The challenge of establishing a strong, credible presence in the fintech market can be daunting, especially in an environment where startups are constantly vying for attention.
Angela Yore, MD and co-founder at SkyParlour, a specialised communications agency for fintechs, has raised the profile of hundreds of brands from dynamic startups to market leaders in the fintech, tech and ecommerce sectors.
Here, Yore sheds light on the multifaceted role of strategic PR in helping fintech businesses shine.
Have you ever considered the transformative power of strategic public relations (PR) for your fintech business?
I’m not talking about run-of-the-mill PR, but the kind that is tailored, robust, and laser-focused.
This distinction is crucial.
Incorporating a specialised fintech PR agency into your toolkit can be the gamechanger between stakeholders understanding your vision and product or not. It can be the key to securing investments, differentiating yourself from the competition, and shining in the fintech arena.
So, what exactly is strategic PR, and what value does it bring to a fintech company?
We all know the fintech space moves fast. Each day there are new players with innovative products cropping up, and all are shouting for airtime. A specialist PR agency works with fintech firms to tell their story, enabling them to rise above the cacophony and gain the exposure they deserve.
When done right, effective PR is about education, not self-promotion. It’s the art of conveying a business’s brand, product, service, and spokespeople in a way that captivates stakeholders. In this space, that often means translating complex concepts into clear, appealing narratives.
2. Crafting compelling value propositions
Fintech businesses can partner with PR agencies to construct clear and compelling value propositions that serve as the foundation for future communications. These propositions are imperative for ensuring that all external messaging conveys a company’s benefits as a throughline.
It’s important to focus not just on the product or service features but also on their utility – how they can address potential customers’ problems or enhance their circumstances more effectively than competitors. This approach helps to better stimulate customer acquisition and support internal sales and marketing teams.
And remember that communications with the target audience should be tailored to their interests. Speak their language. There’s no point in going into the technical minutia if target customers are non-techy folk, for example.
3. Reinforcing credibility and trust
A significant aspect of a PR agency’s role is to secure media exposure in relevant publications, websites, and news outlets for their clients. Generating positive media coverage in pertinent platforms can boost brand visibility, attract potential customers, investors, and partners – and, when well-executed, position a fintech company as an industry leader.
This strategic communication and media placement also help establish a business as a reliable and trustworthy player in the market. This trust is critical to any industry, but for fintechs dealing with significant sums of money, it’s integral to their operations.
4. Achieving award-winning status
Businesses often turn to PR agencies to identify and apply for industry awards, rankings, and recognition programmes, as they provide an impartial outsider’s perspective useful for the application process. Specialised agencies offer an advantage in this regard, given their familiarity with industry trends, terminology, and the unique opportunities and challenges within the sector.
Winning or being shortlisted for industry accolades can significantly enhance a company’s reputation and visibility, making it more appealing to potential stakeholders. The ‘award-winning’ status can also project a company as more trustworthy, promising, and genuinely innovative.
5. Crisis management support
No company is immune to unforeseen events or crises. Despite a fintech company’s best efforts, incidents like data breaches, service interruptions, and regulatory compliance issues can occur and raise public concerns.
Strategic PR plays a pivotal role in mitigating reputational risks. PR professionals excel in brand building, and they can craft effective crisis communication strategies to address concerns swiftly, allowing a fintech business to maintain transparency with all stakeholders and dispel negative assumptions following a crisis.
6. Attracting investment
For growing fintech businesses, attracting investment – from seed funding through to Series D – is often top of the agenda. Strong PR efforts can help attract investors and facilitate new partnerships within the industry. Media coverage, interviews, and thought leadership articles can all highlight a company’s achievements, growth potential, and unique value proposition to the right stakeholders.
Promoting a fintech company’s C-suite through opportunities like speaking engagements at industry conferences, contributing articles to reputable publications, or participating in relevant panel discussions underscores their expertise and enhances the company’s visibility and credibility – working holistically to allure potential investors.
7. Partnering with purpose
Strategic PR empowers fintech companies to shape their public image, allure customers and investors, navigate crises, and establish a formidable presence in the fiercely competitive fintech landscape. Collaborating with a specialised agency brings an in-depth understanding of the sector, industry connections, and market insights that can significantly elevate a fintech’s PR and marketing strategies, positioning them at the forefront of the competition.