fast as possible because promotions are provided for, aiding lead generation and scores.

Revenue generated is a question of how effectively your marketing automation converts to actual revenue. Revenue is the most tangible metric of marketing automation. It is the best measurement to justify Return On Investment (ROI).

The amount of revenue each customer generates indicates the quality of leads generated from marketing automation. High-quality leads translate to significant profits.

5. Improved data for process optimization

Marketing automation software feeds on data. The numbers and information in the software help management and business managers make decisions that benefit their companies. These decisions are made from an informed point of view, powered by marketing automation software.

Your customer data is your gold mine. Fintechs are highly involved with their customer's financial data. With automation, you will not suffer from duplicated data. You can do away with that by ensuring that user logins for your sales team are given convenient access to the software. Ensure that your sales teams are connected, allow sales managers access those user logins for the sales representatives, and let the top management access the sales team data for review and evaluation. With all this in place, your business performance will be improved, and there won’t be any duplications.

Marketing Automation Strategies For Fintech

A marketing automation strategy guides what you have planned to do, how it has to be done, where to do it, when to get it done, whom to do it for, why you intend to do it, and how it will come accomplishment. A marketing strategy guides your procedures, what is being achieved, and what is not, and helps you measure and monitor your performance.

1. Provide Valuable Content

People in sales are the ones who are involved in the groundwork. They know the customer’s preferences and interests; thus, it would make sense to advertise or market something in line with what customers want to hear or see as contrary to something that would sound new into their ears. In addition, it becomes easy for the salespeople if the target customer already has prior knowledge about it, which would ease their work.

Marketing content is what draws customers and potential buyers. It is the first point of c