There are quite a few parallels to be drawn between the worlds of FinTech and Bitcoin, as both sectors struggle with similar issues. Especially where marketing is concerned, there is still a lot of work to be done over the coming years. But how does one go about marketing a FinTech or Bitcoin startup, other than relying on traditional solutions?
Marketing FinTech and Bitcoin Is Difficult
Getting the word out about a new company or project is not an easy feat, especially where financial technology is concerned. Most people are not accustomed to talking about the concept of money, let alone about how the situation could be improved. Both FinTech and Bitcoin startups are grappling with these obstacles, attempting to address these key issues.
Raising awareness of the current financial issues plaguing our society is not an easy task either. Despite the 2007 financial crisis affecting billions of people all over the world to this very day, very few individuals realize something will have to change sooner rather than later. At the same time, consumers still rely on the financial services they have grown accustomed to, despite their obvious flaws and issues.
One of the main hurdles to overcome is getting consumers excited about alternative financial solutions. Part of that meager success can be attributed to how there is very little actual innovation in payments industry right now. Most “hyped” solutions — such as Apple Pay — still rely on credit cards, bank accounts, and participation by the same financial institutions that failed our society back in 2007.
While there are certain alternatives out there, none of them has managed to gain any mainstream traction just yet.Take Bitcoin, for example, a popular digital currency bringing financial services to citizens all over the world. Also, Bitcoin has very low transaction costs, making it a perfect solution to revolutionize the entire remittance and money transfer industry.
That being said, the lack of regulation of Bitcoin and other digital currencies is a cause of concern to both banks and individual users. Several parts of the world have come up with their own form of digital currency regulation, which is not always greeted with a level of enthusiasm.
FinTech startups could end up facing the same problem, depending on what type of services they will offer. Any company relying on the existing financial infrastructure requires bank participation. As one would come to expect, this is much easier said than done, as very few banks are keen on being associated with the disruption in the financial sector right now.
Focus On Educational Efforts And Affordable Events
One of the best ways to convey the message about FinTech and Bitcoin is by focusing most of the attention on educational efforts. This also poses quite the challenge, as financial topics are not subject to debate all that often. However, once people see the benefit of new and alternative financial services, the real marketing process can begin.
Another option is by spreading the world on Bitcoin and FinTech by organizing more affordable events. Until this point, both sectors suffer from the same issue, as their events are quite expensive to attend. Consumers who are curious to find out more about these concepts will not pay more than US$500 to attend a two-day event.
Granted, organizing these types of conferences and events is a costly manner. Keeping in mind most of them include breakfast and lunch for all attendees, as well as hiring security personnel and paying the rent for the premises, costs add up quickly. At the same time, this begs the question whether or not these events have to be organized at premier locations, rather than to look for something less “high-class.”
There is still a long way to go until either FinTech or Bitcoin can become a mainstream trend. At the same time, the technology being used by companies active in either space is of great interest to the sectors they are attempting to disrupt. Once institutions realize they can’t beat these new trends, they will attempt to join the movement.
What are your thoughts on the status of both Bitcoin and the FinTech sectors? How can they become more approachable to the everyday consumer? Let us know in the comments below!
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