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How to influence FinTech buyers

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Too many FinTech marketers are marketing "blind".

What is missing is quantitative data on how decision makers at financial institutions identify and select technology vendors. Understanding their influences is critical in helping develop marketing and communications programmes that ultimately help vendors sell.

CCgroup therefore partnered with MRops to interview senior decision makers responsible from large global financial institutions regarding what influences their selection of technology vendor at different stages of the purchasing process:
•Longlisting vendors
•Shortlisting a vendor
•Making the final decision

Download the full report here: http://www.ccgrouppr.com/insights/audience-insight-report/how-to-influence-fintech-buyers/

Published in: Marketing

How to influence FinTech buyers

  1. 1. The FinTech market is changing Change in consumer behaviour is being fuelled by technology
  2. 2. The FinTech market is changing The financial services market is becoming more competitive with more traditional and non-traditional entrants
  3. 3. The FinTech market is changing Damage caused by the crisis, bonuses, Libor and other issues must be repaired
  4. 4. The FinTech market is changing Complex regulations are forcing financial institutions to make major changes
  5. 5. What does this all mean? • To meet these challenges financial institutions are investing in technology to: • Reduce costs • Introduce new products • Improve customer experience • Comply with regulations • Enhance security • Global bank IT spending is to set to rise 19.9% and hit $150 billion in 2018 - Ovum The FinTech market is growing
  6. 6. Challenges facing FinTech vendors • The market is crowded and it is difficult to stand out • Decision making is ‘consensus’ involving lots of individuals • Sales process has become more lengthy and complex Vendors are turning to marketing to support sales, but most are… marketing blind
  7. 7. What’s missing? Hard evidence about how financial institutions identify and select vendors during the sales process: • What influences them? • What information do they want about potential vendors? • What information sources do they value? • Does this information change during the stages of the RFX process?
  8. 8. So we decided to find out
  9. 9. Size & frequency of tech investments 2% 2% 3% 6% 5% 2% 3% 2% 2% 3% 3% 2% 2% 6% 2% 2% 5% 3% 2% 3% 5% 3% 2% 3% 3% 2% 3% 2% 2% 2% 8% 2% 2% 2% 2% 3% 13% up to $100,000 30% $100,000 up to $1m 44% $1m up to $10m 21% $10m + • The highest value IT investment in the last 12 months averaged at $7,273,000 • Major technology purchase more than once every six months
  10. 10. Number of decision makers • 52% of IT decisions involved ten or more people • Average number involved is 36 people • 15% involved 50 or more people 48% 26% 8% 2% 6% 15% 1 - 10 11 - 20 21 -30 31 - 40 41 - 50 50 +
  11. 11. What influences longlisting? Trusted advice is critical for getting on a buyer’s radar through either visibility with analyst or peer/consultant networks Content is king! Whether it is boosting SEO ranking, underpinning a whitepaper or webinar, or driving prospect and media interactions Advertising isn’t credible enough and national/social media don’t provide enough depth
  12. 12. What influences shortlisting? Understanding of and ability to meet buyer needs is essential. Thought leadership is critical, and quality over quantity builds reputation Delivering unique insight that challenges the buying audience and build credibility through third parties are important At this stage it’s about explaining why the vendor is different over proving it is. Evidence becomes more important at the next stage.
  13. 13. What influences purchase? Respondents were asked to provide the three most important influences in the purchasing decision. Value 26% Service support 16% Efficency of implementation 13% Quality 9% Reputation Service offering 12% 10% Other 14% It’s not surprising that at this stage of the selection process, value becomes the most significant factor Decision makers now want to see hard numbers and deliverables Ultimately, they are looking for evidence that the vendor can do what they say they can
  14. 14. What information isn’t available? When asked what information FinTech buyers do not receive, but would like, the areas identified are again evidence-based: • Evidence that the vendor has experience in delivering to similar companies • Customer references and case studies • Industry feedback • Demonstrable track record
  15. 15. Positioning for…
  16. 16. Key takeaways What’s important during longlisting? • Internal business analysts • Network What’s important during shortlisting? • Reputation • Unique insight • Credibility What’s important during purchase? • Hard evidence What isn’t a priority? • National & social media • Advertising
  17. 17. For more information All of the research findings, analysis and conclusions are available in this white paper: How to influence FinTech buyers? The document is downloadable here: http://www.ccgrouppr.com/insights/audie nce-insight-report/how-to-influence-fintech- buyers/ Alternatively, please get in touch: daniel.lowther@ccgrouppr.com +44 20 7535 7226 +44 7747 636 687 @ccgroup www.ccgrouppr.com

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