Innovation sometimes needs an explanation – why educating the market is important
Many FinTech start-ups face the same problem: the products they offer are innovative, but slightly ahead of their time. This is a challenging issue for many firms, as innovation doesn’t automatically mean adoption. In the financial industry, market players are sceptical and cautious of the unknown, especially when there is no clarity of benefits or social proof.
An additional challenge is that it’s often easier to sell the concept of an improvement rather than something truly innovative.
When the market is not sure of how your offering fits into established patterns or improves on traditional methods, only one thing can be done: focus your communications strategy on educating the market. This means taking the time to pinpoint the channels and type of media through which to deliver your message.
Key messages
The first step in educating the market is to make sure your key messages are ironed out and clear. These should focus on the benefits you bring to users first and foremost. To do this, understand your target audience’s pain points and address them one by one. Don’t be afraid to use very direct language when showcasing the benefits of your products. Use metrics where possible to show the percentage by which your product improves someone’s productivity, accuracy or time.
For a well-rounded marketing campaign, consider educating the market through all means available to you:
- Website – this is your first official contact with a prospect. Consider the information that person needs to get through to the next page and eventually to hit the contact button.
- Social media – post engaging content and break down complexity into simplicity
- Press – engage media as part of your educational and brand recognition campaign to address your target audience
- Product sheets – use hard data and give details of how your solution helps and what makes it revolutionary
- Case studies – showcase real life examples that are relatable to your target audience.
Measuring success
So, your clear goal is now to educate the market, you have your key messages and the means through which you will do it. So how do we measure the success of the campaign? This is a long-term investment, and knowing whether your educational strategies are working allows you to refine and improve your approach.
- Metrics for success could include:
- Changes in customer/market knowledge
- Increases in product adoption
- Customer/market feedback
- Increased website traffic to educational content
- Improved conversion rates from webinars
- More engagement on social platforms.
Educating the market is a powerful tool in getting your brand and your message across. Consider assessing how well your company is doing this and whether there is room for improvement. Does your target audience understand your offering and the benefits?
