Market like a fintech: How to develop product-market fit as a fintech with Shameer Sachdev

Updated: Oct 11

Hosted by Araminta Robertson, 'Market like a fintech' is the new podcast for fintech marketing professionals and enthusiasts who want to stay up-to-date with the latest trends in the industry, and level up their marketing knowledge. Subscribe here to never miss an episode.

Market Like a Fintech: Episode 6 with Shameer of Growth Gorilla

In today’s episode, Araminta's chatting with Shameer Sachdev, founder of the fintech marketing agency Growth Gorilla. Growth Gorilla does growth marketing, channel strategy, paid search, email automation, and a whole host of other marketing services. They’ve worked with over 25 fintech companies and have worked with companies such as Wayhome, PrimaryBid and Change Invest.

With Shameer, we do a deep dive into what fintech marketing really is, how to take a fintech company from an idea to product-market fit and to a scale-up, and finally how fintech companies can make the right decisions based on data and analytics.

It’s an episode that is jam-packed with tips and actionable advice for anyone who’s marketing a fintech company, so make sure to tune in till the end.

Podcast summary:

"When you're marketing a traditional financial services proposition, there may be an absence of technology. So, you take, for example, say a mortgage broker or even a banking proposition, what you're really doing is that you're driving brand awareness, you're driving users to the site, and then you're asking them to complete a form or perhaps an inquiry or in some cases, to submit an application. The aim of the game is to bring people to your website, or maybe your physical location, and then there's a distinct value exchange. And what I mean by that is, is that they pay some money, and they get a product in return."

"With fintech, it's different from both financial services and these other industries, by the very factor of the presence of technology. So, you'll nine times out of 10, driving your user to a website. From there, you're asking them to download an app, opening an account, sign up. But by and large, what you're doing is that you're moving them from your marketing website, to your app, whether it's a mobile app or a web app, and then you're asking them to go through an unbroken onboarding process, which is the majority of the time self-serve, to expecting your user to go from hitting the website to becoming a customer effectively without really any support from salesperson customer services. A personal banker or salesperson is involved, the big part of that is, that's where sort of marketing and product becomes really, really sort of heavily intertwined. You know, your product is 100% marketing and your marketing is 100% product to a degree, you have to make sure that you're providing users with a premium experience. "

"I think the day you start thinking about mapping out your product, is the day that you start thinking about your marketing activity. Because onboarding onto your platform doesn't start from when they reach the first page of your signup process. It starts from the first touchpoint that they have with your brand, which could be an ad, or on Facebook, or Google Search ad, for example."

"First and foremost, is absolutely 100% clear about who you're going to target and not trying to be all things to all men. It's also then deciding exactly what your value proposition is going to be. So, what problem you're solving."

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"Think about your onboarding process and your marketing stack that you're going to need to age or your acquisition. So yes, you've got your channels, and might be Facebook and might be Google. But once you come to the website, what do you know, what is your going to be, what is going to be your mechanism from getting them from your website, onto your form, or to your signup onboarding process, and then through that onboarding process, and then eventually, once you've signed up to actually being an active customer. So, think about all of those touchpoints."

"If we've got a brand-new product that's incredibly disruptive, in reality, doesn't really have any direct competitors, or even if they do, they're not 100%, direct, there might be some overlap, then there's sort of two things that stand in the way of trying to acquire your customers. One is education. And then the other is brand awareness. And brand awareness is one of those things that, it really, really comes over, you know, money and time really are what you need, you can have as much money in the world, but you know, in the end, the day takes time to develop that brand awareness."

"The second thing is, obviously, education. And education can come in, in lots of different formats. But in trying to establish product-market fit, and just getting out of the front gates, it kind of goes back to the earlier question of you know, how to get started with marketing. And first thing comes down to is being really, really clear on who you're going to put your product in front of, you know, and then what you're going to say to that audience, and being really, really clear as to what value that you're going to provide to them. And then pretty much creating the distribution channels for your product. Now, those distribution channels could be paid, it could be organic, it could be PR, or it could be a mixture of all of those sorts of things. But the reality is, is that actually, you don't know what's going to work and what's not going to work. Because, you know, as we said, you don't have product-market fit. So, there's actually no guarantee that there's anything wrong with the channels or the message or anything like that. It might just be the fact that your users don't need your product and there