Fintech Growth Hacking Strategy Outline
Disclaimer: All of the strategies and techniques outlined in this article are to be considered as an outline of best practices for fintech growth hacking strategies . Due to the fact that each offering is unique, and you may have information that conflicts with this article or have a different paid ad strategy in place, the information contained in the below document should be adjusted to fit your strategy. If the below document doesn’t feel aligned with your current strategy please keep in mind factors or insight that may conflict with the below document and adjust to fit your current strategy or contact us so that we can discuss why a particular portion of this document is in conflict.
The purpose of this document is to lay out a strategy with accompanying best practices for white hat fintech growth hacking and give an overview of exactly how to create a strategy, content calendar, blog posts, and then successfully disseminate them to the public to garner as much growth as feasible.
This section serves as a guide to prepare you for successfully gaining momentum and growing your user base in the early stages of a financial technology start-up.
1. Prerequisites to growth hacking: While you don’t want to spend your time over preparing, an appropriate level of preparation will ensure the success of your launch throughout the launch period.
2. Developing a strategy: A strategy will be the guide for successful growth. If certain elements are not defined in advance the path will neither be efficient nor smooth.
3. Choosing the best mediums: Understanding and using appropriate mediums can dramatically influence the success of your early-stage growth.
Prerequisites to Growth Hacking
While it might seem obvious, there are some things that absolutely need to be done before going out and promoting your technology. Skimping in this area will lead to less efficient growth.
- Need money to make money. While the intention of any type of launch is to make money, a bit of money will be necessary from the start. $100k — $150k is considered reasonable. You may need to pay a few people, launch a few ads, purchase promotional items, etc., all in the name of making your company grow faster.
- Get legal insight. For your safety and the safety of your participants, it’s important to have professional legal insight into how your technology is structured. The regulations are complex and as it is a new industry, they are changing and developing rapidly.
- Have product at good milestone. People will only use your technology if they are interested in your product, therefore the product needs to have the key functioning features that your participants are looking for.
- Write your technical specs and/or white paper. The white paper is industry standard and will help potential partners, investors, developers, and users understand your company and be able to make an informed decision on whether they want to work with you or not. The white paper should address all of their main concerns and questions regarding your company.
Developing a Strategy
The better defined a strategy, the smoother the communication, the more rapid the results. Having a strategy will help your entire team be clear on goals, who is going to do what to reach those goals, and how it will be done. Early-stage strategies need to be flexible, but initially there should be few questions about what the launch process consists of.
- Define objective and key results. Knowing objectives and KPIs is important because they become the standard for measuring the success of your launch activities. Objectives help you know if you are headed in the right direction or not.
- High impact. At this stage in the company, focus should be on high-impact activities. There is far too much to be done and no one has enough time, so it is important to focus on the most efficient, high-impact activities that will help meet your objectives.
- Know your funnel. Gain a good understanding of the stages your users or participants need to go through in order to discover you, interact with you, sign up, and use your technology. Undoubtedly you will lose people at each stage of the funnel, so it is important to assess what can be done at each stage to mitigate that loss.
- Define activities. What activities can be done to affect different portions of the funnel? Which will have the maximum affect? Activities can be done in conjunction with each other, but your marketing team needs to be certain they can identify which activity is having an effect. Monitoring the success of different activities as they relate to the pre-defined goals will give an idea of what to buckle down on and do more of.
- Assign responsibility. By assigning people to different tasks and responsibilities, there are never any questions as to who is doing what. This will ensure that tasks do not fall through the cracks as everyone is clear on what the expectations are. With knowledge of who the responsible people are, appropriate follow-up and motivation can be given.
- Create a roadmap. Once the funnel is known and the activities have been assigned to certain people, the activities need to be plugged in to a calendar to make sure that efforts are moving forward at the desired pace.
- Iterate and reassess quickly. Once the plan is in place, the next step is to put it in motion. As you are testing activities, you may discover some activities just aren’t driving the desired result and need to be tweaked or stopped. It is important to always be monitoring the results of your activities so that you can act and make changes quickly.
There are so many platforms that allow you to connect and engage with people in different ways. Your main demographic is most likely not active on Instagram, but most of the other platforms like LinkedIn, Facebook, Telegram, Reddit, Slack, etc. are suitable for targeting them with the appropriate content type. In some scenarios, like a B2C application,Instagram is one of the best tools to use. You need to take a catered approach as companies and products are unique.
Establishing a social strategy is important because people are online. Content needs to not only be produced online, but also be the content that your community or potential users want to see.
1. Community research: Know what your community and followers are talking about and wanting to learn about your product and industry to be able to create relevant content.
2. Content production: Each social media platform necessitates content being produced in a specific format. Identifying the best format and content type for that platform increases engagement.
3. Engagement: This relates to how many people see and interact with your posts on social media — think views, likes, comments, and shares. The goal is to create high quality, valuable content that gets people talking. There is little purpose in creating content if the intended audience does not interact with it.
Your community is the people you are addressing. Know them deeply — their likes, interests, hobbies, what they are saying about your product, the questions they are asking — to create content that engages them. What is it that they are interested in? What are they talking about on social media? What are frequent questions that they have? What do they want to know? What can you share with them that will help them or make their lives easier? Being able to provide valuable information will help them value you (and in turn create evangelists).
Content calendar. After researching your community and defining a profile for them that helps you know exactly who you are addressing, create a content calendar with content topics you uncovered during your research. Be strategic with the keywords you choose to use to increase eyeballs and participation levels on your content. You can produce similar content in different formats depending on the medium being used. For example, derive 7 key tweets for Twitter and an image depiction for Facebook from an 800 word blog post. Queuing the content up will keep you from having to scramble to meet deadlines at the last minute. It’s best to start out ahead with an arsenal of material.
Insert yourself in the conversation. Sometimes new content is not even necessary. By identifying keywords to focus on, you will be able to find conversations that are already taking place around that topic. Take part in the already-established conversation on social media in a relevant way so people can discover your name and see your expertise.
Re-use. Share relevant content that other people produce. This not only saves time, but still produces engagement. If done properly, this can establish a good relationship or partnership with the author because you are helping them gain exposure.
The more people engage with your social media posts, the more the posts gain exposure in other people’s feeds. Their engagement on your posts is crucial in multiplying the effects of your social media efforts. The more you engage with them, the more they will want to engage with you back, so be prepared to respond to people if they comment on your posts. It’s not a one-way conversation and they love it when you show you are listening. Some content types will have higher engagement rates making it worth your time to pay close attention to what rates of engagement different content types get. Is it video? Is it images? Is it blog posts? Depending on the platform being used, tagging related people is another method to drive engagement.
Do research on what times of day your audience is online. Timing your posts at times your audience is online will increase the likelihood of them seeing and engaging with them. If you are not able to be online during those times there are social media scheduling tools that can be used as an alternative.
A well thought out blog strategy is crucial to creating content that will help you build your company. Content should never just “be there”, it should always serve a purpose. Knowing your community and what type of information they want to know and be educated on will guide you toward creating content that catches fire and is spread.
What makes a blogpost good?
An engaging, eye-catching headline is the first crucial step to getting your audience to read the post.
There are various angles to consider when writing a blogpost. While they might seem easy to write, the best ones don’t come without thoughtful consideration. It is important to consider who the best person is to deliver the message for that topic. Is it a developer, a designer, the CEO? Ideally they will be able to speak with authority and be respected for their knowledge.
A good blog post will be simple and clear. Remember you know your company far better than anyone else and it is easy to neglect to mention important facts that are crucial for helping people understand the story. On the contrary, speaking too much or too in depth will not be engaging, either. Aim for simplicity and clarity. Posts that follow a list format are widely accepted currently and drive clear writing, as well.
A good blog post will drive the reader to action. One way to drive action is to ask your readers to share your post. There’s no shame in that! People may not know if you want them to share your posts or it may have skipped their mind. You may even want to create a “share to social media” button to make it easier for them.
What does your community want to know?
Your blog is an ideal place to help people get to know you and enabling them to know you more will deepen their participation with you. They want to know who you are, where you came from, what your goals are, where you are going, why people would want your product and how they can participate. Find out what they are asking about the industry and what common concerns they may have. If you can’t locate any, anticipate what they may ask and address those in a blog post.
Who could submit a guest post?
If you know people or have established partnerships with people who have a good network, it can be valuable to tap into their network by asking them to write a blog post for you. Not only does this create increased awareness, but it also means you are not the one spending time writing. Guest bloggers are valuable if they are an external person who speaks highly of you or if they are qualified to speak knowledgeably about your field. If the guest blogger is well known there is an increased likelihood that people will give the post attention and share the post. Sometimes writers lack inspiration and are looking for content to share with their followers, as well. Approaching them with an idea can be doing them a favor.
Planning the publication schedule of your blog posts is important for several reasons. If you have a content calendar there is never any question as to what will be published when. When establishing a following, consistency in content creation is key. A content calendar will ensure that. Content can also be queued in advance to guarantee it gets published on the desired date. A ready arsenal of content means that other matters can be focused on instead.