Growth hacking, fintech's ally
Unsurprisingly, digital transformation has come as a technological tsunami and has caused significant changes not only in businesses but also in consumers.
When you focus on these changes in the financial sector, you soon think of the fintechs that emerge daily and radically transform banking institutions.
New consumers, especially those born in technology, are looking for 100% digital solutions, with different access channels, agility and security. After all, no one would leave your money in the hands of a brand you don't fully trust, would you?
But not always creating a completely new technology bank or joining a large, well-known institution and modernizing it is synonymous with prosperity and growth.
This simplistic thinking is one reason startups fail . Getting into digital transformation head on is to consider countless other factors when it comes to innovating.
In this post, we'll cover what growth hacking is and how it can help fintechs grow significantly.
The new consumers of digital transformation
As stated above, the current digital age has brought with it a new type of consumer who seeks superior products and services.
To meet your expectations, you need to go beyond technology. In other words, for a brand to gain strength, it must create a product that meets a need of this part of the population in a unique way or different from others.
In addition, it must consider two main characteristics of the personality of new consumers: simplicity and efficiency.
Of course, all major fintechs used a technology platform as a kickoff, but success was only achieved by understanding the changing attitudes of customers toward money management.
But just understanding your audience and creating products that meet their needs is not synonymous with success, right? Fintechs still need to leverage as quickly as possible. That's where Growth Hacking comes in !
What is Growth Hacking ?
Slow growth is perhaps one of the main reasons startups fail . After brand and product creation, action is required quickly. The providing innovative and aggressive strategies to win customers is the number one step to grow.
Growth Hacking is exactly that: actions taken to dramatically increase the number of customers in a company. And when considering fintechs, these tasks should be very creative and innovative, but keeping costs down.
Financial startups can apply growth hacking in many ways, here are some of them:
# 1 - Referral Reward Program
The Northrim Bank is a perfect example of success through this kind of Growth Hacking. The company teamed up with Alaska Airlines and, for each nominee who opened a new bank account, the referrer would be e-mailed a 500-mile voucher with the airline.
There are other forms of very tempting rewards for customers, such as free secure storage of financial documents, free transfer services, fee exemption, etc. There are many possibilities, just be creative.
# 2 - Free Popular Product
Offering a useful product for free can be a great draw for users to purchase other paid services later. In addition, it is possible to donate the service, but charge for its maintenance, for example.
Among the possibilities, the company can offer a billing application, a personal financial application or even management systems. The options are many as long as the bank can afford this to acquire new customers later.
# 3 - Viral Content
Popularizing content that can bring the brand to thousands can be a very low cost Growth Hacking . Memes, for example, or viral videos. They spread extremely fast over the internet, the difficulty is just thinking outside the box and being innovative.
There are a number of other ways to leverage fintech growth, such as partnering with contractors by offering different financing options or creating unique programs and VIPs that catch the eye of a new type of audience, for example.
In all cases, much more than the material investment in this race against competition is to use creativity and be innovative so that this is the company's great differential.
Source: https://blog.cedrotech.com/growth-hacking-o-aliado-das-fintechs/
When you focus on these changes in the financial sector, you soon think of the fintechs that emerge daily and radically transform banking institutions.
New consumers, especially those born in technology, are looking for 100% digital solutions, with different access channels, agility and security. After all, no one would leave your money in the hands of a brand you don't fully trust, would you?
But not always creating a completely new technology bank or joining a large, well-known institution and modernizing it is synonymous with prosperity and growth.
This simplistic thinking is one reason startups fail . Getting into digital transformation head on is to consider countless other factors when it comes to innovating.
In this post, we'll cover what growth hacking is and how it can help fintechs grow significantly.
The new consumers of digital transformation
As stated above, the current digital age has brought with it a new type of consumer who seeks superior products and services.
To meet your expectations, you need to go beyond technology. In other words, for a brand to gain strength, it must create a product that meets a need of this part of the population in a unique way or different from others.
In addition, it must consider two main characteristics of the personality of new consumers: simplicity and efficiency.
Of course, all major fintechs used a technology platform as a kickoff, but success was only achieved by understanding the changing attitudes of customers toward money management.
But just understanding your audience and creating products that meet their needs is not synonymous with success, right? Fintechs still need to leverage as quickly as possible. That's where Growth Hacking comes in !
What is Growth Hacking ?
Slow growth is perhaps one of the main reasons startups fail . After brand and product creation, action is required quickly. The providing innovative and aggressive strategies to win customers is the number one step to grow.
Growth Hacking is exactly that: actions taken to dramatically increase the number of customers in a company. And when considering fintechs, these tasks should be very creative and innovative, but keeping costs down.
Financial startups can apply growth hacking in many ways, here are some of them:
# 1 - Referral Reward Program
The Northrim Bank is a perfect example of success through this kind of Growth Hacking. The company teamed up with Alaska Airlines and, for each nominee who opened a new bank account, the referrer would be e-mailed a 500-mile voucher with the airline.
There are other forms of very tempting rewards for customers, such as free secure storage of financial documents, free transfer services, fee exemption, etc. There are many possibilities, just be creative.
# 2 - Free Popular Product
Offering a useful product for free can be a great draw for users to purchase other paid services later. In addition, it is possible to donate the service, but charge for its maintenance, for example.
Among the possibilities, the company can offer a billing application, a personal financial application or even management systems. The options are many as long as the bank can afford this to acquire new customers later.
# 3 - Viral Content
Popularizing content that can bring the brand to thousands can be a very low cost Growth Hacking . Memes, for example, or viral videos. They spread extremely fast over the internet, the difficulty is just thinking outside the box and being innovative.
There are a number of other ways to leverage fintech growth, such as partnering with contractors by offering different financing options or creating unique programs and VIPs that catch the eye of a new type of audience, for example.
In all cases, much more than the material investment in this race against competition is to use creativity and be innovative so that this is the company's great differential.
Source: https://blog.cedrotech.com/growth-hacking-o-aliado-das-fintechs/
Comments
Post a Comment