3 Things to Avoid When Building a FinTech Business
After a brief slowdown, the market has rebounded and FinTech startups are now raring to make their mark. What does this mean? You need to make sure your startup gets noticed. The best way to ensure you get the needed attention is to have an excellent marketing campaign ready to go. There are many ways you could choose to go to launch your product, just make sure you avoid some key errors.
Don’t Be Afraid of Failure…But Make Your Mistakes Early
As a startup, you are bound to make mistakes. That being said, do not let the fear of making these errors dissuade you from continuing to build your brand. The important thing to do is to keep an eye out for the mistakes so they can be fixed quickly. The sooner a problem is amended the less it will affect your (lean) budget or your production process and the less of an impact it will have on the market at large.
Don’t Make Change Without Proper Research
Often, when a product stalls or doesn’t have the desired impact, human nature says the best thing to do is “fix it.” However, this is not always the best call and can be very damaging—especially if a product is new in the market and hasn’t had a chance to find an audience.
If you need probably the most-known example of failed change: Remember New Coke (or Coke II)? What was supposed to be a game-changing way to bring customers back from Pepsi only angered loyal customers and the concept was eventually scrapped…but only after a very expensive marketing campaign had been rolled out. Now widely known as one of the biggest marketing fails, New Coke shows the dangers of trying to solve a problem by fixing an unbroken product. Look at the potential solutions before rushing into an expensive overhaul and full-blown marketing campaign.
Don’t Send Out the Wrong Message
First, your company and product need to have a clear sense of unity across the board. Make sure you have an integrated marketing strategy that will create consistency and familiarity, instead of sending out opposing concepts that confuse and rattle your potential consumers. By focusing your campaign in a defined area you will ensure your product will be seen as stable and a quality buy.
Second, make sure that message is the correct one for your market. Choose the wrong message and your competition will overtake you. This is what happened to Wesabe: They had a good product, but Mint had a better understanding of their customers. In that battle, Mint won.
The startup market can be a terrifying place, especially when you consider that 90% of startups fail. If you want to be a success story, you need a growth mindset and you need to know about the potential hurdles and mistakes ahead of time so you can work out the solutions and get your product in front of an interested consumer base. Make sure your marketing team is armed and ready for action as they are your best partner when it comes to conquering the business world.
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