Thanks to digital technology advancements in recent years, marketers now have more opportunities than ever to optimise the lead generation and lead nurturing processes. New software developments offer marketers the tools to automate key practices within their marketing strategy. In this article, we look at the pros and the cons of using marketing automation for the FinTech industry and examine the effect it could have on your business.
Marketing Automation is defined by HubSpot as:
“Software that exists with the goal of automating marketing actions. Many marketing departments have to automate repetitive tasks such as emails, social media, and other marketing procedures. The technology of marketing automation makes these tasks easier.”
With inbound marketing strategies utilising many different functions, such as SEO, social media, content marketing and email marketing to name a few, marketing automation can really help to bring them integrate them to build an effective multi-channel strategy.
Advantages of marketing automation in the FinTech industry
Here is a look at some of the advantages of marketing automation for FinTech marketers.
Saving businesses time in the long run
It might be the most obvious benefit of marketing automation, but time-saving in business is crucial. Getting automaton set up can be time-consuming initially, but once done you'll see a significant return on investment ongoing. For example, you could create a whole month’s worth of social media posts and schedule them accordingly, meaning you no longer have to post every single day across multiple platforms.
Automation saves time in so many aspects of marketing and sales, including workflows, email marketing, reporting, lead qualification, and much more, freeing up your time to focus on growth strategies and innovative projects.
Improving lead nurturing and reducing delays
One of the huge advantages for FinTech businesses using marketing automation is the impact on lead generation and lead nurturing. Qualifying leads, following them up, sending them relevant content, notifying other teams when leads meet a certain criteria or level of readiness to buy, these are all manual processes that can be automated. And they are all processes that be made much more efficient, strategic and sophisticated, reducing human errors and delays in lead nurturing.
Fit for any business size
Another great benefit of marketing automation tools is that they can be adapted for businesses of any size. Whether you’re a small, medium or large organisation, you'll be able to use the marketing automation tools to improve business efficiency.
Easy to track ROI
Another benefit to using marketing automation is that it allows you to easily track your return on investment (ROI). This is very important as a FinTech start-up and in the B2B space. From the first engagement with a potential lead all the way until a sale is made, automation increases visibility and allows to you see lead sources, engagement activity, contact journeys, etc, and this helps you to calculate ROI.
Enhanced data for optimising processes
One great thing about the recent rise of marketing automation software is that it provides precious data to help marketers optimise processes, campaigns and content. Automation can give you insights into browsing and buying behaviours, how people engage with your content, which platforms are performing best, and much more. Over time with all the data being collected, you'll be able refine your marketing strategy and produce better results, as you better understand the needs of your prospects.
Potential disadvantages of marketing automation
Although marketing automation is win-win, in terms of increasing efficiency, saving you time and offering greater visibility, there are some things to consider when looking to implement automation tools:
Time-consuming at the set-up phase
Implementing marketing automation for FinTech businesses can be time-consuming at the beginning. There is plenty of planning, research and strategic work to be done before you even start with the set-up of automation tools and processes. It will take time before you start seeing results. According to Pepper's global marketing automation report, 74% of companies see full integration happening around the 6-month mark. It requires patience, but once things are in place, marketing automation will start working hard for your business!
Marketing automation be costly
As good as marketing automation software can be, it can be expensive, depending on your choice of service provider. While there are many different choices in terms of automation software, providers and agencies, finding the right price, aligned with the tools you need, requires a fair amount of consideration. However, if you do the right research and analysis on the right automation solutions for your FinTech business, it can save you a lot of money.
Not getting the most out of marketing automation capabilities
A common mistake with marketing automation is FinTech companies paying a fortune for their marketing automation software but not maximising its potential. The software could boast 20 different features but marketers may only use six of them. Learning all the features and functions can take a while, but knowing your way around them ensures that you get the most out of your investment.
Working with your provider or a marketing agency, to help you to fully utilise the marketing automation tools, is key to delivering the most impact.
Summary: Choose the right marketing automation tools for your business needs
Implementing marketing automation for your FinTech businesses can really transform the success of your lead generation, conversions and overall marketing and sales activities. Choosing the right automation tools and fully embracing the purpose of marketing automation is vital though.
Many software providers offer a free demos and trials, while others show use cases from similar industries. It's good to test the software and its features before making any decisions.
Inbound FinTech is an award-winning digital growth agency and Elite-Tiered HubSpot Partner. Based in London, our experienced team of marketing specialists help FinTech businesses to drive quality leads and grow their business online, through effective inbound marketing, SEO and PPC strategies. Get in touch with our team to discuss how we could improve your company’s marketing performance with automation.
Watch our free on-demand webinar on how to drive high-quality leads by implementing the right CRM system for Financial Services, co-hosted with HubSpot.