9 Marketing Tips For Fintech Startups In Africa

Blog post
5
June 19, 2022

Having a strong marketing strategy is crucial for a successful fintech startup. Here are some marketing tips that have helped some of the most successful fintech startups in Africa.

In 2021 alone approximately $3.03 billion was raised to be invested in fin-tech startups in Africa. This accounted for  62% of the total investment inflows, according to the latest Africa Investment Report. The fintech industry in Africa continues to explode and the market is expected to grow at a CAGR of over 19.8 % to reach 332.5 billion during 2022-2028. This is causing companies to focus on marketing strategies that; drive traffic, enhance customer loyalty and increase financial service growth. One of the main focuses for B2C fin-tech companies will always be to use marketing efforts to build their credibility and trust with prospective customers. 

1.Think Mobile First

The importance of having a mobile-first mindset is crucial for fintech companies. It provides customers with a quick, easy, and convenient financial experience that they can access at any time and any place. Perfecting your mobile experience is a great place to gain an advantage above your competitors. This is because 61% of ​​customers will not return to a mobile site after having a poor experience. What is even more alarming is that 40% will end up visiting your competitors' websites after having a poor mobile experience. The trick to a smooth mobile experience is making messaging clear, concise, and having a call to action. One fintech company that has mastered the mobile first strategy is Yoco. There mobile website is fully responsive, navigate and most importantly allows customers to easily to sign up 

2. Use the right social media platform

Social media can feel like a tricky space for fintech companies but the key is finding the right social media platform that will help you spread your message. In order to do that you need to figure out where your audience is, if you are a B2B fin-tech then LinkedIn might be the right platform for you. If you are targeting Gen-Zers then maybe using influencer marketing campaigns on platforms like TikTok and Snapchat will be a better platform. This can be crucial in building brand awareness, driving leads, and boosting revenue for your fin-tech startup.

3. Create Gamification

Gamification is adding game mechanics into nongame environments, like a website, online community, or learning management system to increase participation. The goal of gamification is to engage with consumers, employees, and partners to inspire, collaborate, share and interact. A great way to create “stickiness” for your platform is through gamification. Gamification keeps your customer engaged and constantly coming back to the platform. It's also a great way to incentivize your customers to share your startup with their personal network on social media.Fintech provides many opportunities for gamification with rewards, badges and points for completing certain tasks, which is one of the most popular forms to incentivize customers. Fintech companies like PalmPay gamify tasks like referring friends to incentivize customers to share the app with their personal network in exchange for points.

Palmpay Refer & Earn

4. Use Content Marketing

Content Marketing is still a great marketing strategy but the key is to make sure that it is creating value, especially in the fintech space. Consumers are always hungry for information when it comes to finances and learning how to be better with their money. Creating informative and valuable content that helps consumers understand and improve their finances helps establish your startup as a leader in the fin-tech space and a company that consumers can trust. 

5. Engage Customers

When you do establish all the channels of communication with your customers it is crucial that you engage, communicate and respond to their messages and comments in a personalized and timely fashion. This lets customers know how much you value them and their business. There are tools such as OneInbox that let you assign your support agents to messages you receive on all your social media platforms, emails, and other channels of communication to make sure that you respond in a timely fashion.

6. Use Affiliates and Influencers

When it comes to finances people still value recommendations and suggestions from friends and family. In today’s world people also consider influencers as trusted opinions the same way we see family and friends. However, using influencers allows you to spread the message about your product or service to a large and targeted demographic. The power of an influencer is that they know how to talk and connect with their audience so that your messaging will resonate with them. There are a lot of influencers providing advice on personal finances, budgeting, and different ways to save. They can be the perfect messenger for your fin-tech startup that can help you build trust with your target consumer. A popular instagram platform for personal finance is @moneyafrica which has over 253K followers making it the perfect place to reach potential customers looking for new fintech tools to manage their personal finance. Ladda is a fintech startup that helps customers invest in savings, mutual funds and stocks all on one platform. There is obviously a crossover with their audience and potential consumers therefore creating an influencer campaign with @moneyafrica helps Ladda reach an audience that could use their product creating value to both parties. 

7. Use Multichannel Digital Marketing

When launching a start-up we are always looking for a free platform to create organic engagement so we may over-rely on one social media channel for our marketing efforts. The beauty of creating great content is that it can be modified and reused in many different ways such as SMS messaging campaigns, email marketing, newsletters, and online community boards. Remember that we are all competing for attention and eyeballs so make sure you cross-promote your content.

8. Create Paid Digital Advertising Campaigns

Traditional financial companies spend lots of ad dollars on traditional media such as billboards, tv commercials, and radio ads. Even though those mediums can be successful tools for reaching large audiences, creating a digital ad campaign allows you to target the right audience. Since digital ads are seen while on your computer or mobile device it can lead to a higher conversion rate since they can have a clear call to action that consumers can react to immediately.

9.Use Billboards & Other Outdoor Advertisement

 In 2018, outdoor advertising accounted for 28% of total media spend in Nigeria, behind only TV advertising. A great example of a fintech startup in Africa with a great outdoor advertisement campaign is Flutterwave. The bright and colorful artwork definitely captures the attention of consumers to break the mold of fintech companies' typical blues and greens. Since fintech startups are based online we tend to overlook traditional marketing however the statistics show that OOH advertisements are still very effective in Africa. Studies show that awareness of billboards is high, with 79% claiming that they had noticed a billboard in the past 7 days, and 63% stating that when they see a billboard they notice the brand or message being communicated ‘all of the time.’This study demonstrates the high efficacy of OOH advertisements at triggering a consumer response, and finds that overall OOH is the second most effective medium, following radio. Across all channels, the most common action following ad exposure is searching for more information online which is great for inbound traffic.

Flutterwave Billboard
Tara Robinson

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