Fintech startups fail for a number of reasons; ironically, most of those reasons are centered on finances. If you recognize and understand common pit falls beforehand, you can make a better plan and turn your startup into a success story rather than a failure.
The most impactful startup mistakes usually result from poor decision making at the top. If the CEO of your company truly believes in the quality and power of your solution over others, he or she will do everything they can to make sure it gets in people’s hands. It is the responsibility of the CEO to both lead and ensure a well-planned and aggressive sales and marketing campaign. Unfortunately, campaigns that are either not well organized or, in some cases, nonexistent, can ruin brilliant Fintech startup plans.
It takes a team of many specialists to place the building blocks in all the right places to position a startup for maximum growth. The first step in achieving this growth is for developers to recognize this fact. Many Fintech solutions are developed by tech-savvy entrepreneurs, also known as “techies,” who have a keen understanding of the financial industry’s needs; however many lack an understanding of their solution’s marketing and sales needs. That’s why these areas of the startup process need to be delegated to another type of professional — PR and marketing pros can help your startup grow through proper promotion, marketing strategies and tactics.
“Our solution is so great it will sell itself, so we really don’t have a sales strategy,” is a detrimental mindset held by many entrepreneurs and sets up products for little to no growth before even getting started. Without a plan for how to market and sell your solution, how and why would anyone know about it, let alone buy it?
The reality is that no solution is ever so great that it will sell itself. Strategizing for how to market and sell your solution is imperative for its growth and using the most beneficial resources early on provides your startup with a clearer path for success. Sales and marketing, two of the most valuable tools for success, should be forefront priorities and never an afterthought.