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Marketing 1.0: Product-Driven Marketing Product-Driven marketing is when your marketing focuses on the merits, uniqueness, and qualities of the company’s product or service. At the heart of product-driven marketing are design, features, and capabilities. For instance, merits such as easy-to-use interface, quick loading experience, real-time data presentation, security, integrated quick customer service, and what-have-you. When deploying this dimension of marketing, the aim is to inform your audience that the version of your FinTech solution is worth their time and money and your solution is out to give them the best experience. This dimension of marketing is about amplifying the functionality of your solution. Marketing 2.0: Customer-Driven Marketing This type of marketing is when you take into consideration the desires and pain points of your audience as a strategy for marketing your solution. This is about harnessing the power of data to focus on the needs of the company’s target market. For instance, with your available data, you can deduct the fact that most of your audience is having a hard time getting quick loans from traditional banks to beef up their businesses. You can use this shortfall as a marketing campaign for your lending platform that speaks of quick access to customer-friendly loans, a great disbursement strategy, with customer-friendly interest rates. Also, for example, most Nigerians find it difficult to understand the dynamics of cryptocurrency trading, but when you state that your trading platform offers free trading tutorials alongside free practising opportunities, it can go a long way in leading to mass adoption of your product. Another example is payroll financial technology companies that can help organisations with various payment services, ranging from payment of salaries to paying for company purchases and so on. Most often, this type of marketing is usually niche-inclined.
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Marketing 3.0: Purpose-Driven Marketing. Purpose-driven marketing is fast becoming popular, especially among new generation media and the millennials. Nowadays, selling a product is no longer enough. To be competitive, FinTech companies must connect and be able to deploy emotional pitches to hit a great deal of progress. Purpose-driven marketing strategy is all about companies connecting with their customers’ values in a meaningful way. It is about integrating a strong social cause within the company’s overall strategy and marketing campaigns. To illustrate further, a 2015 study by Deloitte reported that 90 per cent of the millennials interviewed prefer patronizing companies with a strong sense of purpose and that are associated with a social cause. For example, the founder of TOMs, a comfy shoe brand integrated the “One for One” campaign as its business model. The model indicated that for every pair of shoes sold, another pair of shoes is given to underprivileged children around Argentina, Haiti, Ethiopia, Guatemala, Rwanda, South Africa, and the United States. This strategy has promoted the brand in a great way and led to massive patronage of the brand’s products spanning shoes, clothing, eyewear etc. This was because that move was humanitarian and it attracted lots of buyers. How can FinTech become purpose-driven? They must tell their audience how their application software is out to end financial poverty through smart savings, easy access to credit facilities, effective custom-made financial management and improved financial literacy. Featured Image Source: Blue Interactive Agency
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