Wednesday, September 28 , 2022

Understanding Buying Behavior In The B2B Fintech Marketing Space

Understanding Buying Behavior In The B2B Fintech Marketing Space

The merger between the payment industry & technology has resulted in the birth of the Fintech industry. Aiming at financial inclusion & growth, the Fintech industry is heavily dependent on the marketing department.

Be it creating a new smartphone app for investment or a complex tax filing application, Fintech has got you covered. 

Fintech, being such a nascent technology, has made it quite difficult for marketers to pitch in their products. For the target consumers, understanding the product can be challenging, which often makes it difficult to market Fintech Products. 

The challenges in Fintech B2B marketing could also evolve from the stickiness of the target group to old traditional payment methods. With these being said, marketers are evolving new methods to solve the problems of clients through Fintech. 

Understanding the purchase decision in B2B Fintech Marketing

Multiple researchers have concluded that its mostly a group of 7-10 peopl3e, who are of the C-suite level or directors, who make the purchase decision of the product. Demonstrating the value becomes important while also propagating the future dream plays a key role in activating the leads.

A key purchase behavior as displayed by the Fintech buyers is their appreciation of knowledge. Research on the product, industry analysis, and the client relationship is three major decision-making factors. The visibility of the fintech firm is also important, as the buyers have shown to value competitors’ purchase behavior of technological products. Increasing the visibility across platforms where your target audience is available is always the best way to improve the NPS score of your product. 

Buying Cycle Stages in the FIntech Market

The buyers have shown different purchase behavior at different stages during the purchase. Research has consolidated these behaviors into 3 big segments:

  1. Longlisting Stage: Clients study the knowledge of the vendors about the Fintech market. The latest industry trends and their knowledge are the major criteria for long-listing.  
  2. Shortlisting Stage: Understanding the vendors in terms of their client interaction, SWOT analysis, and Priority Analysis, helps the buyers to make the purchase decision. 
  3. Purchase Stage: Historical success in terms of deliveries to similar clients plays a major role in the decision-making process in this stage. 

Importance of the marketing campaign in the B2B Fintech Marketing space

The marketing campaign has to be diverse. Understanding the different customer personas across diverse marketing channels helps in improving the marketing campaign with time. 

Having an understanding of how the target group responds and reacts to the changes is the best way to improve the advertisements. With the help of data and Google Analytics, we get the right OKR tool, track the performance of the campaigns and derive better results using the advertising campaigns.

Consistency towards growth, development, and expansion should be the key to B2B Fintech’s marketing plan. 

Bottom line:

Branding plays an important role in the growth of the B2B Fintech space. Yet, the branding will not yield positive results if there is no customer engagement. Customer engagement over the social media channels & developing a personalized experience play a key role in driving the marketing campaign for the Fintech space. 

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