Complete Guide to Identify the Target Audience in Fintech

YRSK | Published: 29-06-21
Globally, fintech companies had acquired $25.6 billion in investments in the first half of 2020. Yey, one of the main concerns plaguing the segment is that of right customer acquisition. After all, just another customer is not the same as the “perfect-fit” customer. The perfect-fit customer not just leads to profitable transactions, but also helps accelerate your growth through information sharing, referrals, experimentation, encouragement and more.

What the Perfect Fit Customer can do for You

The perfect fit customer is not bringing in the maximum profits, though that is a contributing factor as well. More importantly, such customers are tired of conventional financial systems and are ready to explore the Fintech world with your products and services. They are ready to openly converse about their needs and challenges, their aspirations and information.


Your sales and marketing teams are benefiting from these customers and their discussion. You are feeling charged enough to accomplish their goals for them while also making the use of technology to help better their lives. The focus is on the relationship value of your customers and your company, and both are mutually beneficial for each other.


How to Identify the Perfect Fit Target Audience in Fintech?

Step 1: Create a Reliable Database

Knowing the subjective qualities of the right customer and identifying them objectively are two different things. For the second, which is the more essential step, you need to keep a few parameters on your checklist:


  • The goals of your Fintech company
  • The pain points you are trying to resolve
  • Information on the decision-makers and influencers you are seeking:
    • Who they are
    • What they do
    • What their age and gender are
    • What their goals are
    • What their educational and financial backgrounds are
    • Where they are located
    • What interests them
    • What they value the most
    • What they are looking for in a vendor, and say on.


The sources of this data must be varied and yet reliable. You can begin with CRM data and engagement reports from third-party platforms, such as social media and analytics platforms. You can also consider getting in touch directly with customers and other key stakeholders for this data. Alternatively, you can conduct indirect research to collate a data pool for better identification.  


Step 2: Build the ideal Target Audience Profile

After you have established the values of the parameters you consider most significant in your perfect fit customer, you need to start building a real-world image or profile of this customer as well.


Start by outlining the most important attributes of your fintech company. Some examples could be innovation, problem-solving, relationships, technology, and so on. You do not have to make an endless list, just around 8-10 would be more than enough.


Next, start defining how each attribute should be perceived in the mind of your ideal target audience. For instance, when it comes to innovation, the ideal customer on your end could be the one who is open to experimentation with new ideas and does not conform to rigidity. Similarly, work out for the rest of the attributes, and you will have a ready profile of the best prospective target audience for your Fintech company who is worth the investment.


Step 3: Inbound Marketing for Bringing Your Target Audience to You

The power of relevant and helpful content is only growing more and more. By optimizing the distribution and reach of this content through different channels, you can essentially bring in ideal customers on board with you. This is what inbound marketing is about. This type of marketing generates 54% more leads than traditional paid marketing methods.


Unlike outbound marketing which stresses more on getting the customer’s attention, inbound marketing is about the customer coming to you. For fintech companies, insights and data play a very integral role in working further on customer acquisition. A well-designed inbound marketing strategy will adopt a holistic approach to make the process as personalized to the idea target audience profile we mentioned earlier, while also keeping it as close to real customers in the field as possible.  


What can Help?

  • Analyze the best-performing keywords that your target audience persona is more likely to use.
  • Pay attention to high-ranking topic clusters, and try using them in your content for inbound marketing.
  • Create content around core topics that are highly relevant to your customers and what they are looking for in a Fintech company.
  • Design pillar pages that cover topics in-depth and are of very high quality, to attract customers to your content first and your company later.
  • Use CTAs in your content to show your target audience that you have something interesting and relevant to offer.


Final Words

That technology has already crept in even in unprecedented segments is a fact we have all come to terms with. However, the exceptional growth that awaits certain segments of tech seems to be still largely unprecedented, one of them being Fintech.

With a tremendous opportunity to arrest a significant volume of the addressable market, Fintechs are certainly on the rise. If your Fintech venture can solve the impending challenge of customer acquisition through the right strategies, there is a lot of scope and growth for you on the cards.