Combining B2B marketing with FinTech services gives us a field of marketing that is both challenging and labor-intensive. Take, for example, when a company needs to buy 1,000 new delivery vans, where does it go? Of course, they would not go to Target or Best Buy. They will contact a vehicle manufacturing company that can deliver 1,000 vans within a stipulated time with the specifications. This is where one company is selling its product to another. The basic principles of sales and profit are the same as B2C marketing.
The moment this product is a finance service, like a debt relief plan or loan management program, the equations change. It becomes nearly impossible to sell a fully functioning business plan to potential buyers. Most companies, including startups and SMBs, require money to expand and start new projects. Most of them turn to banks and credit unions for loans. There is nothing wrong with that. The challenge for these businesses lies elsewhere.
Marketing finance services to other businesses
Most of the nascent companies have a lot of investment. Almost all of their resources are in some project or the other. However, they have not yet broken even, and as a result, they are flooded by debt. There are debt relief agencies that can help these businesses out. This is a prime example of a potential B2B market.
The lack of reliable communication platforms is becoming the biggest hindering factor. While FinTech services can sell their plans, schemes, and services, they have to abide by thousands of marketing laws. The Financial Conduct Authority or FCA has imposed some regulations for the FinTech companies that cater to clients online.
How to design an effective FinTech B2B marketing strategy
The online adverts are not enough to educate potential customers of a company’s services and the nature of the services. B2B marketing thrives on building valuable relationships. There are no cheat codes to success in B2B or Business-to-Business marketing. It comes after building up years’ worth repute, capital, and consumer relations.
Here are a few ways to ensure that your B2B strategy is on point:
- Ensure consistency: consumers look for consistency. In the eyes of your customer or client, consistency in quality of service determines reliability. Most business products are not impulse buys. Your approach cannot be the same when you are selling to another business rather than a shopaholic 30-something. Always think about establishing trust and company value with your branding efforts.
- Website design: the moment your site looks like it could be a front for a Nigerian Prince account, people are going to run for the hills. We do not want that to happen. Your website should look reliable and feel secure. The user interface should be intuitive. Your website should display complete information about all your services, client reviews and testimonials to garner trust.
- Interact with your customers: make sure you respond to comments on your blogs. Answer questions asked on the community forums about your services. Clear confusions. Find out what people are saying about your services on social media. Respond to negative comments as well and offer solutions to unpleasant experiences. Make sure to stay in the limelight for all the right reasons. Stay active and remain in the field of vision of your target businesses (customers).
- Email and SMS marketing: this will keep you visible to all target companies. Email marketing and SMS marketing is a time-tested way to make sure that you convey everything there is to know about your company policies and brand values to your clients. Forget the age-old scaring tactics and credential interrogations; imbibe a positive feel in your messages. Spread a sense of happiness and confidence. Very soon, your potential clients will start associating these positive vibes to your company.
- Video marketing: video marketing is the ultimate truth in marketing right now. No marketing plan is complete without video marketing this year. You need to create AND post a video at least twice a year for gaining traction. Business-related videos are the best option. You can include how-to videos and service-oriented videos to educate your target audience.
- Content marketing: even when you prioritize video marketing, you need to pay attention to your content. The new Google Featured Snippet option is helping websites gain up to 8% more traffic. This is a significant increase, considering, most websites just have to be within the first ten positions to qualify for the Answer Box.
- Build relationships: this is the tricky part. With B2C marketing, this is easy. Sending birthday wishes, social discounts on anniversaries and offers for mother’s day usually do the trick for B2C companies. For B2B companies a lot more is at stake. The purchases are sometimes worth millions. Building relationships warrant more regarding business investment and innovation. Using email-generating services like MailChimp and Emma is a great option to boost your relations with client companies.
- Targeting the customers: who are your customers? Do you know which companies are more likely to buy from you? Are you catering to Fortune 500 companies? Do you prefer startups? Finding the answer to these questions will help you determine what your business needs regarding promotions. Campaigns for tech-savvy startups will be a lot different from campaigns targeting Fortune 500 millennials.
- Multichannel approach: make sure you are present in almost all traditional channels. Do not spam your potential customers. Only, share your video and blogs on popular channels including Facebook, Twitter, Instagram, Pinterest, and others. Be present on all existing channels that can take you to a new business market.
- SEO: the key to B2B success is human communication. However, you need to optimize your website to rank on SERPs. Having an SEO friendly website automatically means attracting higher CTRs, high dwell time and increased ROI. This goes for all businesses, and it does not exclude FinTech.
Your target groups play the most crucial role in your marketing success. You cannot approach a marketing plan without understanding your market. Finance services have a tough time reaching out to other businesses that might need business loans and seem reliable.
Isabella Rossellini is a marketing expert. She is working with agencies to promote the right marketing practices for FinTech companies. She is a regular speaker and commentator on business development, marketing and sales seminars nationwide.