The core principles of marketing remain the same, discipline of understanding the consumer problem to solve, and the disruption to come up with breakthrough ideas to own a share of mind. It is just the product that is different
20 October, 2021
India is one of the leading adopters of fintech solutions in the world. The pace of adoption also shows the innovativeness of new-age companies, but also the behaviour shift that Indian consumers are willing to make when offered the right product. This fast-growing market for new-age fintech brands is getting rapidly saturated, especially for marketers trying to position new brands. With COVID-19 accelerating digital adoption, even customers in smaller markets have access to information through smartphones and better internet penetration. New-age fintech brands are adapting to this dynamic ecosystem and reimagining their marketing strategies through creative storytelling and the efficient use of digital platforms.
Marketers must recognise industry gaps and devise strategies to bridge them efficiently. It has become essential to highlight USPs, especially in a crowded market. For a new-age brand, first-mover advantage is always an advantage that helps capture the attention of the target audience and carve out a niche for itself. With the increased adoption of artificial intelligence, marketers are able to understand the pulse of customers and align messaging for an edge over competitors. The rise in content and social marketing has also reimagined strategies for fintech brands through the increased use of video campaigns, push marketing and personalisation to find a ‘connect’ with existing and potential customers.
With digitisation, the ‘pipes’ of how to reach the consumers might have changed, but the core principles remain the same. Logic – Understand the need of the consumer and meet it better than anyone else, Magic – Tell a story that touches heartstrings, Purpose – Stand for something bigger than yourself…these principles are enduring irrespective of whether one is talking of traditional or new age marketing. What has changed is Personalisation; digital mediums have ensured that the days of segmenting at scale are over. It is all about focusing on smaller cohorts and individuals now.
Three Ps of a brand
Promise: It’s the basis of any new relationship. It is essential for new-age brands to convey their commitment to customers in order to establish a trusted relationship. Marketers must analyse customer behaviour to know their requirements and challenges. The brand promise needs to be outlined in a sharp and convincing way to establish a connection with customers. Campaigns must align with the human angle first and then talk about the technology deployed to solve those challenges. Comfort, convenience and anything else that ensures customer happiness and trust should be emphasised in the pledge.
Personality: It’s something that customers relate to and, due to increased digital presence, is what marketers must prioritise. It is vital for the brand identity to be clearly defined in order for it to resonate.
To address customers’ most pressing challenges, brands must invest in winning their trust. A brand’s personality comprises the human characteristics attributed to it. With this, marketers get a better understanding of customers and the latter know why the brand is best suited for them. For fintech, the brand’s personality should revolve around characteristics like transformation, authenticity, transparency – all that is relatable and trustworthy.
Positioning: Purpose-driven marketing is based on the positioning that a brand establishes among its audience. It is essential for new-age fintech brands to understand stakeholder expectations and align positioning accordingly. Having a distinct positioning is critical for a long and steady journey. The audio and visual identities are part of it. Brands must focus on creating the technology feel from the beginning to achieve better recall.
The most successful fintech companies are those that use innovative tactics and consumer understanding. As marketers, we must bring human-tech storytelling to life and choose the right pipes between paid, owned and earned to drive content.
This author is Shalabh Atray, Senior Vice-President, Marketing and Digital, Rupeek
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.
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