In our previous article on whether we need more fintech startups in Nigeria, we stated various reasons innovators will continue building fintech startups. One of which is that the fintech sector is a free market where everyone is free to build their solutions. On that basis, more startups are already existing to provide services to people and others are coming up soon.
Consequently, fintech startups in Nigeria are bound to face competition from others with similar products. A fintech founder who wants to succeed in the fintech industry needs to find ways to stand out despite all the competition. Here are tips that can help your business rise above the rest.
Find your niche market and identify your unique selling proposition:
Fintech startups generally seek to close the financial inclusion gap within all segments of society. How they do this is both their business and discretion. However, what they do is often what makes them attract customers. If a startup decides to do what everyone is doing, it means it will face competition from every angle. Ultimately, it won’t scale the way it should. To make your company stand out, you should find both your niche market and unique Selling Proposition. Both define and set your fintech business apart from the others. To find your niche market and unique selling proposition, you should check the gaps your company is looking to fill, and the people that will need your services. You can even look at the services of your competitors and compare them to yours.
Build quality products/Offerings
A business may seem feasible but may not thrive. Identifying your niche market and unique selling proposition is wise but doesn’t guarantee you will stand out. You have to back them up with quality products and service offerings. If it’s an application, make sure the user interface is easy to use.
Also, make sure that it doesn’t crash, fix bugs and make it simple. Ensure that the application is not susceptible to hacking. If it is a website, make them ads-free or reduce the number. A quality product ensures that consumers can rely on your business.
Design a good marketing strategy
Building a fintech platform is not enough. It has to be promoted for it to thrive. Not just any promotion but an
effective content strategy to engage your audience. To make your company stand out, you must combine SEO research, data analytics, and even paid media to create a well-rounded content strategy that brings value to your audience while also driving traffic to your website. Again, you must create content that adds value and demonstrates your expertise in the field of fintech.
Do not Neglect social media:
Every segment of the Nigerian population is active on social media. A fintech founder who knows his or her target audience can use social media platforms to his or her advantage. You must know your target consumers, that way you can plan contents and products that resonate with them. When you now go to social media, it boosts your engagement.
Make sure that your brand is well represented during a media campaign and that it appeals to your target audience.
Upscale your talents
A talented team means the building of top-notch solutions that can scale easily. Likewise, a mediocre team means your products will at best be sketchy. This is a chance you won’t want to take. Fintech services are already rapidly evolving, so it’s important to work on any skill and knowledge gaps that are slowing the progress of your business. When you work on these, you can improve operations and, subsequently, business performance. For instance, your software developers may need to build a new product but they are lacking in an area. If they don’t acquire more skills, your business can become stagnant while others push you out of the market. If you manage to recover, it takes a lot of time and resources to recover. You must Look for these internal gaps and address them asap to boost the efficiency of your business.
When more fintech startups sprout up, competition increases. Hence, the importance of continuously looking for ways to stand out. As a fintech founder, you have to be alert to what the market is saying to know when to launch new products, rebrand, do more promotions, expand etc. Without these, you may be pushed out of the market. Remember it is not who started first but who performed better.Featured Image Source: Dev Team Space
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