Unlocking Growth for Fintech Companies: The Power of Affiliate Marketing in 2023
From 2022 to 2023, the global financial services market experienced remarkable growth, skyrocketing from $25.5 trillion to an impressive $28 trillion. Yet, despite the industry’s rapid growth, marketers often face challenges in promoting financial technology companies to potential customers. Thankfully, there’s a solution that can help companies overcome those challenges and boost their growth — affiliate marketing for fintech.
Launching a fintech affiliate marketing program can be one of the best tactics to achieve significant results with relatively low effort. So whether you’re an industry veteran or a newcomer to the fintech industry, this guide is invaluable for further growing the reach of your company.
What Is Needed For Fintech Affiliate Marketing?
Affiliate marketing for fintech companies is an exceptional way for financial technology companies to draw new customers and increase revenue. However, several key components are needed to succeed in this space.
Fintech companies must have a product or service that is unique and valuable to potential customers. This could be anything from a mobile banking app that offers innovative features to an AI-powered advisor that offers personalized investment advice. Whatever it is, it should set them apart from its competitors and provide real value to users.
Once a fintech company has a valuable product or service, it must find the right fintech affiliate marketing partners to promote it. This means identifying websites, influencers, and other partners with relevant audiences willing to promote the product or service. To attract affiliates, companies should offer competitive commissions, provide marketing materials and support, and offer incentives for high-performing partners.
Another important aspect of affiliate marketing for fintech companies is tracking and analysis. Fintech companies should use tracking software to monitor their affiliate program and gather data on clicks, conversions, and other metrics. They can use this data to optimize the program, identify high-performing affiliates, and make adjustments as necessary.
What is Important in an Affiliate Marketing for Fintech Partner?
It’s important to find partners whose audience matches the target demographic of the fintech company. For example, a fintech company offering investment advice may want to partner with finance bloggers or social media influencers with an audience interested in personal finance and investing.
Another important factor to consider is the partner’s reach. Companies should look for partners with a large and engaged audience, whether through a popular website, a social media following, or a large email list. The partner’s ability to reach a wide and relevant audience will directly impact the affiliate marketing campaign’s overall success.
The commission rate offered by the partner is also an important consideration. Fintech companies should look for partners who offer competitive commission rates that align with the company’s goals and budget. However, it’s also important to remember that the commission rate shouldn’t be the only factor in selecting a partner — the partner’s relevance and reach should take precedence.
Additionally, fintech companies should look for partners who are reliable and trustworthy. This means looking for partners with a track record of delivering results and providing quality content to their audience. It’s also important to ensure that the partner’s values align with those of the company, particularly when it comes to compliance and transparency.
Should I Use an Agency or Stay In-House for Affiliate Marketing for FinTech?
When it comes to running an affiliate marketing program, fintech companies have the option of either using an agency or keeping things in-house.
Advantages of Using an Agency
- They’re experts in the field and can bring a wealth of experience and knowledge.
- They often have established relationships with relevant affiliates and can help companies identify and recruit the right partners for their programs.
- They can handle all aspects of the program, including tracking, reporting, and payouts, which can save time and resources.
Disadvantages of Using an Agency
- They typically charge a fee for their services, which can be a significant expense for some.
- Working with an agency can mean less direct control over the affiliate program, which may not be desirable for companies that want to have a more hands-on approach.
Advantages of Staying In-House
- Control is one of the biggest advantages of keeping efforts in-house, as companies can have complete control over the program and can make adjustments and optimizations as needed.
- Keeping things in-house can be more cost-effective than working with an agency, particularly for smaller startups.
Disadvantages of Staying In-House
- Running an effective affiliate program requires a certain level of knowledge and experience, which may not be readily available in-house.
- Managing an affiliate program can be time-consuming, which can take resources away from other important business activities.
While agencies can bring valuable expertise and resources to the table, they also come with a cost. On the other hand, keeping things in-house can provide more control and cost-effectiveness, but may require more time and resources from the company. Ultimately, fintech companies should carefully evaluate their options and choose the best approach for their specific needs and goals.
Different Affiliate Marketing for Fintech Platforms You Can Use
Below are some of the different fintech affiliate marketing platforms available and what they have to offer.
Comparison Platforms
From credit cards to mortgages, and loans to insurance companies, comparison sites offer a one-stop shop for comparing different financial products. With a few clicks, consumers can easily compare interest rates, annual fees, and incentives to find the option that best fits their unique needs and preferences.
Once they’ve found a product they like, comparison sites provide direct links to these resources, making the application process quick and easy. This is why comparison partners are one of the most common fintech affiliate marketing sites you’ll see.
Content Publishers
Personal finance affiliate sites are a go-to resource for consumers seeking expert advice and personal recommendations on everything from credit cards to investing. Content affiliates are incentivized to promote fintech companies in exchange for commissions on these platforms. So, if you’re looking for a more organic way to reach potential customers, personal finance affiliate sites and personal blogs may be the way to go.
Influencer Marketing
As the world of social media continues to grow, so does the popularity of influencer marketing — and the fintech industry is no exception. By partnering with the right influencers, companies can tap into new audiences and promote their brand in a more authentic, engaging way.
How to Have a Full Funnel Affiliate Marketing Program for Fintech Companies
In affiliate marketing, a full-funnel program is crucial to success. It allows you to track your potential customer’s journey from the moment they become aware of your product or service to when they make a purchase. Fintech affiliate marketing, in particular, can benefit significantly from a full-funnel program because of the complex nature of the industry.
Here are some tips for creating a full-funnel program for fintech affiliate marketing:
- Awareness: The first step in any funnel program is awareness. You need to ensure potential customers know about your product or service.
- Consideration: Once potential customer is aware of your product or service, they will begin to consider whether or not it’s right for them. At this stage, providing them with as much information as possible, such as product features, benefits, and reviews, is important.
- Conversion: The ultimate goal of any funnel program is conversion. This is when a potential customer makes a purchase or signs up for a service. Therefore, companies must make the process easy for the customer with clear and simple instructions.
- Retention: Retention is an often-overlooked aspect of funnel programs, but it’s just as important as the other stages. Once a customer has made a purchase or signed up for a service, it’s important to keep them engaged and interested.
These tips will help your company create a full-funnel program that will not only attract potential customers but also keep them engaged and interested. Remember to track your progress at each stage and make adjustments as necessary to ensure maximum success.
Optimize Your Fintech Affiliate Marketing Campaign Today
Affiliate marketing is a powerful tool that fintech companies can leverage to increase brand awareness, acquire new customers, and boost revenue. Partnering with affiliates with a strong online presence and a relevant audience can help fintech companies tap into a wider market and reach potential customers they might not have been able to reach on their own.
Affiliate marketing can be valuable for fintech companies looking to grow their business and strengthen their brand. By carefully selecting partners, establishing clear expectations, and monitoring performance, fintech companies can leverage the power of affiliate marketing to achieve their marketing goals.
If you have any additional questions or comments about affiliate marketing for fintech companies, feel free to leave them down below. Also, remember to follow us for more news and advice on the world of fintech!