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Growth vs. Marketing: How to Use Both To Boost Your Fintech

Growth vs. Marketing: How to Use Both To Boost Your Fintech

Growth

These two popular terms have been bringing a lot of confusion lately, even among marketers. Because they are similar, we tend to fit the term into a silo we are familiar with, and place them into the marketing drawer.

Is growth just another term for marketing? The short answer is no. 

In this article, we go deeper into the differences between growth and marketing—and why should your fintech business care.

Why marketing is integral to growing your fintech

First things first: the terms grow and marketing are not synonyms. Traditional marketing is about external activities like awareness and acquisition, a.k.a. attracting potential customers and closing the deal.

“Growth goes beyond this external focus and augments it with an internal view,” says Sebastian Wismayer on LinkedIn.

☛ How do your users act when visiting your site? 

☛ How do they engage with your product? 

☛ What are the potential reasons they leave without converting? 

These are all valid questions we ask ourselves with growth in mind. 

The work doesn’t end when you make a sale. 

“Growth looks at ways to activate and retain the users that visit your page. As such, it considers user engagement and seeks to continually improve their experience. [...] The final piece of the puzzle aims for users to become advocates and refer to the product, he adds.

According to Medium, “growth is a data-driven approach that is based on iterating and reiterating strategies to arrive at the end goal whereas conventional marketing is almost of rules that hope to give you the desired result.”

It’s important for fintech businesses to understand the difference between growth and marketing. Marketing is a part of growth. But growth goes beyond driving awareness and acquiring users to activating and retaining customers and being referred to as a business. 

This being said, your need to make sure your fintech business has the right marketing strategy in place to supercharge its growth.  

The role marketing plays in your fintech’s growth

Marketing helps your fintech reach the right people, empower, educate, and enable access. In exchange, it drives revenue, so it plays a huge role in your fintech’s overall success. Here are 3 reasons why you want to incorporate growth marketing to your strategy, asap.

#1. Accelerate growth

If you’re scaling a fintech startup, marketing is key to accelerating growth. There’s a lot of competition in the industry as more and more fintechs are disrupting the market, so quick growth is essential. For your FinTech company to have an impact, it must highlight how your product or service can change people’s lives for the better.

#2. Show your fintech’s uniqueness

At last count in January 2021,  there were 5,779 FinTech startups in America and 3,583 in Europe. Marketing helps you differentiate your fintech and show your audience why you’re one-of-a-kind. If you want to do things differently, that’s how you want to be perceived. You need marketing to communicate how your business is unique.

#3. Understand your customers

Thanks to having access to customer information you can get a better understanding of their spending patterns, habits, and usability. This enables marketers to create customer-centric marketing campaigns and relevant content that converts, allowing your company to grow.

To add to these three main points, it’s important for fintechs to look at marketing as a way to keep in touch with customers and prospects, while also staying up to date with market trends. Fintechs also rely on marketing to help build a relevant USP (unique selling proposition) —a.k.a., an audience.

Looking for inspiration on how to implement successful marketing campaigns for your fintech? We wrote an entire article on this, with real fintech examples.

As you can see, in fintech, there are no secret recipes or magic wands. Your fintech’s growth will depend on how well you plan and execute your marketing campaigns.

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