The FinTech industry is booming. In fact, P2P payment transactions are expected to exceed $120B this year, and everyone from the eager startup founder to legacy institutions like Bank of America, JP Morgan and CitiGroup are getting in on the action. Did I mention Apple Pay, Samsung Pay and Android Pay? Oh, and don’t forget about international giants like WeChatPay, too.
Needless to say, the industry couldn’t be more crowded if it wanted to be, so drafting a PR strategy that is targeted, unique and thoroughly executed is crucial. After helping build the brands of 15+ FinTech startups, here are my tips on how to develop and execute a compelling FinTech PR strategy:
There are countless new types of financial technology launched globally every year. Not only should your technology be different, but so should your voice and your approach to media. In the crowded FinTech industry, there’s no room to be dull.
Figure out who you want to be and what you want to accomplish before you build your strategy. There’s a lot of noise being made in the space, and there’s no room for confusion – you only have one shot, so do it right.
With all the big players, every move they make is being tracked and publicized. Apple Pay expanded? PayPal’s earnings are on the rise? A conglomerate of banks launched a new payment app? It’s nonstop. This might seem daunting, but believe it or not, it’s your best opportunity to break through the noise.
Having a PR strategy heavily focused on rapid response is the best way to secure national business coverage and build your brand through thought leadership. The challenge? Execution. You must have an agile team that actively follows the industry, has the ability to craft a strong, compelling opinion and is able to quickly deliver your message to the media.
3. Remembering Your Buyer
National business coverage is fun. You wake up and see your company name plastered on Forbes and all of a sudden, you’re famous. While national press is excellent for brand building and creating brand awareness – which, trust me, is huge for your strategy – you can’t forget about your buyer. And I hate to break it to you, they probably aren’t reading Forbes.
Whether your target market is retail, banking or small business, having a consistent cadence of trade coverage in the right industry is what’s ultimately going to drive your bottom line. The coverage may not seem as exciting given the smaller audience, but it’s a targeted audience of prospects who will actually be buying your product or service.
If you’re reading this and you’re in the FinTech industry, getting into the market can be a challenge. But, if executed correctly, it will have a huge impact on your brand. And if you’re an up-and-coming PR guru, your key to success lies within your ability to be agile, so go get ‘em!