Thought Leadership? FinTech marketing is broken
Fintech marketing is broken
As customers begin to control more and more of the sales cycle, inbound marketing has been an important tool for grabbing attention and market share online. Generating genuinely useful content that answers customer questions – even those they didn’t know they had – and introducing your brand to them.
Ideally, inbound marketing is about establishing your brand as a thought leader – an organisation at the forefront of its field. But much more importantly, inbound marketing is about creating sales leads.
Something is broken in FinTech marketing
Despite this being a fundamental principle of business, a recent survey of FinTech companies found that marketing departments were more interested in establishing thought leadership than they were in lead generation. Of those questioned in the Finextra Research report, just 64% were using content marketing as an essential part of their demand generation and lead capture programs.
Somewhat bizarrely, the same report also found that lead generation was only the third most important role fulfilled by marketing executives; almost a quarter of marketers questioned had no responsibility at all for finding new leads.
Instead, FinTech marketers are more involved with awareness of brand and products, and press relations. Marketing resources are being diverted into helping establish thought leadership, rather than generating leads.
This is not saying that brand awareness isn’t important (it is – very), but that the balance is shifting away from finding new customers. Innovative FinTech startups may not see this as a problem, particularly if they are able to secure seed funding and investment. In the short term, funding can be used to pay bills and buy customers and market share with rock-bottom service pricing.
Such an approach is unsustainable, however, particularly when the funding dries up or the firm makes its IPO debut. At this point, start-ups are expected to generate a profit – and quickly. But if the inbound marketing regime is not focused on lead generation, there will be immediate problems in meeting earnings expectations.
The modern marketplace is moving steadily towards an on-demand economy, making use of third-party services to augment in-house resources to improve products and services offered to customers. So if your business is not set up for inbound marketing and lead generation, partner with a company (like Bias Digital!) who is.
Taking this approach your internal marketing team can focus on PR and thought leadership as seems to be the current industry trend. Meanwhile, the inbound marketing agency can create the necessary campaigns and content required to connect with potential customers, generating leads for your sales team to convert.
Correcting your FinTech marketing focus
Reputation for expertise in an industry is helpful, but it doesn’t generally pay the bills. It is only by generating and closing leads that your business will raise the revenue required to turn a profit, satisfy your shareholders and fund your growth plans.
For more help and advice on building inbound marketing campaigns that actually increase sales and profits and help establish your thought leadership credentials, give the Bias Digital team a call on 0203 637 4426.
image courtesy www.tyro.com