5 Buyer Personas FinTech Companies Should Focus on in 2020
Success in financial technology (fintech) marketing depends on gaining a deep understanding of your target customers. The best way to find and get in front of those crucial C-suite level decision makers is to build a clear picture of their needs, preferences, and purchasing journey through developing detailed buyer personas.
The more marketers understand about the priorities of the potential customer, the easier it is to tailor the message to specific concerns and behaviors of different groups. Generally, fintech buyers tend to be the decision-makers in their organizations and will have different motivations and preferences for buying fintech products or services.
According to the Rain Group, an industry-leading sales training company specializing in complex B2B sales, there are several key buyer personas to understand to best tailor your outreach to the distinct personalities and buying styles of key prospects. Below, we break down the characteristics of personas based on the Rain Group’s research as well as several of our own and explain how each applies to fintech buyers specifically.
- The Decisive Buyer
- The Collaborative Buyer
- The Technical Buyer
- The Skeptical Buyer
- The Innovative Buyer
1. The Decisive Buyer
Most fintech buyers are well informed about the products and services that their organizations need. Decisive buyers tend to be proactive, results-driven, and always want their organizations to have a competitive edge. They are also likely to make the purchasing decision without consulting other members of the team.
When selling to decisive buyers, fintech marketers should be clear and direct and focus their messaging on how their product can support the decisive buyer’s goals. These buyers know what they want. Let them know how you fit into their picture.
2. The Collaborative Buyer
The attributes of the collaborative buyer contrast sharply with those of the decisive buyer. The collaborative buyer likes solving problems with the support of other members of their team. According to the Rain Group, the collaborative individual is adaptable, diplomatic, deliberative, and tactful.
When selling fintech products to collaborative buyers, B2B marketers should keep in mind that consensus building is crucial. Marketers should understand and consider who else within the organization is influencing the purchase decision. Marketers should facilitate discussions and provide opportunities to answer the buyer's needs, questions, and thoughts.
Remember, collaborative buyers will only make the purchasing decision when they feel ready and after consulting widely within the organization that they work for. Be helpful, not pushy.
3. The Technical Buyer
This technical buyer is likely to be a high-ranking executive who likes to stay informed and up to date on the latest technology and trends. They are trusted, respected, and looked to for their leadership and understanding of the technical details of a product or service. Because they are more informed, marketing efforts can speak more to the technical differentiators and how solutions will fit in with existing products.
Marketers should still convey the big picture, demonstrating how those products and services will be of help to the buyer’s organization, and how others have successfully deployed them.
Fintech marketing best practices dictate that marketers should avoid being self-serving or disappear after making the initial sale. The technical buyer is likely to influence his organization into becoming long-term clients once they are satisfied with the initial product or service.
4. Skeptical Buyer
These B2B fintech customers tend to be reflective, critical thinkers. According to the Rain Group, skeptical buyers don't embellish, and therefore wouldn't want you to do so either. It takes longer for them to trust vendors and the products that they offer.
When marketing to skeptical buyers, keep in mind that they are unlikely to want to speak directly on the phone or receive sales emails that make bold claims. Instead, the best approach is to share helpful, informative content, such as research reports, case studies, and product descriptions, to explain what you have to offer in a straightforward, clear way that lets them learn more on their time and at their pace.
5. The Innovative Buyer
Innovative buyers enjoy developing new ideas and strategies that are independent of long-established rules and customs. They want to hear about the latest technology and trends and how you can help them creatively solve their problems. For the innovator, out of the box is what they are looking for.
To appeal to the desires of the innovative buyer, the Rain Group suggests that marketers should be willing to brainstorm and think big to uncover new ways of doing things. Specific details are less important than the big picture and how your product or service can help them achieve their targets and even go beyond.
Every buyer is unique, and when you can tailor your messaging to match, the marketing potential is limitless. For example, instead of sending the same email marketing campaign to everyone in your contact database, segment your lists by buyer persona to ensure each one is receiving an email that appeals directly to their concerns. If speaking to a skeptical buyer, an email offering a research report or independent study will likely receive a better response than an email explaining how you can take their business into the future. That would be more likely to resonate with an innovative buyer.