Understanding FinTech — Addressing Your Audience The Right Way
When discussing the financial technology sector, industry experts often refer to their audience as being a group of “everyday consumers”. However, there is no such thing as an everyday consumer as no two people are alike. But there is also a certain truth to this term, as society forces us all to consume every day. Coming up with a better term would be a step forward for FinTech though.
Also read: Understanding FinTech — Don’t Use Too Much Technical Mumbo-Jumbo
Stop Using The Term “Everyday Consumer.”
It is no secret that, consciously or subconsciously, each and every one of us is being forced to consume things on a daily basis. Even the groceries we buy are a way of consuming goods and services, s hardly any of us grows food at home, or brews their own drinks. Not that there’s anything wrong with that, but the term “everyday consumer” has such a negative vibe to it.
No one wants to be reminded of how they consume on a daily basis. Being a consumer costs handfuls of money, and we don’t need the FinTech — or any other industry — to remind us of how we are bleeding money at every turn. In fact, the FinTech industry might be in the best position to create a new term for their target audience.
That being said, coming up with a new term to define your target audience will not be an easy task. It is difficult to strike a balance between a negative connotation or using a term that is not accurate enough. Finding the right combination that will soothe the minds of all parties involved will be a challenge.
As soon as FinTech industry experts stop using the term “everyday consumer”, there may very well be a boost regarding interest in this sector. While there are various companies active in this industry, there is little to no interest from the audience they are targeting so far, even if the company in question creates a very convenient payment solution.
Making FinTech More Attractive To The Intended Audience
Keeping in mind how the target audience of the FinTech industry is acting like there is no need to revamp the payments sector at all, it will be hard to gain critical mass. Even popular payment solutions, such as Apple Pay, had managed to gain traction when the service launched, but the mobile payment option is being used far less regularly these days.
There is no success formula for revamping the financial industry these days. Banks and other traditional financial institutions have a tight grip on the monetary wealth of people, and they will not be giving up that power anytime soon. Change can only happen from within, and the target audience will have to be persuaded to stop using traditional payments, and transition into the digital age.
After all, the FinTech sector is meant to create digital payments that are convenient to use, and accessible to everyone. The first step to achieving this goal comes in the form of addressing the target audience in a respectful manner. Once that has proven to be successful, discussions regarding the need or desire for FinTech services can start.
What are your thoughts on addressing customers in a different manner? What terminology should be used? Let us know in the comments below!
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Originally published at Fintechist.
