Bright Ideas

The buzz surrounding FinTech companies keeps growing louder as these cutting-edge businesses introduce innovative ideas to disrupt the financial services industry.

From P2P lending and digital currency to online payments, internet insurance, and self-serve brokerages, FinTech solutions can offer customers more efficiency, convenience, and security than traditional solutions.

Business Insider expects the FinTech industry to grow with a CAGR of 20 percent over the next few years.

Despite growth, FinTech companies face steep challenges

Financial institutions and customers appear eager to embrace new tools. Still, even the best new financial technology must gain visibility in a crowded, shifting marketplace.

Very often, FinTech enterprises need to introduce their brands and ideas to a marketplace that barely understands the problem that needs solving. At the same time as innovators offer new solutions, they also face rapid shifts in their business environments because of changing regulations, competitors, and customer expectations.

FinTech companies don’t just need to produce innovative solutions to help customers. They must also employ their own creative, responsive, and adept marketing processes to remain ahead of a rapidly changing business environment. This demands an approach to marketing strategy and project management that uses agile methodologies.

Why agile marketing perfectly suits FinTech companies

Successful FinTech companies use rapid, data-driven methodologies to develop and test their ideas to offer the best products and services in this dynamic business environment. Startups and established tech companies must remain agile to cope with rapid and often unexpected changes. Many technical companies rely on Agile development tools to swiftly gather information, test ideas, validate theories, and optimise processes.

Thus, Agile marketing tactics fit the culture and business model of FinTech companies precisely the same way that Agile development tactics do. Developers working within an Agile framework will recognise the core principles of Agile marketing, such as rapid sprints, using an iterative process to develop and test, relying on data-driven ideas and techniques, and a holistic, interdisciplinary approach.

Highlights of why Agile marketing flawlessly suits FinTech companies include:

• Responsive to the economic and market context: In the complex and rapidly evolving FinTech market, agile marketing can pivot quickly and relies on data, not assumptions. The interdisciplinary nature of this marketing framework also offers better insights into the broader economic and competitive context.
• Complementary to FinTech company culture: Typical FinTech businesses tend to be agile, and very often, use Agile development tools. Employees readily understand and adapt to this adaptable, sprint-based, diversity-inclusive, and engaging style. An agile marketing team already speaks the language of every other team member, including marketing leaders and business decision makers.
• Able to scale: Agile marketing’s focus on automation and efficiency helps clients scale as businesses evolve and grow. Agile marketing tactics don’t just scale quickly. They also encourage business growth, making scaling more possible, finding new ways to reach potential customers.
• Suitable for the unique demands of FinTech: FinTech businesses constantly upgrade and improve products with new or improved features. Agile marketing can keep up with this level of dynamism. Besides offering insights about the best way to communicate changes to customers, these marketing approaches can help developers learn what to change or leave alone.

As B2B FinTech grows to catch up and keep pace B2C FinTech, B2B FinTech companies will need to reach B2B Companies. This needs an approach to B2B marketing that continuously improves their digital marketing and that guides modern B2B buyers towards a purchase decision

Agile Marketing: FinTech can’t wait

Santander provides a great case study of how even established financial services firms can implement agile marketing approaches. Santander shortened campaign cycles into ‘sprints’ and used daily ‘huddles’ to dynamically adjust priorities based on performance. This allowed Santander to create more adaptable campaigns that make better use of budget. Besides taking inspiration from best practice in Silicon Valley, Santander’s agile marketing approach has aligned the marketing part of their business with IT development methodologies.

Fintech companies cannot afford to wait for weeks to adjust or broadcast their marketing messages. They need tangible results fast, together with the capacity to learn from experience. Zaptino – working with Bright – used data-driven audience insight and a rapid, iterative approach to optimise key messages. In just six weeks, they were able nurture investors towards conversion that delivered over £125,000 in investment, as well as building a pipeline of longer-term opportunities.

Agile marketing relies on continuous streams of data analytics, automated processes, rapid tests, frequent evaluations, and a series of iterations. Here at Bright, we’re excited about the future of FinTech and understand the challenges our clients face. Our unique marketing methodology and technical capabilities help FinTech companies enjoy rapid growth and profits because they employ the same agile tactics that our clients use to produce new solutions.

Discover more about the intersection between agile marketing and FinTech as Bright’s client delivery director, Lydia Kirby, will be appearing as a guest panellist at this years Fintech B2B Marketing Conference on the 27th of April. Lydia will be sharing her FinTech industry insights and agile marketing expertise on the topic of ‘Winning B2B data-driven marketing strategy is the next new normal’.

Bright explores how agility, curiosity, empowerment and spirit can #Breakthebias

Beyond hashtags, inspirational videos and moving quotes, celebrating International Women’s Day should serve as a reminder of the ongoing effort and change that is still needed to bring true equality and equity to women in society. As a female led business Bright place diversity at the heart of our business. Zoe Merchant, Bright, Managing Director comments “We, as marketers, whose profession it is to create awareness, drive change and make an impact, have the power to tackle biases and discrimination that permeate our much evolved yet still opinionated society.”

Unconscious bias and systemic prejudices are innate traits of the human being which affects opinions, decision-making and actions. But we believe that by challenging the status quo and testing preconceptions we can disrupt mindsets and create positive change in the workplace, our society and in culture, day after day.

“None of us will see gender parity in our lifetimes, and nor likely will many of our children. That’s the sobering finding of the Global Gender Gap Report 2020, which reveals that gender parity will not be attained for 99.5 years,” Global Gender Gap Report 2020.

As pioneers of agile marketing, we apply the same methods we use for our strategies to our approach to diversity and equality within the work we do. We’re focused on proving how an agile approach to all areas of business, combined with a culture of empowerment and a diverse workforce fuels operational capability as a business and helps us remove the limitations of bias in marketing both for Bright and for our clients.

Our business values of agility, curiosity, empowerment, spirit, encompass our commitment to breaking the bias.

Break the bias with Agility

As a collective of agile marketing practitioners, the discipline of research, test and validate; learning and improving goes beyond our approach to marketing strategy. We know that diverse talent and influences contributes to a richer pool of experience where positive friction allows us to challenge the norm to embed new ways of working and test new methods to achieve results.

At Bright, we pride ourselves on embracing flexibility to attract and, most importantly, keep a diverse and talented team. Zoe Merchant comments, “At Bright, we respect, challenge and nurture each other to ensure our marketing and campaign strategies are creative, innovative, and rooted in validated concepts.”

Break the bias with Curiosity

As part of our agile approach at Bright, we’re to always examine the bigger picture and understand its origin and trajectory with a methodical approach. The environment we find ourselves in shouldn’t mould us into accepting facts at face value. Scrutiny and curiosity should challenge and fuel our perspectives, we should continue to ask ‘why’ to understand the details that will allow for improvements. Interrogating the data will help to set us free from legacy and unconscious bias. Marketers need to move away from vanity metrics and set robust KPI through measuring what matters. Only then can we drive change by making more educated and insightful decisions.

Break the bias with Empowerment

Remaining data and insight driven is how marketers have comprehensive knowledge of the state of the market and the audience mindset before planning any strategy. We believe that acquiring an agile, innovative, and creative mindset can help us connect with a more diverse audience and offer more far-reaching solutions. It’s also important to ensure unbiased segmentation as well as considering any unconscious or conscious bias in market & brand positioning. At Bright, we believe that empowering our team to interrogate the status-quo and ask difficult questions helps us to discover new opportunities, tackle market or brand stagnation and achieve faster growth.

“Gender-diverse companies are 21% more likely to experience above-average profitability and boost productivity.”

– McKinsey

Break the bias with Spirit

We’re continually aiming to expand our team’s demographic diversity – diversity of experience and opinion is valuable and helps overcome stale assumptions and challenge conventional thinking. Working as a team towards common goals, we strive to maximise outcomes through innovative solutions, never letting preconceptions and ideologies hold us back. Zoe Merchant comments, “Liberating ourselves from bias helps Bright craft agile marketing strategies and campaigns that better connect with target audiences and deliver a positive impact.”

“Diverse teams are more innovative—stronger at anticipating shifts in consumer needs and consumption patterns that make new products and services possible, potentially generating a competitive edge”

– McKinsey

The Brighter Way

As a female-led business, we celebrate diversity not only within Bright, but also by partnering with likeminded organisations who advocate for minority groups to have equal opportunities and celebrate the success of women and minorities across the business and leadership landscape. Bright is an active member of WEConnect, a global network that connects women-owned businesses to corporate buyers around the world who are committed to diversity and inclusion. Being a member of WEConnect allows us to tap into the talent of creative and entrepreneurial women and access business opportunities from organisations who are aligned with our values. At Bright, we celebrate diversity across all intersections, not limited to gender. Zoe Merchant has been selected for two years running as a member of the 40 over Forty List, celebrating the talent and experience of over 40’s in the advertising, marketing and media industry.

All marketers benefit from creating an inclusive environment around agility, empowerment, curiosity, and spirit resulting in creating better, more effective marketing. We enjoy challenging the status quo, testing to validate new, diverse approaches and measuring performance through audience response. Through iterating to continually improve we achieve viable and impactful agile marketing, endorse our talented team, and break the bias.

The future of work has been completely reshaped as a result of the pandemic. Both employers and employees have been awakened to the advantages of virtual and home working, but this has also thrown up its own challenges including ‘the great resignation’. But for marketing agencies, adopting an agile approach is one of the ways they can manage some of the workforce challenges caused by this seismic shift.

Agile marketing is no longer a niche methodology for marketing organisations. Our own 2021 annual survey found that over 50% of marketers are adopting agile marketing to respond faster and build resilience. More and more organisations are adopting agile marketing principles, and the gap between those that do and those that don’t is going to get bigger as a result. Marketing organisations who adopt agile are better placed to adapt to changing circumstances, whether that be external factors influencing a campaign, or internal factors impacting the running of your business.

The great resignation

Agile practices will be needed to handle the talent shift many industries are currently going through, including marketing. Internationally, a staggering 41% of the global workforce was considering leaving their employer in 2021, according to the 2021 Work Trend Index by Microsoft.

In the UK, the number of job vacancies rose to a record high of 1,102,00 between July to September 2021 according to Accenture Fjord Trends 2022. In particular, agile marketing expertise are scarce because it is still a relatively new concept for marketers.

It may be considered smarter to build this agile capability internally, so organisations can benefit from cross functional and capability-based teams, whilst building a growth mindset culture with their teams. Marketers need a productive and empowering environment that encourages development and entices them to join or stay in your organisation. Investing in agile marketing training and embedding new ways of working can make you a destination employer making recruitment and retention that much easier.

Hybrid working

As we begin to learn to live with Covid-19, it is clear that hybrid working is here to stay as the benefits are obvious and favourable for both employers and employees. While working from home has its work-life balance advantages, some employees also miss bonding with colleagues and access to mentors, especially those in their early careers. Agile marketing helps marketing teams adapt to this new normal both in terms of processes and in the implementation of new tools.  Agile working practices help to break down barriers between employees and traditional ways of working, enabling teams to work at their best and most efficient. These agile working practices accelerated by hybrid working will attract new generations of top talent.

Forever transforming

Change is a constant. Agile marketing doesn’t just mean that you can respond and adapt quickly to change, but it gives you new ways of working that equip you to handle business transformation of all kinds.

Agile marketing principles encourage marketers to only plan to a level sufficient to ensure effective prioritisation and execution so that they can quickly adapt to anticipated change. Other principles include organising in small, cross-functional teams where possible and learning through data and experiments rather than relying on opinion or past experience, all designed to enable marketers to respond and adapt to new developments and constant change.

Empowering teams

Agile marketing can also help with staff retention as it helps create empowered individuals and teams, and empowered individuals are less likely to quit. The fifth principle of agile marketing according to the agile marketing manifesto is ‘build marketing programmes around motivated individuals and trust them to get the job done’. As teams mature in their application of agile marketing, they become more confident and empowered to make decisions autonomously.

Dan Meek, CEO at global leadership consultancy, LIW, follows this rule with both his internal team and clients, “we encourage our leadership clients to adopt agile principles to help create the right conditions for their teams and their business to succeed.”

Agile isn’t the future, it’s now

Currently the marketing industry is being heavily impacted by these significant changes to how people are working. But by adopting agile marketing principles, organisations can set themselves up to manage and adapt to ongoing and different types of change, whatever that change may be.

Jim Ewel, Founder of the Agile Marketing Manifesto summarises:

“We’re currently experiencing a period of intense change and disruption which some marketing organisations may struggle to survive. But organisations that embrace agile marketing methods are the ones who are most likely to succeed now and, in the future, as they will be more efficient, more customer focused and able to adapt to whatever challenges they may be faced with.”

How agile marketing will make you a better marketer...  

It is likely that most project managers in the tech industry have heard the term ‘agile’. If you haven’t, then sprints, stand-ups, reviews and retros might just sound like techno-waffle. But don’t be fooled by the jargon, agile marketing is actually a simple and effective approach for marketing teams to take, and it will make you a much better marketer as a result.  

What is agile marketing? 

Rather than a methodology, agile marketing is a mindset – one that is open and embraces collaboration and learning. 

In practice, an agile approach uses short, fixed time periods of planned activity (usually 1-4 weeks) known as Sprints. Each sprint is an iterative cycle that breaks down a large project into more manageable bite-size pieces. Within these sprints, activity focuses on continuous improvement using data insights, as well as looking at ways to adapt, problem-solve and learn along the way. At the end of each sprint, there is a Sprint Review and Retrospective, which is a chance to evaluate progress and ensure mistakes aren’t repeated.  

One of the most important drivers for success in agile marketing is effective collaboration and making use of cross-functional teams. Traditional ways of working tend to resist change and avoid experimentation. Often there are organisational silos and step-by-step processes which are followed to an end-point, offering little room for flexibility to iterate along the way. This risks spending lots of time and money on a big bang idea that fails to deliver, but you don’t know that result until the damage is done. 

Why should I implement agile marketing? 

Insights

There is plenty of evidence that suggests agile marketing is the right approach. In the 2021 Bright annual B2B marketing survey, 75% of respondents said they adopted agile marketing and were able to respond faster and adapt at pace. 43% also achieved faster time-to-market. Whilst 60% of traditional marketers still need to make better use of their data to respond to ongoing disruption – agile marketing proved the most effective way to achieve this. 

Continual improvement 

The ethos of test and learn with fast feedback loops provide the foundation for ensuring success. If something isn’t working… test, adapt or discard it. This reduces risk and shows you are focused on achieving results. 

Improved team culture 

As teams work closer together with regular open communication and transparency, it means individuals are supported and everyone within a team knows what is going on so issues are resolved promptly. Agile marketing methods help marketers gain better visibility of their tasks and expectations for delivery. As a result, happy employees are more productive! 

How will agile marketing make me a better marketer? 

Get stuff done quicker 

To work with agility, you are working at pace. Regular stand ups update on task progress, their risks and issues, and highlights blockers to be resolved and actioned faster. You deliver outcomes within each sprint, which shows tangible progress towards your goals. How many times have you had a campaign or branding project drag on for weeks and weeks with no progress? Agile marketing forces momentum by its approach. 

Achieve better results 

By being data driven and using the insights to inform your decisions, you strive for continuous improvement. You won’t need to deal with the ‘In my opinion…’ conversation, when you have the facts and figures to justify your decisions. Plus, with the sprint cycles you will see exactly how close you are to meet your goals and adjust activity accordingly along the way. Constantly learning is good for your project, as well as your personal marketing expertise. 

Stay focused and organised 

It is a myth that an agile approach is unplanned or disorganised. When putting agility into practice, the process ensures that you are always thinking ahead, but also responding to new information. You feel in control, as you have a plan, but you’re still ready to adapt and adjust as required. 

What could get in your way? 

Organisational culture 

Pursuing an adaptive and iterative approach means that you probably don’t know what the end state is going to look like. It can be uncomfortable for some to start with the minimum viable activity, rather than defining the perfectly polished solution from the outset. 

Legacy controls 

Typical hierarchical control doesn’t work in agile marketing. Instead, it’s all about working collaboratively, with leadership focused on supporting and empowering teams to succeed. Replacing old style vanity metrics with open, transparent communications and a culture of learning. 

Risk adversity 

Some people don’t like the idea of failure. Just because something didn’t work, doesn’t mean it has no value. Testing and learning means that risks can be responded to and new things can be tried. The key is to use the learnings to not fail the same way twice.  

So, while there may be a few obstacles, the benefits of agile marketing, both to you personally as well as your organisation are plentiful. Taking an agile approach will position you as a leading, results driven marketer who knows how to plan and adapt effectively to achieve success. 

If you would like to introduce agile marketing into your organisation, please contact us about our Agile Marketing training or marketing support. 

Networks help businesses survive. Getting the clients you don’t know, that’s how businesses thrive 

Marketing acts as a business accelerator by reinforcing sales efforts to push beyond existing networks and generate a new pipeline of quality leads. Your personal network will help your business survive but seeking clients beyond this will enable your business to thrive. Here are four ways agile marketing will help you achieve growth.  

1.  Refine your value proposition 

It doesn’t matter how amazing your offering is, if the messaging to present this to the market doesn’t instantly catch your target audience’s attention, then you’ve lost them without even showing your work. A value proposition is a promise of value and is arguably the most important part of your overall marketing messaging. This needs to be a clear statement that tells prospects why they should invest in you. 

Nobody wants the first thing they read about a brand to be a long-winded evaluation of something unrelated to the core offerings. People want to know how you’ll save them time or money, or where they can find some tasty chicken. And that’s why the following brands have thrived. 

Use Uber and you’ll get a ‘ride at the touch of a button’. Choose L’Oreal because ‘you’re worth it’. Head to the KFC, and you know you’ll leave with a ‘finger licking good’ meal. 

All these brands have spent time clearly defining their product or service offering. They have developed a unique value proposition, branded it, marketed it, and capitalised on it. All things that fall into a marketer’s remit In in the words of Kevin Hochman, brand president and chief concept officer for KFC: “When Kentucky Fried Chicken was at its best and growing the fastest, the Colonel and his values were at the centre of everything we did. … Those values are critical to what makes Kentucky Fried Chicken so great.” 

But what happens when your business has a little more meat on the bones and can’t be served deep fried in a bucket? 

“Marketing is invaluable in helping businesses to explain their services concisely, so that someone easily understands what you do and why they should buy from you – which is of course key to helping your business grow” – Steve Anderson, Managing Partner at Capitalise. 

In short, take time defining the values that make your business such a tempting service – it’s what separates you from your competition. Once established, amplify your value proposition to targeted prospects in a way that resonates with them long after they’ve engaged. In doing so, you’ll remove unnecessary hurdles and instead, give them every reason to invest. 

Read more analysis from industry experts in our eBook:  “Marketing as an accelerator” 

2.  Build a pipeline 

Less is sometimes more – even in the world of business. 

Forrester – a market research company – found that 99% of leads never convert to customers. While high numbers look impressive on paper, sales need revenue, not thousands of cold leads in the top of a funnel. This shift from quantity to quality in the B2B space is what prompted the evolution from lead generation to pipeline marketing and now maximisation of customer lifetime value. 

Rather than focusing on generating new leads, pipeline marketing concentrates on delivering customers. It does this by aligning marketing and sales’ decision making and goals with revenue generation – not campaign diagnostics. 

The pipeline approach is about specifically targeting the customers you want, and those who will benefit from your offering, rather than exhausting your efforts on everybody who owns a computer or email account. Paul Beaumont, Growth Director at Equiteq, views the pipeline as an extension of the value proposition; “once you’ve defined the value your business offers, you can be clear about the clients you’ll market to, and your messaging”.  

It’s also worth noting that when it comes to lead prospecting, the more successful businesses don’t buy their fuel from the pump. They also don’t rely solely on personal networks. Instead, they build and nurture a pipeline to maintain velocity in their sales stream. They keep their database up to date, too.  

According to LeadGenius data, more than one-third of a business’s contacts become outdated each year, with data becoming dormant at a rate of more than three percent each month. While GDPR gave companies a good reason to audit their database, cleaning data is a necessary evil that needs to be completed regularly. Not only does it keep marketing and sales efforts meaningful, it allows you to effectively monitor the health of your sales life cycle and tweak where necessary. 

3.  Establish your brand – inside and out 

While consistency in external-facing work is self-explanatory, internal marketing is just as important when it comes to sales. Why? It’s about recognising the foundations of your business, building a brand on those values and remaining true to these as you grow. 

• It establishes a powerful emotional connection between your team and your products/services 
• It creates staff loyalty, as you’ll give them a reason to buy into the company vision 

• Without that connection, it’s likely your employees will undermine the expectations set by your advertising 

It’s often easier to live and breathe certain company’s values when these have remained mostly unchanged during a company’s history. However, when a company experiences a fundamental change (new management, acquisition, new team structure, etc.) most experience some form of internal resistance. 

Few people like change, and during this time, employees will be seeking direction from senior employees. Seniors on the other hand will be hoping to squash unproductive rumourmongering. These turning points are ideal opportunities for an internal branding campaign to direct people’s energy in a positive direction, to harbour a consistency of thinking across the business and to vividly articulate the value proposition. 

4.  Attract buyers 

If your company is already making the right noise in the marketplace, it’s likely buyers will come to you with interest. But this is just the first hurdle. 

Buyers often make judgements based on first impressions and gut instincts. Expect this and ensure the complexities of your business’s “story” are captured in marketing materials – not just the financial statements. Without presenting a strong narrative, buyers are unable to understand that last’s year numbers were down because a squirrel caused a company-wide blackout, costing the company in downtime –  it happens more than you think. 

Mike Altendorf notes, “buyers will often look for businesses that have an effective and proven marketing strategy and delivery model – but it’s also key to attracting the attention of the buyer in the first place.” 

Another important factor for buyers is the longevity of the business they’re about to buy. This includes having confidence in revenue streams and staff retention. 

A company is far more attractive to a potential buyer when their bottom line doesn’t depend on only one or two large clients. Having a holistic marketing strategy in place shows that you have considered activities that drive growth and new business opportunities. Using an agile marketing approach shows alignment between your marketing and sales team – a task your new investors will not have to orchestrate. A healthy pipeline is equally influential as it will demonstrate movement in the sales stream and pinpoint successful tactics to build on. 

Strong internal branding and communication can also bring confidence to investors, as employees are more likely to be loyal to the brand, rather than to individuals. This is important because potential buyers need to know that key employees won’t jump ship after a sale, and that the business is capable of growing with new management or in your absence. 

Accelerate with agile marketing  

Using our unique capabilities and agile marketing methodology, Bright helps build integrated campaigns and marketing transformation projects that drive success for your business in both the short and long term. We enable businesses to accelerate growth quickly and profitably — triggering a positive impact, without the disruption. 

For more in depth analysis on how you can leverage marketing to enable fast growth, download our latest ebook:  “Marketing as an accelerator”