The DriveSales™ | Proven and highly recommended sales strategies for Fintech companies!
Financial Technology or Fintech has completely transformed the online payment system. Fintech companies like Paytm, PhonePe, PolicyBazaar, etc. have made substantial growth in recent years. According to a report by The Business Research Company, in 2018 the global market value of FinTech was about $127.66 billion, which is expected to increase to $309.98 billion by 2022.
If you are new to this field, first, it is important to know what exactly Fintech is.
In simple terms, Fintech is the innovation in the traditional financial industry with the help of technology to improve financial activities and the delivery of financial services.
The Business Research Company report states that the Fintech sector is divided into seven segments based on the type of service — Payments, Wealth Management, Insurance, Personal loans, Personal finance, Fund Transfer, and others. The largest segment on this basis was the Insurance market which accounted for 49.3% of the total market in 2019. However, the Digital Payments sector is emerging as the hero of this field today.
Wondering how to increase sales for a Fintech company? We have gathered some top strategies listed below to boost up your sales figures in no time!
1) Emphasize on Mobile users — Base your sales strategies according to the needs of mobile users. People will not turn on their desktops or laptops just for a simple search. More than 50% of web surfing is done through mobile. Most of them will have their first contact with you through their mobile phones. Your website layout should be mobile responsive, short, and free of unnecessary pop-ups.
2) Make smart use of social media — Social media is one of the best platforms to target your ideal customers. Firstly, understand that every social media platform is different. LinkedIn is a professional platform whereas Facebook is mostly used for personal relations. Analyze each platform — the type of users, its usage, etc. Then target your ideal audience on each platform by creating good personalized content.
3) Make great content — Content plays an important role in sales, especially in the Fintech market. Most prospects have less or no idea about the financial world. They are unaware of the financial conditions, products, and services. Try to educate them by providing valuable content that grabs their attention. This will assist you in gaining their trust which is very essential when you want to sell a financial product.
4) Attractive Logo — Whenever you think of a successful company, what is the first image that comes to your mind? Their Logo, right? Your logo should be attractive and bold if your target audience is young and energetic. It may not seem essential, but trust us, it is necessary to leave a good impression on your prospect’s mind.
5) Create a personal experience — You should create a personal experience for your prospects and existing customers. The best way to do that is to engage with them on social media. Reply to each message and comment on all your social media handles. This will help you build good customer relations.
6) Outstanding customer service — The key to increase sales in ANY industry is outstanding customer service. Your sales will skyrocket if your customers are happy and satisfied. Small gestures like giving hampers on birthdays to your best customers would help you create brand loyalty.
7) Organize online Ad campaigns — One of the most common mistakes made by companies is using television or billboards for their Ad campaigns. These methods are outdated. You should stay where your customers are. The people you want to target hardly watch television because of their busy schedule. Ask yourself, how much attention do you pay to billboards when passing by? Negligible, right? The best option is to organize Ad campaigns with the help of Google or Facebook Ads.
8) Short and relevant demo — If your target audience is a bank or any other financial institution, you should know they won’t allow you to waste their time. They value time like nobody else. So, it would be better if your demo is short and relevant to their needs. Do not bombard them with irrelevant information.
9) Please everyone — Sounds weird? But it is the key to sales in the Fintech industry. Banks and financial institutions have security, data, and information concerns. You will have to do a lot of convincing in different departments and please each of them to make a sale.
10) Keep developing your product — Pleasing everyone is impossible if your product is not good enough. Learn from your customer’s feedback, work on it, and keep improving your product. If you are unable to develop your product according to the needs of your consumers, it would be very tough for you to survive in this hard-competitive market.
Now, as an effective SALESPERSON! We can do three things from here.
1) Ignoring the opportunity and blaming the situation for revenue loss.
2) Taking important notes and going back to revisit your sales strategy with the growth mindset.
3) Reaching out to us if you need any specialized help for sales.
To conclude, what you choose to think also provides some idea of your growth mindset. It is something like a Paul Solarz quote, “Collaboration allows us to know more than we are capable of knowing ourselves.”