Why Should FinTech Companies Work With PR Agencies?
Updated: Oct 6, 2021
What’s the big deal about a tech company that offers financial services? Well, ask the target audiences who have been rapidly consuming it.
According to the Fintech Market in India 2020 report, the global rate of adoption amounted to 64%. Whereas in India, it stood at a whopping 87%, alongside China, as of March 2020.
With the rapid rise in consumption of digital services, consumers too have begun educating themselves and upgrading their financial understanding about money matters. How does a FinTech company then tap into hidden markets and also have an edge over the ever increasing competition?
Making your way through the clutter
Public Relations agencies have evolved their services into holistically combining their expertise with brand positioning opportunities. Right from adopting the PESO media marketing model (paid, earned, shared, owned), to strategically integrating strong brand communications with innovative campaigns.
When the PR industry transitioned into a brand identity builder, it caught the attention of diversified market players. One of them being the young but bold and dynamic FinTech companies. And when FinTech joins forces with PR, the outcome is bound to be a positive and have a powerful impact.
A tale of perspectives and narratives
PR agencies are trained to delve deeper than the surface level in the quest for culling out stories that inspire. Further integrating these stories into media helps amplify its reach, putting it in the right place at the right time. This is a feat that is achieved by complimenting business objectives and enabling spokespersons to steer the brand towards the spotlight.
Success stories in the PR sector comprise four concrete pillars:
Context setting coupled with strong and consistent brand messaging that highlights its USP.
Analyzing apt platforms that will generate the maximum ROI.
Once you acquire clarity about what and where, execution only becomes a matter of time and persistence.
Along with positioning, comes training for the face and brand ambassadors of the brand.
Establishing a connect. Building conversations. Driving the conversion.
When you already have a list of engagements planned for the brand, a strategy outlined for the next one year, and analytics at the backend, how else can PR efforts be amplified? PR agencies are valued for customizing their services as well as storytelling approaches for the benefit of the brand. Right from collaborating with relevant influencers, to keeping the brand conversations relevant, to going aggressive on the ORM front as well as conducting competitor analysis, multiple efforts keep the conversion rates high while also securing brand visibility.
Planning PR for FinTech – The Disruptor
An expanding consumer base demands more personalized attention. Consumers today place huge emphasis on the turnaround time that a brand takes to revert through its social listening skills. PR agencies help channelize these efforts.
Millennials lean towards digital transactions as opposed to human interactions. Which means that they are already roped into the disruptive FinTech revolution. But now is the time to prepare for GenZ. Helping consumers make financially sound decisions comes from establishing a deeper connect from the beginning, but more importantly, when financial literacy begins young. And the best way to reach out to diverse age groups is through the art of storytelling. Stories of aspiration. Stories of positivity. Stories of excellence.
Planning PR for FinTech is definitely a demanding job! One that poses a challenge but also provides the thrill to grow with evolving technology.