Fintech PR is Essential for Smaller Fintech Companies

2022-05-02 by Ronn Torossian

The Fintech industry has taken over the world, where new businesses offer exciting new financial services or financial institutions become more consumer-friendly and convenient. It is one of the fastest-growing sectors globally and is also the focus of many new start-ups. But increasing growth also brings increasing competition. It can be difficult for smaller businesses to stand out from their competitors. Therefore, it is important for early-stage fintech startups and smaller fintech companies to invest in fintech PR.

PR allows the new or smaller companies to put the word out about their products. It can also help them connect with their audience, inform them about what the company offers, and hopefully, convert leads into sales. Fintech PR is also essential for smaller companies because of the following reasons:

Helps Find Target Demographic

A company should know who its target demographic or audience is. The product they are putting out should appeal to a certain demographic above all others, which will be the company’s target demographic. By focusing on the target audience, the company can create long-lasting relationships and a dedicated customer base. With PR, the company can not only identify its primary audience, but its secondary and tertiary audience as well. By understanding who reacts positively to the brand and product, PR can help the company create a more defined marketing plan.  PR agencies or experienced PR professionals specialize in helping the company connect with its audience by understanding what kind of message can work for the target demographic.

Fintech PR Builds Brand Image

PR can help with the visibility of a fintech company’s services and products. A PR agency or professional will help the company find the right way to communicate with their audience, create press releases, find the right media channels or journalists to increase brand awareness, and help craft pitches for potential investors. PR can help the startup or company engage with new users, which can lead to more potential clients.

PR can also help strengthen the reputation and image of the brand by connecting the core message of the company with the messages it puts out. PR can help the company achieve a consistent tone for content and messages by the company.

Attracts Top Talent

The success of a fintech company will depend on its product and the kind of service they provide. To develop good products and maintain high standards, a smaller fintech company will need passionate employees. With PR, the company has a better chance of attracting top talent. Potential employees are more likely to join a company or startup that has a solid reputation and consistent messages. For instance, if one brand puts out high-quality content that is useful for the customers, while the other one has little to no presence – then any potential employee would much rather work with the first company.

Fintech PR Helps Raise Funding

PR can help build the reputation of a brand, create brand awareness, and also help craft a narrative that is appealing to potential investors. By appearing in relevant media channels, the brand is more likely to be seen as legitimate or trustworthy. This signals to potential investors that the company has potential, and their investment will result in considerable ROI.

Ronn Torossian founded 5WPR.

Ronn Torossian: Insights from a Native New Yorker and CEO of 5WPR

Ronn Torossian is the founder and CEO 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. Since founding 5WPR in 2003, he has led the company's growth, overseeing more than 250 professionals in the company's headquarters in midtown Manhattan. With clients spanning corporate, technology, consumer and crisis, in addition to digital marketing and public affairs capabilities, 5WPR is regularly recognized as an industry leader and has been named "PR Agency of the Year" by the American Business Awards on multiple occasions. Throughout his career, Torossian has worked with some of the world's most visible companies, brands and organizations. His strategic, resourceful approach has been recognized with numerous awards including being named the Stevie American Business Awards 2020 Entrepreneur of the Year, the American Business Awards PR Executive of the Year, twice over, an Ernst & Young Entrepreneur of the Year semi-finalist, Metropolitan Magazine's Most Influential New Yorker, a 2020 Top Crisis Communications Professional by Business Insider, and a recipient of Crain’s New York 2021 Most Notable in Marketing & PR. Torossian is known as one of the country's foremost experts on crisis communications, and is called on to counsel blue chip companies, top business executives and entrepreneurs both in the United States and worldwide. Torossian has lectured on crisis PR at Harvard Business School, appears regularly on CNN & CNBC, is a contributing columnist for Forbes and the New York Observer, and has authored two editions of his book, "For Immediate Release: Shape Minds, Build Brands, and Deliver Results With Game-Changing Public Relations," which is an industry best-seller. A NYC native, Torossian lives in Manhattan with his children. He is a member of Young Presidents Organization (YPO), and active in numerous charities