Consumer behavior has tooled and enabled the FinTech market, and vice versa. Because of this, the market has changed to become far more competitive, challenging nontraditional and traditional entrants. Investment in technology by financial institutions has led to reduced costs, enhanced security, the introduction of new products, improved customer services, and compliance with new and complex regulations. Globally, bank spending on information technology is expected to hit $150 billion in 2018, rising approximately 19.9 percent.
This fast-paced growth has led to numerous challenges for FinTech vendors, including enrollment in an oversaturated market, a lengthier and more complex sales process, and failure to gain marketing support. Also, for those wishing to interact with financial institutions and vendors during the sales process, it may be difficult to know what influences FinTech buyers.
So, how does one influence FinTech buyers?
Well, the easiest way to learn how to influence FinTech buyers is to understand who they are and how they function. Fifty-two percent of information technology decisions involved ten or more individuals, with the average being 36 people. Approximately 15 percent of decisions made involved 50 or more people. To get on a buyer’s radar, being able to provide trusted advice is critical, which is normally made possible through communication with industry consultants, peer relations, industry analysts, and internal business analyst. Also, content and SEO ranking has been identified for “long list influencers,” who look to vendor webinars, trade shows, vendor led events, direct marketing, trade media, business media, and web searches for valuable insight. They’re least likely to deem advertising or national media as credible sources as a key influence.
Also, those interested in FinTech buyers should have an understanding of how to meet buyer needs, which can be met through thought leadership, delivering unique insights, building credibility through third parties, delivering cutting edge technology and identifying why a particular vendor is different than any other. It’s not at all surprising that value because a significant fact for buyers, who prefer hard numbers and deliverable, and require evidence that vendor can do what they advertise they can do.
There is information not being made available to FinTech buyers, such as prominently being evidence-based data. Buyers want evidence that vendors have experience delivering deliverables and hard numbers to similar companies. They also would like access to industry feedback, customer references and case studies, and demonstrable track records. Ultimately, they want guarantees in regards to visibility, differentiation, and evidence –which can be provided via a number of channels and approaches, whether through analysts, trade media, or influencers. Internal business analysts, reputation, unique insight, credibility, and hard evidence are more important than social media, national media, and advertising.