Ensure your FinTech Inbound marketing campaign is successful!
How to ensure your Fintech inbound marketing campaign is successful
As general digital skill levels increase, the purchasing journey is increasingly driven by the customer. In fact, one study suggests that customers complete at least the first third of the journey unaided. Here’s how to ensure your Fintech inbound marketing campaign is successful!
To address this shift in ‘power’ FinTech brands are moving towards an inbound marketing strategy, a process controlled by the customer. But by handing control of the inbound funnel to the customer, how can marketers prove their campaigns are working?
The answer is to better understand each of the key stages in an inbound marketing campaign, and the metrics that need to be collected. Using this information, FinTech marketers will be able to show ROI on their efforts, helping to keep the bean counters in finance happy.
- The Awareness Stage
The first time prospects come into contact with your brand, they enter the ‘Awareness’ stage. Usually, they will come across a high-level asset, like a blog post, that talks about a particular business pain they are experiencing.
It is unrealistic to expect that any of these initial contacts will immediately convert into a sale. So obviously you need a more logical measurement of success.
At this point, a successful conversion will probably be little more than the prospect handing over their email address. This may sound trivial, but you can use those contact details to send more awareness-type emails with a view to keeping them engaged with your brand. On the plus side, you should find that the cost of generating those leads is much cheaper than through your other channels.
Inbound marketing is a long game, so pragmatism is vital at the outset.
- The Consideration Stage
Once a prospect begins intentionally interacting with your brand, they have entered the Consideration stage. You will need to keep feeding them high quality, informative content that keeps drawing them towards your financial products and services.
Where Awareness content tends to be lightweight (blog posts, infographics, Slideshare presentations etc), Consideration content is more in-depth. Think white papers that provide analysis of specific business problems and potential solutions – including subtle mentions of your own products.
Again, prospects in the Consideration stage rarely convert directly. The key measurement of success will be their continued interaction with your company, a clear indication of their intent. You will need to remind the bean counters that inbound marketing is a long game, but it does pay off in the long run – companies using marketing automation and inbound techniques see 53% higher conversion rates for instance.
- The Decision Stage
Finally, when they have received enough supporting information, your prospects will enter the final straight, also known as the Decision Stage. At this point, you can begin pitching your financial goods as the answer to their business challenges.
This is the make or break point, where the prospect converts into a paying customer. Or goes to one of your competitors. Your decision stage content needs to be truly compelling to make as many conversions as possible.
On the plus side, however, conversion in this final stage relates directly to a sale – which is the value that matters most your finance department.
FinTech inbound marketing takes time and effort – and although there are wins to be made at every stage, not all of them relate to a sale. To learn more about inbound marketing and how it can be used to raise trust and drive sales for your FinTech firm, please get in touch.