Ok, so you’ve successfully developed a bold new fintech product that’s about to take the world by storm.
Moreover, you’re ready for the public to be amazed by your tech and start reaping the rewards of your work. However, you’ve encountered a problem; you’re having a hard time connecting with the public. Fintech journalists and other influencers seem to continually give you the cold shoulder.
Now, what do you do?
Well, here are five things that you need to consider in order to succeed with your fintech PR and marketing strategy.
Make your communication as clear as possible
You know your product is innovative. Your team knows it. Your friends know it. Heck, even your mom knows it (well, she should anyway).
But, why don’t journalists know it?
The thing you have to realize is that journalists receive hundreds of pitches each day from fintech firms. Furthermore, all of them are declaring that they’ve developed an innovative, seamless, fully-integrated fintech product that will finally topple the traditional banking system. What the majority of these pitches lack is clarity. For your fintech startup to be successful, your messaging to be crystal clear.
So, how exactly will you gain this clarity?
Let’s talk about buzzwords. While they may sound – well – buzzy (buzzworthy?), they do little to convey actual meaning. I know it’s hard, but removing them entirely will benefit your fintech PR infinitely. In order to win press coverage, it makes more sense to explain what your product does in layman’s terms.
Think about it. In a press release, you only have roughly one page to explain your company in as much detail as possible. Take the challenge and treat your fintech press release with as much care as you would with a 100-page report. Remember, clarity and conciseness are your friends.
Monitor your industry’s media for stories and react quickly
Timing is critical when it comes to PR.
When a story comes out, it’s crucial to react in time before the news becomes stale. When news comes out that Xerox has secured $24 billion and is planning a hostile takeover of HP, it’s essential to get your expert opinion out to the public before the wheels on that news story stop turning.
Moreover, news can now become stale in a few days or even hours. In order to win column inches, you want to give your expert opinion on the matter as soon as possible.
Therefore, it’s essential to devote resources to improving your responsiveness when it comes to breaking news. We recommend paying attention to the major fintech influencers; they often know information before it is made public.
When news breaks it’s important to be ready to react to such news as soon as possible. You want to be the first pitch a reporter gets, not the 100th.
Build your public profile
While building an online reputation is obviously important, it’s equally important to boost your public profile.
I know your calendar must be overflowing, but attending fintech trade shows can do wonders for your PR.
Here are a few benefits of attending trade shows:
- Make valuable professional connections
- Keep up with trends
- Create media opportunities
- Generate leads
And if you make a trip to a media hotspot such as London or New York, a media tour could be an option. When you’re a faceless name on an email, you hold little value to journalists. But face to face interactions could give you a leg up on your competitors.
Move your PR and marketing efforts online
Consumers now spend 11 hours a day interacting with media. That’s not a typo.
Media has now surpassed sleep as the thing we waste most of our time doing!
This number may seem outrageous to prior generations. But it makes sense when you consider that Generation Z and millennials, raised on a healthy diet of internet and television, make up more than 60 percent of the population in the US.
Now, this doesn’t mean you should simply focus all your resources on social media. However, you should spend time creating easily digestible media for your target audience to imbibe. This could mean videos, interactive content, visualizations – whatever has the most appeal to your target audience.
In short, traditional PR is dead and digital PR is the future.
Educate your audience on the ins and outs of fintech
Financial institutions don’t have a solid reputation among the majority of the population. I mean, it’s hard to come back from the negative PR associated with causing the 2008 global financial crisis.
As a result, many millennials and Generation Z have developed a mistrust of banks and financial services, perhaps from seeing their parents deal with crippling debt.
It sounds strange to say, but many don’t understand – or even want to understand – how finance works.
Luckily, fintech is in a position to change the public perception of finance.
It doesn’t matter what your product is, it needs to be presented in a manner that educates rather than patronizes. If you really want to disrupt the traditional financial industry, educating is a valuable tool in your fintech PR strategy.
If you made it through this list, congratulations! While fintech PR may seem like a challenge, it sometimes helps to simply take a step back and breathe. But while you’re breathing, make sure you consider these tips to help kickstart your PR campaign into overdrive.