FinTech continues to see double-digit expansion, and much of the market\u2019s growth now comes from B2B FinTech. Opportunities in payment platforms, SME lending solutions, and SaaS-enabled back office tools have investors lining up behind B2B-focused FinTech companies.
\n\n\n\nThat\u2019s according to KPMG\u2019s latest report on the industry, which also points to regulatory technology (regtech) as an additional growth driver for the segment.
\n\n\n\nAccenture thinks alternative finance powers a huge part of the current B2B FinTech trend. B2B FinTech companies are filling the gap left by banks\u2019 withdrawal from SME lending, leveraging big data analytics to enhance the creditworthiness assessment process.
\n\n\n\nThis means that instead of directly competing with banks, a lot of B2B FinTech companies actually complement traditional financial institutions. Accenture says this approach makes many of the B2B FinTech\u2019s business models readily scalable and sustainable (not only in alternative lending but also in payment processing and workflow streamlining).
\n\n\n\nAlongside these strong opportunities, however, B2B FinTech firms also face a number of serious marketing challenges unique to the industry, with the biggest being customer acquisition. Attracting prospects and turning them into customers can be very difficult for most fledgling FinTech companies since:
\n\n\n\nBut, as we\u2019ll learn in this post, any B2B FinTech company can handily meet these customer acquisition challenges by focusing on the buyers and the process they follow.
\n\n\n\nThe buyer-led, consensus-based path to purchase requires vendors to be a proactive part of the buying process. While buyers prefer self-directed research, vendors that actively help potential customers find what they need will be in a better position to influence prospects and win the deal.
\n\n\n\nTo help you translate this into something more concrete, today\u2019s blog entry answers three key questions about B2B FinTech buyers and their purchase cycle. This post pulls together findings from the latest research on the FinTech industry so that you\u2019ll get data-driven marketing insights, not simply anecdotal advice. You might want to see the lead management best practice for Fintech.
\n\n\n\nRespondents in a survey of B2B FinTech buyers carried out by PR firm CCGroup say they make a major IT investment once every six months. The challenge lies in the fact that FinTech purchases rarely involve only a single decision maker.
\n\n\n\nOver half of the survey respondents say a purchase decision requires the approval of 10 people. For large companies, the buying group can include:
\n\n\n\nLinkedIn\u2019s study of a broader group of B2B tech buyers echoes similar results and highlights some very interesting findings:
\n\n\n\nGather quality leads with these lead generation strategies for Fintech.
\n\n\n\nThe CCGroup study reveals a number of factors that drive B2B FinTech purchase decisions in large companies. Respondents rated these factors as \u201cmost important\u201d or \u201cimportant\u201d:
\n\n\nMost Important
\nImportant
\nMeanwhile, Arketi Group surveyed three generations of B2B tech buyers and found that different combinations of factors and sources influence each cohort\u2019s tech buying decisions:
\n\n\n\nAccording to the 2017 U.S. Technology Marketing Report, the product information that B2B tech buyers seek varies with the size of the organization and the stage in the buying cycle:
\n\n\n\nThe CCGroup survey highlights some of the things that B2B FinTech buyers want to know about vendors during the decision process. The study considers three buying cycle stages: longlisting, shortlisting, and purchase stages:
\n\n\n\nThe Takeaway
\n\n\n\nWhile there\u2019s no one-size-fits-all approach to influencing B2B FinTech buyers, there\u2019s also tremendous value to be had from getting to know your potential customers up close. The key thing to remember is that buying decisions are made by teams instead of individual decision makers. Moreover, these decision makers need different types of information as they identify and evaluate their choices. Your job as a marketer is to help them make informed decisions.
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