When Good Technology Isn't Good Enough
The first mousetrap - the “Little Nipper” was patented over 100 years ago by a Yorkshire Ironmonger and is still in production today. Since then a further 4,400 patents for “better" mousetraps have been filed in the US and yet only twenty have actually made any real return.
The analogy with FinTech is obvious, especially as Private Equity continues to pour money into the space. Creating something better just isn't enough, especially in capital markets that are beset with legacy technology.
The answer lies in Marketing. To be clear not the trade show, website, make some noise activities that often get confused as marketing but something more fundamental.
The starting point is Purpose- defining the space you are in and then being clear about your right to make money out of it. This leads to a coherent understanding about what problems you are really trying to solve, for whom and why.
Next is People, understanding that B2B marketing is about real people, yours and those that work for your customers. Potential buyers don’t morph into job titles when they walk into the office. Just like you they have real life issues that they want to solve.
Third is Presence - coordinating your messaging via multiple formats and multiple channels. White-papers have perhaps had their day. In today’s multi distraction world, we strive for digestible, reusable nuggets of intelligence - so called “dim sum” marketing.
Finally, we have Points of View - almost everyone claims to be a thought leader these days but so much of this content is simply a rehash of what is. A better approach is to talk about what “could be” especially if this is done in such a way that resonates with your target audience and your key competitive strengths.
When done right, these activities provide a platform for focusing minds, energy and action and will make your firm really stand out from the crowd.