Fintech PR in 2019
Ditto has been working with fintech companies since we started over seven years ago. From student loan refinance platforms to investment apps to B2B banking software, we’ve seen it all. We’ve also watched the consumer and media landscape completely change.
Get smart: When we started, fintech was brand new. Media relations was all that people needed to get their information on apps, robo-advisors and platforms. How people get information and how the media covers the fintech space is very different now. Seven years later, now that the space is saturated, reporters are discerning (i.e., picky and unimpressed) and people get bombarded with marketing in the form of “Download this app and start saving today.”
Takeaway: If you are a fintech company interested in PR, you need to have a long-term, holistic approach to 1) elevate awareness of your brand, 2) differentiate from competitors, 3) break through the noise and 4) drive conversion.
Execution: You need to commit to 6 months of Public Relations, from which you should start to see month-over-month momentum growing. This leads to questions like what good fintech PR looks like, and how should fintech companies be thinking about PR in 2019 and beyond?
- Spokespersons — Your founder may not be your best spokesperson! You need a spokesperson who oozes passion about the problem your company is solving. He or she may even have a personal connection to why the company was created. In addition, you need someone reporters and your target audience can identify with. Note: Finance guys don’t make for good spokespeople. Hiring an influencer for a project is a good idea.
- Data and customers — The easiest way to keep in front of the media is pulling your data to tell a story. PR people aren’t data scientists and data scientists aren’t PR people, so you need to make sure there’s a plan and process in place. Within that data are real people with stories! It can be tricky with FINRA, but there are ways to pull customer stories for the media without breaking a law, i.e., promoting a financial product.
- Strong Point of View — From student loan relief to speaking out against the companies in the industry you are disrupting, there aren’t a lot of fintech leaders with strong, respected POV. They are way too focused on product. If want people to trust you with their money, talk to them in a way that motivates them to give you a share of their wallet. This could be done through op-eds, timely opinion attached to current news, etc.
- Measurement and Goal Setting — Establish with your PR firm the reporters and outlets that matter the most to you and keep them in mind as you create a plan. What do they normally write about? How can you create news and opinion that fits into their beat?
Conclusion: Your demands from a PR firm have to change with the times. This is not 2012, and if you are saying “just get us press,” you will fail.
Trey
