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.
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.
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.
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 contact long before a salesperson steps in. But, it is not only used by the marketing department. Salespeople utilize the marketing content as they go about their business. Therefore, marketing content should first be evaluated before it is put out, and these are some of the areas that should be given a core focus.
What content is available?
What content should be used for marketing?
Who should use this content first?
Where should this content be used?
Why is this content preferred over the other?
Will this content give us the best we expect out of it?
Finally, is there anything left untouched?
Both teams should evaluate to ensure there is no contradicting information. Unfortunately, some studies have found that sales teams sometimes create their information, and honestly, this would impact your performance in the market.
Today, 60-70% of the content in B2B organizations is not being used. So this is an excellent opportunity to get sales and marketing teams aligned.
The fintech space is not as straightforward. The goal is to make FinTech content more visually appealing and easy to grasp to boost clarity and provide a better user experience.
2. Improve Digital Customer Experience
An excellent digital customer experience must provide a fast experience for users as they switch channels or websites to become potential customers. Sometimes companies with great Digital customer experience provide an organized online experience that delights their partners.
The more and more businesses are conducted through digital storefronts, the goal of any company should be to provide the best experience possible. Significant disparity. Customer experience is about more than knowing where and what your customers buy. It’s about being able to craft an experience so personal that it meets all your customers’ needs, thus driving long-lasting loyalty.
Customer experience involves all the ways a business interacts with a customer and then managing data pulled from these interactions to create a better experience in the future. Customer service focuses on one interaction, while customer experience management focuses on every interaction.
3. Embrace Social Media
First things first, you ought to have a social media presence. According to a report on social media usage released by Statista:
In 2020, over 3.6 billion people were using social media worldwide(a global rate of 49 percent.), projected to increase to almost 4.41 billion in 2025.
On average, internet users spend 144 minutes per day on social media.
Facebook was the first social network to surpass one billion registered accounts and currently boasts approximately 2.5 billion monthly active users, making it the most popular social network worldwide.
In June 2020, the top social media apps in the Apple App Store included mobile messaging apps WhatsApp and Facebook Messenger and the ever-popular app version of Facebook.
In 2021, Social networking sites were estimated to reach 3.78 billion users. These figures are still expected to grow as mobile device usage, and social networks increasingly gain traction in previously underserved markets.
The above statistics communicate how important it is to tap into the numbers on social media and adopt social media marketing.
Social media marketing involves posting relevant content like live videos, texts, prerecorded videos, images, GIFs, and animations on all your social media engagement platforms, talking to your audience, giving an ear to their complaints, and addressing their concerns.
The social media platforms used are Facebook, Instagram, Twitter, Reddit, LinkedIn, Pinterest, Youtube, Snapchat, and WhatsApp. Different business brands use social media for various purposes, i.e., to get traffic to their websites, to generate sales, to get people’s views about a product and its performance, to get to a target audience and engage with them, and also to engage with potential consumers of the product or service.
4. SEO is your Goldmine
Usually, marketers and business people think that to increase organic traffic; you must use paid advertising using Google ads. But, no! Once you get into paid ads, the results cease to be organic. The trick behind increased organic engagement and conversion is search engine optimization (SEO).
Search engine rankings are a relevant phenomenon and here to stay. The average person completes a Google search 3-4 times per day. While other search engines – like Bing – are still crucial to your SEO strategy, Google owns more than 95% of the search engine market share – making it a top search engine optimization priority for many small business owners.
To boost your rank in search engines, you should be watching out for the following:
Your domain name.
Keywords in your industry. Tools like ahrefs can help here. Keywords are so crucial, especially when it comes to Google searches. The more keywords are emphasized in the content, the more likely your content will appear higher on the search engine results page. This translates to more clicks on your content, which will, in turn, organically increase traffic and conversion rate.
Use Google Analytics to look at your SEO performance.
5. Focus on customer retention
Research by HBR shows that improving customer retention by 5% boosts profits by 25%. Therefore, customer retention is an essential aspect of the survival of organizations. Business people who understand customer retention's value always strive to ensure that their customers get the best experience to keep them as their existing buyers.
Due to the mass migration from the banking industry to insurance and retail, Fintech companies must increasingly focus on customer retention. Customer Loyalty is now determined by the experiences your customers have while using your goods and services.
Essential action points to help you grow your customer retention rate;
Give gifts to your customers like capes, umbrellas and more.
Send out appreciation messages and emails to your customers after shopping.
Put in place a referral program that benefits potential existing buyers and new customers.
Give loyalty points to customers after making purchases.
A data-driven approach to customer retention is a smart way to boost your retention strategy.