The importance of product-led marketing in FinTechs

The financial technology (FinTech) industry is rapidly evolving, with new players entering the market frequently. To stand out in this competitive landscape, FinTechs must adopt innovative marketing strategies, like product-led marketing. In this guide, we’ll examine what product-led marketing is, why it’s crucial for success in the FinTech industry, and how to implement it effectively.

What is Product-Led Marketing?

Product-led marketing is a customer-focused approach to selling and marketing that puts the product at the centre of the customer experience. Instead of relying on traditional sales and marketing tactics, the goal is to deliver a seamless and enjoyable experience through the product itself. This approach is becoming increasingly popular, particularly in the FinTech industry, where customers are demanding more from their financial technology providers — as they should!

Why is Product-Led Marketing Important for FinTech Companies?

FinTechs are known for their innovation, and product-led marketing is no exception. By delivering a great product experience, FinTechs can differentiate themselves from their competition and retain customers more effectively. Moreover, product-led marketing allows FinTechs to gather valuable customer insights, which can inform product development and improve the overall customer experience, giving you infinite room for growth and improvement.

Statistics that highlight the importance of product-led marketing in FinTechs:

• A recent study found that 73% of FinTech customers use a financial product because it offers a better experience than others on the market.
• Another study found that 40% of FinTech customers would switch to a competitor if they found a better product experience.
• Companies that prioritise product-led growth see an average increase in revenue of 19% compared to those that don’t.

Implementing Product-Led Marketing in the FinTech Industry

Implementing product-led marketing in the FinTech industry requires a change in mindset and a focus on the customer experience.

Here are the key steps to get started:

Know your target customer: Understanding your target customer is crucial for delivering a great product experience. Conduct market research, gather customer feedback, and continuously gather data to stay informed.

Make the product the hero: Highlight the unique features and benefits of your product and let it do the talking.

Emphasise the customer journey: The customer journey should be at the forefront of your product-led marketing efforts. Make sure it’s seamless and enjoyable, from signing up for the product to using it on a daily basis.

Foster customer engagement: Encourage customer engagement through customer reviews, feedback loops, and other opportunities. This feedback can inform product development and improve the overall customer experience.

Invest in product development: Continuously invest in product development to stay ahead of the curve and deliver a product that exceeds customer expectations. Use the learnings from your customer feedback loop to drive decision making.

Conclusion

By delivering a great product experience, FinTechs can differentiate themselves from their competition, retain customers, and drive revenue.

To get started, focus on understanding your target customer, making the product the hero, and fostering customer engagement.

The data speaks for itself — companies that prioritise product-led growth see an average increase in revenue of 19%.