Fintech is no longer a small industry. In a relatively short space of time, the fintech industry has already grown at an impressive pace, and market analysts are predicting the global industry will be worth around $309.98 billion by 2022 — up from $127.66 billion in 2018. At this point in time, 64% of global consumers already use some form of fintech services to manage their finances, and the pandemic we’re currently facing is only increasing the demand for fintech. Certainly for the foreseeable future, the industry has nowhere to go but up.
But as with most industries that grow at speed, the fintech market has become packed with companies looking to establish themselves. While brands are doing everything they can to jostle for position within the mind of their customers, it’s no coincidence that many are turning to PR to beat the competition.
So what do brands need to do to succeed? How should they be approaching PR? How does fintech PR differ to PR in other tech industries? In my view, while the resulting tactical campaigns may differ, the overall approach and thinking doesn’t need to change.
The art of building a PR strategy is the same — whether it’s for fintech or any other tech industry
At the heart of any PR strategy — fintech or otherwise — is a strong understanding of the market you’re looking to reach. Without a clear understanding of what makes people within the market tick, what they’re driven by, what they like, what what keeps them up at night, and what they think of you and your competitors, it’s impossible to put together a PR strategy that will make an impact. That goes for fintech or any tech industry.
Once you’ve got that strong understanding, though, the PR challenge you face becomes much clearer. You might unveil a specific issue the market is struggling to address that only you can solve (or that you can solve better than anybody else). You might reveal an awareness issue (quite possible in such a crowded market with relatively new players) or you might find you have a perception of your brand that’s holding you back.
Ultimately, all this research boils down to two things — what the market currently thinks and what you want the market to think. The PR strategy, positioning and messaging is then borne out of how to get the market to make this mental shift.
It’s the tactical implementation that differs for fintech compared with other industries
While the thinking and the approach to PR strategy is the same in the fintech world as any other industry, the tactical implementation is often where things start to differ — and often in nuanced way.
PR campaigns themselves often need to take a different approach than those in the broader IT industry, for example. To cherry pick one campaign “type” to mention, over the past five or six years or so, we’ve seen the IT media, which is considerably established, become less and less susceptible to survey-data-driven storytelling. But the fintech media, being relatively younger, is much keener on these types of campaigns because the market is relatively newer, and those within it are still facing some fundamental burning questions — and people are turning to their peers for answers. Our work for fintech brands like Ravelin and Bango are living proof of this trend.
But the media is just one channel through which to reach audiences. The research conducted at the strategy stage will also tell you what other comms tactics are worth your time and investment, whether it’s social media, analyst reports, influencer engagement and more. What’s most effective will depend on what you’re looking to achieve.
Technology is about people
In a nutshell, you don’t need to burn the PR manual to do fintech PR effectively. Solid strategic thinking combined with a detailed knowledge of comms tactics and an understanding of what drives the media agenda is ultimately the most effective way of making a difference with audiences.
And a final tip? We’re still in the business of building and nurturing relationships — a personable approach and friendly attitude will always go a long way.
If you want to learn more about Wildfire’s fintech PR credentials, get in touch.