Capturing attention in B2B fintech goes beyond just offering innovative solutions. To truly make an impact and outshine the competition, a well-crafted PR strategy is essential. As fintech companies strive to introduce groundbreaking technologies to financial institutions, effective PR becomes the catalyst for growth and industry leadership.
McKinsey reports that fintech industry revenues are set to grow nearly three times faster than those in traditional banking from 2022 to 2028. With such promising growth, it’s crucial to establish a strong market presence through strategic PR efforts.
To help you navigate the complexities of fintech PR, here are essential tips to elevate your brand and boost your bottom line.
What to Avoid in B2B Fintech PR
Exaggerating Figures & Facts: In the fintech industry, clarity and consistency in reporting metrics like revenues, transactions, and customer numbers are crucial. Misleading or inflated figures can lead to damaging scrutiny, as seen in the controversy surrounding Revolut’s customer metrics, which raised questions about the authenticity of their reported data. Once a claim is public, you’ll need to defend it rigorously.
Announcing News Prematurely: It might be tempting to publicize an exciting partnership or customer win before it’s finalized, but this can backfire. Premature announcements can harm your reputation and jeopardize deals, as was the case when the stablecoin project, Terra and its PR agency, Block PR, prematurely announced Softbank Ventures as a backer, leading to an embarrassing fallout.
Chasing Trends Without Substance: Jumping on the latest buzzwords in fintech without a clear strategy can be risky. Overhyping trends like blockchain without a deep understanding can result in a loss of credibility. Companies are now avoiding the term ‘blockchain’ due to its association with failed ventures and lower valuations.
Concealing Paid Media as Earned Media: Disguising paid media placements as organic editorial content is a risky move that can damage your reputation if exposed. This issue is particularly rampant in the crypto space, and it’s only a matter of time before it becomes a problem in fintech.
Underestimating PR’s Real-World Impact
Some fintech companies mistakenly treat PR as a bubble, making bold claims without considering the consequences. For example, a former client of Third Hemisphere faced significant backlash after failing to disclose regulatory requirements, leading to public criticism and regulatory action.
Best Practices for B2B Fintech PR
Clarify Your Mission: A clear mission is vital for internal alignment and external messaging. In the crowded fintech market, clear and consistent messaging is essential. Klarna exemplifies this by consistently communicating its mission to make payments smooth, simple, and easy across all touchpoints.
Understand Your Audience: Effective PR requires a deep understanding of your target audience. Without this focus, PR efforts may miss the mark, resulting in wasted resources. Knowing your audience is critical to achieving tangible business results.
Differentiate Your Brand: Standing out in a crowded market requires bold branding and messaging. In a sea of similar fintech companies, differentiation is key. Paymentsense, with its distinct branding, is a prime example of how to capture attention in a competitive landscape.
Provide Concrete Evidence: While thought leadership is valuable, the strongest PR stories are backed by solid evidence. Customer testimonials, transaction data, and planned investments lend credibility and attract industry attention. For fintech companies targeting specific verticals, customer advocacy is essential.
Embrace Transparency: Transparency is a powerful tool in fintech. Traditional banks are often criticized for their opacity, making openness a key differentiator for fintech companies. Monzo’s “Making Monzo” community platform is a shining example of how transparency can build trust and engagement with customers.
Conclusion
Navigating the complexities of B2B fintech PR requires a strategic approach that blends innovation with clear, honest communication. By avoiding common pitfalls and embracing effective practices, fintech companies can strengthen their market position and build lasting industry credibility.
If you’re looking to elevate your fintech brand and need expert guidance on crafting a standout PR strategy, reach out to Third Hemisphere. Our team of PR professionals in Sydney specializes in helping fintech companies achieve their goals and stand out in a crowded market. Contact us today to learn how we can support your PR efforts and drive your success.
