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  FinTech startups are revolutionizing the financial industry by providing innovative solutions to traditional banking and financial services. However, in a competitive market, FinTech startups may struggle to gain traction and build a loyal customer base.
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One effective way to win a market over is by leveraging testimonials. Testimonials are powerful marketing tools that can help FinTechs establish trust and credibility with potential customers. If you run a FinTech venture, here are seven ways you can utilize testimonials to grow your business:

Share Customer Success Stories

Sharing customer success stories can do wonders for your enterprise if you put them up on the right platforms. This approach lets you showcase how your products or services have helped customers achieve their financial goals. This can include paying off debt, saving money, or investing for the future. Sharing real-life success stories allows potential customers to see the value of your FinTech startup’s solution and encourage them to give it a try.

Highlight the Benefits of the Product or Service

Testimonials can also be used to highlight the benefits of your startup’s product or service. Customers may talk about how your solutions have helped them save time, reduce costs, or improve their financial situation. This can be a powerful way to demonstrate the value of the product or service to potential customers.

Use Social Proof

Social proof is the idea that people are more likely to do something if they see others doing it. FinTech startups can use testimonials to create social proof by giving a positive hint as to how many customers are using their product or service. You could do this by sharing the number of customers or the percentage of people who have achieved success with your startup’s solutions.
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Establish Credibility

If there’s one thing that you can achieve with testimonials, it’s building up an aura of credibility around your business. They are capable of getting your startup rooted with the public even when they haven’t yet gotten a well-established reputation. Sharing testimonials from satisfied customers can help build trust and project your venture as a recognized player in the industry.

Differentiate from Competitors

Smart FinTechs are adept at deploying testimonials to differentiate themselves from competitors. This is especially true if testimonials highlight the many ways that the products concerned are an improvement over their rivals. It is particularly effective for startups that are offering niche solutions or targeting specific customer segments.

Portray Humaneness

Video testimonials, when put together as part of a story that viewers will relate to, have the power to present your startup as humane. Testimonials in this format are often a more powerful way to convince the public of a business’s claims than written testimonials. You may use video testimonials on your website, social media, or other marketing channels in ways that indicate to your target market that yours is a brand with a human face.

Encourage Customer Feedback

FinTech startups can leverage testimonials by encouraging customer feedback. When you actively seek feedback from customers, you’ll identify areas for improvement and make changes to their products or services. Satisfied customers will also provide valuable testimonials that can be used to grow the FinTech startup’s business.
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Final Words

Testimonials, when wielded smartly, can help your FinTech to scale its business. If you work with the tips we’ve shared here, you could turn your customers’ positive reception of your offerings into a powerful tool for attracting even more patronage. Featured Image Source: Member Clicks
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This article was first published on 7th April 2023


Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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