November 28, 2022

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Business Update Blog

Is it time to reboot your strategy?

The fintech industry has seen major changes since the pandemic, both accelerating digital adoption and the need to satisfy new customer expectations. But implementing the appropriate fintech marketing techniques to align to this new world is becoming more
and more challenging in a market that is already saturated. 

That’s why leading fintechs are now rebooting their strategy at multiple levels, including the way they had previously approached business and consumer engagement.

One major shift is in how B2B decision makers like to buy products and services.

Today, nobody wants to feel “sold to”. 

This is a very different market where people like to do their own research, and educate themselves and self-serve their needs, often without ever contacting a salesperson.

🔍In fact:

  • B2B buyers have done up to 70% of their research before they even speak to sales.

  • 40% of buyers named “having to contact sales for
    a demo or free trial” a major turn off and making them less likely to buy

  • Buyers named cold-calling (64%) the number one
    reason they are less likely to buy a product from a vendor

The reality is, only 3% of your target market is ready to buy at any given time. And, you probably won’t know who they are.

So how are fintechs adapting to drive
demand generation?

B2B marketing thought leaders agree this is the era for demand gen content marketing.

Nowadays, the content that underpins marketing needs to focus on adding *value* at EVERY stage of the sales funnel while addressing the audiences key pain points.

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Essentially, to generate demand, fintech prospects and existing customers need nurturing with educational thought leadership. This provides expert advice, from you, to solve their challenges. And they’ll remember you for it which is crucial for when they
are ready to buy.

Full-funnel content marketing: The new way to drive demand

The biggest difference between traditional content and demand gen-focussed content is that value is provided both upfront and at every stage of the sales funnel. 

This satisfies your target audience by helping solve their problems with hints and tips and it increases trust, which is more likely to generate sales and drive larger orders or regular purchases.

Here’s a simple illustration:

For full-funnel marketing, content needs to be mapped and created for the different stages of the sales funnel to ensure there is a mix on your key channels that appeals to the different stages of the sales cycle – Top, Middle, and Bottom 👇

  • Top of Funnel (TOFU) – The “awareness” stage, where people are looking for answers, resources, education, research data, opinions, and insight.

  • Middle of the Funnel (MOFU) – The “evaluation” stage, where people are doing heavy research on whether or not your product or service is a good fit for them.

  • Bottom of the Funnel (BOFU) – The “purchase” stage, where people are figuring out exactly what it would take to become a customer.

Essentially, it provides information to each prospect’s unique pain points, readiness to buy, and where they are in the sales cycle. And it supports lead nurture campaigns, social media strategies, PR, website conversion and more.

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Top benefits of full-funnel marketing

The main reason fintechs opt for a full-funnel approach is that it makes them stand out against competitors. It provides the target audience value from the first interaction and continues to nurture them towards a sale by continuing to be incredibly helpful. 

It’s a softer sell and a better way to build brand awareness. And fundamentally, happy customers equate to driving consistent sales for your fintech.

But the main thing is that a full-funnel marketing approach is measurable. 

For example, measures like MQLs and conversion rates per stage of the funnel help to see the impact of tactics to see where you can scale your efforts up or down. Plus, you can report marketing impact to the board – essential for proving ROI and supporting
additional budget requests.

Here are a few common benefits of full-funnel marketing:

  • KPI alignment across the business – Sales and marketing are much more closely integrated towards the buyer journey rather than separate responsibilities (marketing generating leads, sales converting them). The two teams collectively drive toward the business’s
    revenue objectives.

  • Quick test and learn – Whilst a funnel-funnel marketing approach is a long-term growth strategy, you can test the impact of campaigns to see how they impact your KPIs (like engagement levels with LinkedIn). It helps maximise ROI for all activities, throughout
    the financial year.

  • Better alignment with agencies – Using demand gen experts helps get to your revenue goals quicker. But only if you are working towards the same goals. A good agency should already advise on the KPIs it will aim to achieve at each stage of the sales funnel
    but you can share your fintech’s KPIs to ensure you are all working towards the same objective.

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Key takeaway: Consistency is key, even with full-funnel marketing

Whilst writing for the target market and addressing their challenges is a must, for it to even get seen in the waves of content out there you need to ensure two things:

1) It’s SEO-optimised – leads from search engines have a
14.6% close rate, while outbound leads (ex. cold-calling, direct mail, etc.) have a 1.7% close rate.

And 2) You are regularly putting new content out there.

Through a combination of marketing activities – like always posting regularly on social media, sending monthly newsletters, regularly blogging with Search Engine Optimised content, and guest blogging on key media publications sites – you can regularly get
in front of your target audience. Moreover, with the right sales enablement collateral and email templates, you’re better placed to then convert new leads.