Startups Money

A short guide to planning a fintech startup strategy

24 May, 2016

Time is the most precious asset for everyone and technology helps in conserving time. We are living in a technologically civilized society.

'Fintech' is a phrase which is increasingly being talked about among the masses. This industry provides financial services to its customers through the Internet, which aims at replacing incumbent financial systems with user-friendly technologies. People look forward to such technologies that help them in deciding their investments; return on investment on e-gold, real estate and shares being at ease.

According to a report by IT industry body Nasscom, there are close to 400 companies in India focused on the fintech market globally. It reveals entrepreneurs' desirability towards fintech as a business avenue. But having a great technology simply isn't enough and a good marketing plan is vital for driving the business forward. Businesses that use marketing automation to nurture and manage prospects experience a growth of 451% in qualified leads, states a report by Sales Marketing Automation Stats. Here's a guide on planning your fintech startup strategy:

Be technology-ready

Current trends demand that you must invest in cloud-based applications, as they improve your work efficiency, saves costs and makes it easily accessible. So, your customer can seek answers to their financial queries by phone.

Develop an effective marketing strategy

A customer-centric marketing strategy is where your profitability lies. An effective marketing strategy is highly targeted and measurable and should have the right mix of the 4 Ps of marketing. For fintech startups, promotion should be emphasized on. Most startups fail because they go with the flow rather than creating their own flow.

Customer is the king

For fintech startups, satisfied customers are the source of new business. Focus should be given on customer relationship management. You have to focus on gaining the trust of your customers because one is always emotionally attached to his/her assets or money.

Digital marketing and blogging

Digital marketing requires a huge focus when it comes to fintech startups. Engage with your customers on social media to understand their financial queries. Digital marketing campaigns also help in understanding the market and also the target segment you should look at. Together, with expressions, words and images, you can create a compelling and action-packed startup.

PKD Nambiar is the CEO and managing director at software services and consulting firm B-square group.

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