Effective PR Strategies for Fintech Companies
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Fintech is a large industry everywhere in the world. And currently, it seems that the industry will only grow bigger and more important.
However, the ever-changing technology does bring up fears of probable fallout or busts.
This means that the PR needs to focus on multiple aspects, which include the limitation of damage from associated technology and trying to improve the position and image of the company.
The Fintech industry, like any other industry, has its own nuances. It is also a very large industry, with very diverse areas.
Emerging new concepts including NFTs or making a bank transaction — all fall under the fintech umbrella.
These nuances become important when it comes to PR, therefore, a PR strategy must keep the following things in mind.
Understanding the Target Audience
The most important part of a PR strategy is understanding who the target audience is.
Once the company knows what type of clients they are targeting, it will know which media channels to pay attention to and how to improve its brand image.
The Fintech industry consists of many areas, from making bank transactions to a new cryptocurrency. So the company should understand which channels or publications will work for them because that’s where their client base is.
Targeting the Right Media Channels
When the company knows who its target audience is — its next step should involve determining which media channels to target.
The fintech industry is huge and different areas may need different types of media channels. Some will need to target traditional media, including television, newspapers, and relevant magazines.
While other companies may fare better by using digital media channels, such as social media, video platforms like YouTube, or niche forums on Reddit.
Staying Updated with the Latest News
National, as well as global, political, and economic incidents, can have a tremendous amount of influence on the Fintech industry.
Any company must remain updated — not only in their specific area of fintech but in other related industries as well.
Bad news can have a domino effect on related industries, while a new invention could mean opportunities for those who can capitalize on it.
Staying up-to-date with the news can also help the company form an airtight PR strategy.
By understanding what works for which media channel, the company can reach out to its target demographic.
It will also help them know more about the prominent influencers or journalists in their particular field.
The Key Takeaway
The PR strategy of a business is also dependent on several other things, including the size of the business and its PR budget.
The business may have an in-house PR team, or outsource the work to a PR firm.
With smaller businesses, the PR budget remains a part of their entire marketing budget.
For them, it makes more sense to hire a PR firm rather than spend their limited budget on an in-house team.
Once the business shows growth and is considered well-known, its PR may need more resources.
Ronn Torossian is the Founder & Chairman of 5W Public Relations, one of the largest independently-owned PR firms in the United States.
With over 20 years of experience crafting and executing powerful narratives, Torossian is one of America’s most prolific and well-respected Public Relations professionals.
