B2B Fintech Marketing Strategy

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B2B Fintech Marketing Strategy

If you’re here, chances are you’re seeking inspiration for effective B2B fintech marketing tactics or strategies that have proven successful for others. Finding the right approach in the B2B fintech world requires its own unique strategy. What are the key ingredients for a successful marketing strategy in the fintech space for B2B companies?

What is B2B?

B2B, or “business-to-business,” describes a model where businesses sell products and services to other companies rather than individual consumers.

For those new to B2B marketing or small business owners navigating this space, it can initially appear unfamiliar. However, rest assured, B2B marketing shares many similarities with consumer marketing. In this guide, we’ll cover everything you need to know to develop an effective B2B marketing strategy.

B2B vs B2C

  FOR B2B MARKETING FOR B2C MARKETING
Goal Customers are focused on ROI, efficiency, and expertise. Customers are seeking deals and entertainment (which means marketing needs to be more fun).
Purchase Motivation Customers are driven by logic and financial incentive. Customers are driven by emotion.
Drivers Customers want to be educated (which is where B2B content marketing comes in). Customers appreciate education but don’t always need it to make a purchase decision.
Purchase Process Customers like (if not prefer) to work with account managers and salespeople. Customers like to make purchases directly.
People Involved in Purchase Customers often have to confer with decision makers and other members of their chain of command before making a purchase decision. Customers rarely need to confer with others before making a purchase decision.
Purchase Purpose Customers make purchases for long-term solutions, resulting in a longer sales cycle, longer contracts, and longer relationships with companies. Customers aren’t necessarily looking for long-term solutions or long-term relationships.
The Ultimate Guide to B2B Marketing in 2023 [+ New Data] (hubspot.com)

1. Special B2B section on your website

If you’re launching a new business or venturing into the realm of B2B, it’s essential to carve out a dedicated section on your website specifically tailored for businesses, not consumers. This section can feature details such as pricing tiers (e.g., silver, gold, platinum) or programs designed for small, medium, and large companies, along with descriptions of what each tier offers.

A great example of this approach is demonstrated by Stripe. They showcase tangible benefits like “Grow revenue by 10.5%” and support these claims with case studies, offering proof of their effectiveness.

B2B fintech marketing strategy

2. Being an expert and sharing the knowledge

Content marketing is increasingly vital in B2B fintech marketing and sales for several reasons:

Firstly, when targeting small to medium businesses, there’s a significant need for education to help them grasp the complexities of payment systems.

Secondly, with the trend towards consultative sales, more buyers prefer to conduct their own research and educate themselves before engaging with a sales representative.

Lastly, content serves as one of the most effective means to share expertise and establish credibility as a trusted authority.

However, many fintech companies miss the mark when it comes to content marketing. Here’s where they often fall short:

  1. Content Aimed at Beginners: Much B2B content starts with basic concepts like “what is an API,” assuming the audience lacks fundamental knowledge. This approach overlooks the expertise of product managers or Heads of Payments.
  2. Failure to Convert: In the B2B payments sphere, content should be tailored to attract customers, not to entertain or simplify concepts to the level of a layperson. Directness and clarity are key.
  3. Lack of Expertise: Outsourcing content creation to individuals lacking knowledge about the product, market, or customer base results in content that fails to position the company as an industry leader. Merely repurposing existing content without genuine insight does not engage readers or convert them into customers.

There exists a significant opportunity to create B2B content that:

  • Is advanced and demonstrates expertise.
  • Targets the specific audience, rather than assuming a beginner’s level of understanding.
  • Aims to attract and convert customers, without unnecessary embellishment or entertainment.

2. LinkedIn

When it comes to social media platforms for B2B fintech companies, LinkedIn stands out as a top choice. Virtually every B2B fintech firm is present on LinkedIn, and when utilized effectively, it can yield significant returns.

While every social media platform has representative audiences, there are dominant groups and profiles in each one. Gen Z dominates TikTok, while professionals flock to LinkedIn. Know what market you want to target with each social media platform and tailor your strategy accordingly.

Source: Fintech Marketing Guide: Best Marketing Strategies for Fintech in 2024 (ninjapromo.io)

Content for the buyer’s journy

3. Partnership marketing

Partnership marketing stands out as one of the most lucrative marketing tactics, particularly for B2B fintech companies. Why? Because partnerships are deeply ingrained in the fintech model. Leveraging Open Banking and forming strategic partnerships allows fintechs to enhance the value of their services.

In essence, partnership marketing entails collaborating with another company in a mutually beneficial manner. This collaboration could involve product enhancement through joint efforts, launching a co-branded venture, or establishing a distribution agreement. Given that fintechs operate within open platforms and APIs, finding compatible partners may be more straightforward compared to other industries.

However, it’s crucial to emphasize that partnerships should not be pursued merely for the sake of it. Each partnership should have a clear goal, and both parties should understand why they’re collaborating.

As mentioned before, partnerships are a big part of B2B fintech companies, leading to many successful business projects:

  • Onfido with Revolut
  • TrueLayer with Zopa
  • Square with Xero
  • Klarna with Adyen

4. Public Relations is getting fintech brands noticed

Public Relations (PR) is essential for getting your fintech brand noticed. Fintech companies use PR to build a positive image, gain credibility, and earn trust from customers. It’s a big deal in fintech marketing.

PR also helps with tricky stuff like regulations, dealing with crises, and showing off new ideas. This all helps attract customers, investors, and important industry contacts.

To make the most of PR, team up with other fintech companies or banks, and industry influencers. Show everyone how working together benefits everyone. Because fintech is heavily regulated, make sure you follow the rules and show you’re committed to doing so.

Build good relationships with journalists and only send them interesting news, like partnerships or new ideas. Save press releases for really important stuff.

B2B Fintech Marketing Strategy

Content marketing plays a crucial role in educating and engaging potential clients, while partnership marketing allows for strategic collaborations that can enhance the value proposition of fintech solutions. Public relations helps build credibility and navigate regulatory challenges, while platforms like LinkedIn serve as effective channels for networking and lead generation.

If you need assistance developing or executing your B2B fintech marketing strategy, don’t hesitate to contact us. Our team is here to help you navigate the complexities of the fintech industry and achieve your business goals.

Author

  • Zuzanna Macieszko

    Content Creator with a deep passion for Public Relations, new technologies, and traveling. I find joy in bringing creative ideas to life and have been actively involved in various projects to date.

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