The fintech industry is growing rapidly.
In the first three quarters of 2021, fintech companies raised $94.7 billion in funding worldwide. This growth is not only among fintech companies. More users are now embracing the new financial technologies because of their innovativeness, simplicity, and cost.
To put this into perspective, about 9 out of 10 Americans now use some kind of fintech app for their finances. Again, this means more opportunities for growth for startups.
However, this also means more competition.
It’s easy for a fintech startup to get lost in the crowd. No matter how innovative a product is, if you don’t know how to acquire more customers and retain them, you’re going to fail. And the one reason why most startups fail is that they don’t make enough money.
So how do you do fintech marketing and get more people to use your app? The answer is social media.
Unfortunately, many fintech companies are either not taking advantage of social media or they are not doing it the right way. That is why I have come up with this list of 11 ways to use social media to promote your fintech company.
Why should your fintech company use social media?
Before I continue, let me talk about why your startup should be on social media.
Did you know that more than half of the total population of people on earth have access to the internet? That’s about 4.66 billion humans and at least 99.33% of them use one social media platform.
The message is clear. Social media is the fastest way to reach your potential clients.
And if you’re not using social media to promote your fintech company, you’re leaving a lot on the table.
What social media platform should you use to promote your fintech?
Not every social media platform is right for you.
Many startups who are using different social media platforms to promote their fintech solutions are simply wasting time. The first question you have to ask yourself is whether your target audience likes to spend time on the social media platform you want to use.
Again, you need to note that your audience might be using more than one social media platform. So you also have to ask yourself whether you have enough resources to cater to their needs on these different platforms.
Social media demographics to inform your fintech marketing strategy
Despite the recent decrease in user growth rate, Facebook remains the largest social media platform with over 2.9 billion monthly active users. Here are some of the important usage data you need to know:
- 2.9 billion monthly active users
- The largest age group on the platform is 25-34, making up about 31.5% of total users.
- There are 57% male and 43% female users.
- The average time spent on the platform per day is 33 minutes.
Instagram, also owned by Facebook, is another important social media platform you should consider. Facebook has been able to grow the number of active users to over 2 billion in just a few years. Here are some stats you should know about Instagram.
- Instagram has 2 billion monthly active users.
- The largest age group on the platform is 25-34 just like Facebook.
- There are 51.8% male and 48.4% female users.
- The average time spent per day is 29 minutes.
Tik Tok took the world by surprise and it is rapidly growing every day. The video-focused social media platform has found a way to hook its users and keep them watching all day. Here are some of the important data you should know about Tik Tok.
- The number of monthly active users stands at 1 billion.
- Tik Tok is more popular with the younger generations. The largest age group is 10-19.
- Tit Tok has more female users than male users.
- Users spend an average of 89 minutes per day on the platform.
The microblogging platform can be a goldmine for fintech founders who know how to use it well. Twitter is a place where you can get real engagement and find people who are ready to use your product. Here are some of the stats you should know about the platform.
- Twitter has 211 million daily active users.
- The largest age group on Twitter is 18-29.
- There are 61.6% male and 38.4% female users on Twitter.
- The average time spent per day is 31 minutes.
Snapchat has a huge market potential for fintech companies. It is no longer a social media platform for teenagers as other age groups are now actively using the platform.
- Snapchat has 319 million monthly active users.
- The largest age group on Snapchat is 15-25.
- Snapchat has more female users (54.4%) than male users (44.6%).
LinkedIn is another great platform you should consider for your fintech company. LinkedIn has high-earning professionals with more potential to buy from you.
- The number of monthly active users is 810 million.
- The largest age group is 25-34.
- LinkedIn has 52% male and 48% female users.
Ways To Use Social Media to Promote Your Fintech Company
- Define your social media goals. Before you even think of promoting your fintech company on social media, the first thing you must do is define your social media goals. Why do you want to use social media? Is it to get more leads? Is it to establish trust and build social proof? How do you define success?
- Choose your platform. Now that you have your social media goals, the next step is to decide which platform(s) is best for your company. I have already shared some data about different social media platforms. The easiest way to choose a social media platform for your fintech company is to identify the group of people who are potential buyers of your product.
- Create a content strategy. Starting a social media campaign for your brand without a content strategy is the easiest way to end up in frustration. You don’t want that to happen to you. A content strategy is how you plan your content creation schedule to align with your overall goals and objectives.
- Educate your audience. One of the best ways to promote your fintech solution is not to market it to people on social media but rather, to educate them. When you teach people financial literacy and how technology can help them manage their finances better, they would be more likely to listen to you and buy from you.
- Use media-rich content to educate your users. In the world of social media, everything is competing for your attention. Because of this, users are easily distracted. If you want to get the attention of your users, use rich media content like pictures, infographics, and especially videos.
- Engage your users. The last thing you want to do on social media is to just publish content and abandon it. Social media doesn't work that way. It is built on interaction and the only way to get the loyalty of your customers is to interact with them. This can be as simple as responding to an email promptly, interacting with users in the comment section, or replying to their tweets.
- Promote your brand. The competition of social media is fierce so don’t think you’re going to make it with just posting on social media alone. You can reach new audiences using Facebook ads, Google ads, YouTube, or any other options available to you.
- Get influencers to talk about your product. Another way to promote your brand is to get influencers to talk about your products. This is one of the easiest ways to build social trust and get more people interested in your products or services.
- Incentivize your followers to use your product. Almost no one can resist a FREE offer. Incentivize your followers either through giveaways or limited access to your product for promoting your products. This method is effective but you must be careful so that you don’t attract customers who are not serious and willing to do business with you.
- Build social proof. Perhaps, one of the reasons why no one wants to use your product is because they don’t trust you. Your product might be the best but if you don’t add customer reviews and testimonials to your page, no one would do business with you.
- Explore data. Last but not least is exploring data to understand buyers' needs and expectations. How are your potential buyers reacting to your content? What questions are they asking? Is there any product they interact with more than others?
In conclusion, social media has a huge potential for your business. The opportunities available on social media are limitless and you can use it to make more money for your fintech company. However, have this at the back of your mind that building a strong social media presence is hard but the rewards are limitless.