The Power of Storytelling in Fintech Marketing: Connect with Customers and Create a Compelling Brand Narrative.
When it comes to advertising, marketing, and branding, storytelling has always been a powerful tool to strengthen a company’s brand and message. Throughout various industries, such as technology and consumer goods, storytelling has become a major component of a company’s personal content marketing strategy and approach. Through storytelling, a brand can take its target audience on a journey where they can discover and experience the very aspects that make their company or startup so special and unique. This allows prospects, clients, and audiences to build a strong emotional connection with one’s company, one that stands out from other brands competing in the same industry. This phenomenon has recently been highlighted through the exponential growth of financial technology companies or fintechs. Fintechs are moving away from using an authoritative and informative tone of voice and moving towards marketing strategies and brand-building approaches that tell a compelling story. Here we’ll discuss how fintechs can distinguish themselves from others and stand out through the power of storytelling.
Humanizing the Brand
For fintech marketing and financial services companies, it is essential to cultivate their brand, narrative, and messaging through the use of personal stories. While challenging, this gives corporate brands a more human tone of voice, allowing consumers and clients to relate to the company better. When done right, often through the integration of client success stories and personal client stories, a company can humanize its brand and attract more prospects.
Product differentiation in the fintech industry is at an all-time low. With new competitors sprouting up who have a marginal or incremental difference to their products or services, standing out and differentiating one’s brand can be challenging. Potential clients often focus more on the experience of a fintech brand or service rather than the financial products that are being offered. Because a client can find the same financial product or service with a competitor, fintech marketing companies strive to find ways to connect to their audiences and retain a majority of their audience. Storytelling is the way to keep clients emotionally invested with the brand and away from the reach of other fintech competitors.
Building an Emotional Connection with Consumers
Often brands use realistic content that connects with their target audience’s emotions, even going as far as not displaying any of their products or services in their advertisements but solely relying on the emotional connection and brand impact communicated through their marketing.
In other words, fintech companies have noticed that it is often more important to build an emotional connection with the audience than present information on their products or services due to how similar they are to other fintech competitors. Fintech products are often complex and difficult to understand for financially illiterate consumers; instead of overexplaining a product that can make the consumer feel unintelligent and disconnected from the overall goal and mission of the fintech brand, it’s better to engage and capture the audience’s attention through storytelling, thus bringing a company’s products and services to life.
Consumers often look for fintech companies that can not only provide financial advice but also understand them better on a deeper personal level. These clients are interested in learning how to manage their finances effectively. Creating practical and active guides for different target audiences will help demonstrate greater customer service and value and position one’s financial technology company as a thought leader and expert in the space. By using personal stories and data that are relevant to the target audience to illustrate the facts and impact of one’s brand, storytelling helps a company capture the audience’s attention, keeping them engaged while using their financial product or service.