In my last blog in this two-part series, I set the scene: the Polish FinTech market is hot and 2018 is the time to strike. If you didn’t catch that, take a look here before reading on to find out exactly how PR can help FinTechs live up to their promise.
Cutting through the confusion
A report by CFA Society Poland on FinTech awareness in the country states that many people are still struggling to understand what FinTech actually is or what it does. The responses were gathered from nearly 500 finance professionals, of which only 31% answered that they have a good knowledge of the function of financial technology tools. Nearly the same number of respondents said that their knowledge of the topic was bad or very bad, and the largest group (40%) said "neither good nor bad".
Basically, this tells us one thing. Your target audience doesn’t get you. It’s like me trying to sell you an ocean vacuum (unless you know what an ocean vacuum is).
There is so much “noise” out there that even if what you’re doing constitutes ‘disruptive technology’, it can be very hard to get people to listen.
PR is essential for helping companies create the right messaging around the organisation’s objectives. Building relevance and nailing down your key messages is a must.
Why you can be trusted?
This is all about how your target audience make decisions. This is particularly hard in the B2B space where deals are more lucrative and carry a higher profit margin. According to CCgroup’s “How to influence FinTech buyers” catalyst report, major IT investments are made more than once every six months; with the highest value investments averaging at over $7m.
When selling to banks there are many barriers to overcome. The same catalyst report highlights that advertising, social media and national media are the least important sources of information for decision makers when considering companies for their longlist. In contrast, industry analysts alongside trade and business media are the most influential communications channels to get your business noticed.
The research also shows that when it comes to making a final purchase decision, “value for money” is the most important factor. The selling in process starts with building visibility and maintaining reputation but, in the end, it relies on evidence that vendors can do what they say they can. Thus, at this stage, your communication efforts should be switched from media presence to the ability to show real market value through supporting proof points.
PR can help you craft arguments to build this body of evidence and show your company’s expertise using various tactics and content types including: analyst reports, award wins, customer announcements or case studies.
Living up to promise
According to M. Morawiecki, Poland’s prime minister, the Polish government has prioritised the fostering of FinTech companies. The capital benefits from a banking sector that is not just the biggest in the region, but among the most innovative.
Banks in Poland are open to engage pro-actively in FinTech cooperation, however the market is very competitive, and banks choose partners carefully. FinTech vendors that want to consolidate their position in the market need to understand the complexity of the selling in process and should develop a communications strategy accordingly.
Here, is just a starter for ten on how PR can help drive awareness and help businesses get ahead of competitors. Ultimately, if Polish FinTech wants to live up to its promise and become a real FinTech hub, the time to strengthen its position in the European market is now.