Another Finovate Fall has come and gone, and the event seems to get bigger and more influential with each iteration. As always, it was an exciting opportunity to see new companies and solutions that may soon change the industry, with 60% of the companies demoing for the first time and 55% representing seed or early-stage startups. Over half of the demos were new company or product debuts featuring business intelligence, chatbots, digital banking, employee benefits, financial planning, insurance, lending, payments, risk management, security, wealth management, and more. Here are a few key trends and event highlights stood out to us.
We want to share with you the trends we see in the financial services industry, including important events and media input. As an agency, our goal is to help you. That is why we also post our financial PR and Marketing best practices and opinion articles as a resource for your company.
Email remains one of the most effective marketing strategies B2B companies use to reach their target audiences. Assuming you’re following best practices for inbound marketing, your contact database is full of people who have already expressed interest in your product or services. Making the most of this opportunity requires a strategic approach. Below are five email marketing techniques financial services companies should keep in mind.
Last week, WMA attended Inbound 2019 in Boston alongside 26,000 other eager marketers. We got to hear from celebrities and thought leaders alike including actress and co-founder of Once Upon A Farm, Jennifer Garner; TV host and journalist, Katie Couric; and Bryan Stevenson, founder and executive director of the Equal Justice Initiative. Brian Halligan, founder and CEO of HubSpot, focused his attention on the emergence of what he calls “experience disruptors” -- companies like Netflix, Lyft, Chewy and DoorDash, who understand that product-market fit is no longer enough to succeed in today’s market. Customer experience, or what Brian dubs “experience-market fit” has now emerged as perhaps the last remaining differentiating factor.
What is your credit union’s social media strategy and how will you manage it?
With social media setting a new standard for engagement and communication, credit unions are in a unique position to exceed member expectations and continue providing superior member service by utilizing social media tools, targeting specific audiences and varying content across their platforms.
Fostering member relationships shouldn’t end when members walk out the door or log off their mobile app. From checking Facebook updates to posting pictures on Instagram to perusing Tweets from their favorite celebrities, consumers are spending an average of two hours and 22 minutes on social networks every day, according to Digital Information World. This means that using social media to engage with your members can be key in continuing the conversation with them while also connecting with potential new members.
While some differences do exist, building brand awareness in B2B markets is still just as important it is for companies marketing to consumers. For fintechs looking to up their B2B brand, here are proven recommendations:
Cast a Wide Net
To build brand awareness for your fintech, it’s important to create a presence in multiple places and have a diverse library of content. This includes industry publications, multiple social media platforms, blogging and trade shows, just to name a few. However, you don’t need to expend resources everywhere. For example, the president of a billion-dollar bank is unlikely to be found on Snapchat, but he or she is likely spending time on LinkedIn. Focus efforts on a few key content types and platforms where you can succeed and reach the decision makers that matter most.
Every organization, even the largest of companies, is subject to making public relations mistakes when responding to a crisis. As many have learned the hard way however, the most important factor is often how you respond. Ensuring your fintech’s public relations strategy includes a comprehensive crisis communications plan can help prevent a small mistake from turning into a much larger disaster that can erode customer trust. The latest white paper from William Mills Agency, Top 10 PR Nightmares of 2018, reviews PR mistakes made by some of the biggest companies in the world. Just one example that is highlighted is Lockheed Martin’s failed Twitter campaign.
Maximizing participation in industry trade shows is a key component of any fintech PR program, but simply showing up and taking cards at the booth is not enough anymore. Conference managers, speakers, attendees and vendors are increasingly leveraging social media to promote their participation in trade shows – before, during and after the event. In fact, many conference goers (including your prospects) are using social media to set their schedules before they even leave home. Trade show participation often requires a significant investment in terms of time and money, so here are some recommendations on using social media to get the most out of your investment:
Industry and community recognition provides a great opportunity to attract new members.
The laborious process of applying for industry awards can prove stressful and painstakingly long for credit union marketers. They may not consider the countless hours of drafting and editing award nominations the most enjoyable work, but the euphoria that permeates throughout the organization after winning makes it worthwhile. Awards play a key role in feeding the public relations and marketing engine, which supports the credit union’s overall business goals. When utilized correctly, awards serve as tools to attract new members, inform existing members of organizational leadership and innovation and strengthen the credit union’s brand.
The right earned media coverage can be a game changer for your business and a key factor in achieving this begins with mastering the art of the interview.
For many fintech executives, interviews can be a bit intimidating – especially when it’s up to you to speak on behalf of your entire company. The good news is that serving as an effective spokesperson is a coachable skill. As an agency, we have had the opportunity to train hundreds of executives and there are a few tips that go a long way toward ensuring that an upcoming media interview converts into great media coverage:
Social media is frequently viewed as a B2C marketing strategy that other companies needn’t bother with. However B2B companies, and fintechs in particular, can gain enormous benefits from a well-rounded social media strategy. According to the Content Marketing Institute’s annual report, 61% of B2B marketers increased their use of social media for content marketing purposes compared with one year ago. By taking a customized approach and carefully considering unique goals and key performance indicators (KPIs), fintechs can create and maintain a social media strategy that supports business objectives.