Ok, you’ve got mad skills and developed an integrated new fintech or SaaS product. Heck yeah!
After the recent digital transformation, you can expect an increase in demand and spending on fintech and software products in 2023 as businesses continue to migrate to the cloud and move toward more automation. Project management software, content management systems, CRM technology, online banking, and payment automation only keep growing.
Grand View Research reports a projected compound annual growth rate of 11% in the global SaaS market size from 2022 to 2028. Straits Research projects that the global B2B payments market size, valued at $1.029 billion in 2021, may reach $2.242 billion by 2030. The global P2P payments market size may reach $8,078.81 billion by 2030.
A fintech and SaaS industry boom creates many opportunities, but it also brings a heap of new techno-geek players to the game along with unique marketing challenges. For many of these businesses, while the product might be awesome, their marketing is … less than stellar. … And they all seem to make a lot of the same mistakes.
Based on some common issues we see in these automation industries, here are three strategic tips to immediately improve fintech and SaaS marketing.
Address Security and Compliance Handling More Deeply
Yahoo, Microsoft, Facebook, LinkedIn, J.P. Morgan Chase, Equifax, and Target … Major data breaches exposing customer information has plagued all of these businesses. To say that most people don’t believe their personal info is secure in a business’ hands is a fair assumption. So when you’re asking for their financial info or storing their customers’ and clients’ info, establishing trust and credibility is a must.
Marketers need to inspire confidence in their brands, and customers need you to assure them that their personal information is kept private and secure. When you get it right and communicate it well, your marketing can drive results, deliver a competitive advantage, and generate revenue. However, in this climate, that’s easier said than done.
Saying that you’re “secure and compliant” isn’t enough today. Since every company addresses this, and many who have were also breached, be prepared to show how you’re different (or how your security is different). Show your prospects that you take security seriously by sharing a bit about your business’ comprehensive cyber security plan. The more proactive and determined you can show you are, the more likely you are to gain their trust.
Eliminate Industry Jargon
Fintech commodities and SaaS businesses are often super-technical, complex, and nontransparent to decision-makers. Does your website and marketing copy communicate the benefits of your tech products and software services simply, or are they filled with meaningless buzzwords, like “pipeline optimization,” “back-office efficiency,” and “autonomous material flow.” (What the, what?)
If you fill your marketing copy with industry jargon and engineering terms, it may confuse your prospective customers. Forget about sounding smart because the research (and the KPIs) show that doesn’t work. Instead, turn best-kept secrets into the next big thing by focusing your fintech and SaaS marketing strategies on attracting and educating your clientele using simple terms.
Stop being “extra,” shave off the linguistic gobbledygook, and provide practical and actionable copy to help educate your customers with clear solution-based messaging. To simplify the previous examples: Close sales faster. Make office tasks simple and stop paying overtime. (And, I give up on trying to translate “autonomous material flow!”)
Create Digestible, Comprehensive Content
You know your product is unique, seamless, and fully integrated, but if your fintech or SaaS marketing content isn’t transparent and understandable, that knowledge may stay with you alone. Easy-to-use financial services and payment apps are in demand as technology advances and makes the world more complex. Well-known brands employ crystal-clear messaging and digestible content that educate and inform their prospects.
You can create easy-to-digest online content in the following ways:
- Get graphic: Create step-by-step visual guides to help customers understand complex financial processes. You can create a sequence of foundational and best-practice instructional images that customers can use for future reference.
- Use video marketing: Share bite-sized animated or explainer videos to teach complex ideas. Videos can make concepts enjoyable and help customers grasp new multiplex ideas.
- Create an educational hub: Offer a resource hub on your website with informative content and how-to guides. Include resources such as custom calculators to engage customers who want to know more.
In addition, a logical, uncluttered, and user-friendly financial interface or SaaS signup provides the user with speed and control, confidence in the service, and satisfaction. Too many elements can slow down and frustrate existing and potential customers. A well-designed interface can improve customer experience and help you gain a competitive edge. (Lucky!)
When SaaS products make it difficult for customers to sign up, they may give up and hunt down a competitor. Review, shorten, and streamline your signup process to increase conversion rates. Keep signup forms short and simple and only ask for essential information.
The future of fintech and SaaS marketing is changing. We’re likely to see companies investing more in an interactive client-centric user experience that builds trust and reputation and provides accurate jargon-free educational content, crystal-clear messaging, and authentic conversations. While fintech or SaaS marketing may seem challenging, consider the three tips above to kick-start a strategic campaign; or contact the Liger team for recommendations on how to clarify your message.
