Launching new products in the financial industry is something very different from introducing consumer packaged goods. To put it simply, marketing to banks isn’t like selling soda. Introducing technology solutions in highly-regulated industries, such as banking, come with unique challenges. However, using the proper communication strategies will make your marketing to the financial industry less daunting.
Choose the right team
Chances are that your company will enlist a content marketing firm, public relations team or advertising agency when launching a new product. Keep in mind, however, that you probably won’t have the time or budget to spend teaching a generalist something that an expert already knows. Save yourself time, money and frustration by making sure that your agency already knows your audience and has established relationships with FINTECH media and financial industry associations.
Bring third party validation
Unproven products and too much hype from vendors have made those in the financial industry skeptical of companies pushing new products. To be taken seriously, you need some level of third party validation, whether coming from customers or analysts. Allow for “beta customers” to use and test your product and then speak on your behalf. If beta customers don’t provide the results you are after, get the technology in front of an analyst who understands the industry.
Sell solutions not products
When drafting messaging, remember that in order to be successful, you must make a clear case for why banks and credit unions should buy your new approach. Clearly state why your product is the best solution to a problem the financial industry is facing. Also, make sure to use positive customer experiences and key numbers to support your claims.
Leverage all the marketing tools you can
Selling to banks and credit unions can without a doubt be challenging. The financial industry is changing and there are more avenues to reach your audience than ever before. These executives are highly educated, skeptical and under incredible regulatory pressures. Don’t be afraid to leverage a wide array of marketing channels and tactics—from public relations, blogging, SEO or digital-social strategy— to gain awareness and encourage engagement. With the proper team, multiple tactics, well articulated messaging and flawless execution, your company will successfully launch your new products in the financial industry.
For more information on this topic, download our free whitepaper, “Launching New Products in Financial Markets.”