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What are the best ways to reach B2B clients in the online financial products market in Germany (sales person, online marketing...)? And how do they typically close deals?
Hello! Thank you for your question regarding the best way to reach B2B clients in the online financial products market in Germany. In short, the best way to reach the B2B fintech market in Germany is to build your brand early (preferably before launch) by cultivating relationships with journalists from trade media outlets, the use of XING (Germany’s LinkedIn equivalent) and Twitter, along with the use of influencers. Below you will find a deep dive of my findings.
METHODOLOGY
To research your question, I used the following: corporate websites, industry reports, trusted media sites, user forums and review sites to locate information on the B2B fintech market in Germany. I understand that this is a re-do from a previous response, so I will attempt to deliver a more in-depth evaluation of the market of fintech in Germany and the B2B marketing strategies for the fintech industry in Germany.
It is forecast that by 2020 there will be 65.73 million fintech users worldwide. The total global values of the fintech market in 2017 is $115,016 million and is forecast to reach $162,616 million by 2020, with the highest segment in digital services.
GERMAN FINTECH MARKET OVERVIEW
One of 2016’s hottest buzzwords was fintech. The German market saw an 800% growth in 2015 and the government is trying to turn Germany into the fintech markets preferred location.
Deutsche Bank is investing €750 million ($570 million) in their German banks for digital products and advisory services by 2020. When asked about fintech markets, the CDO said he looks at “fintech companies as potential partners” The bank already has a relationship with Robo-advisor and plans on allowing third party fintech’s to connect to their system to help provide customers with new and innovative services.
STEPS TO MARKET B2B FINTECH IN GERMANY
The fintech market is a highly competitive market. To stand out amongst the sea of companies, you need to take an early approach to scaling your communications to build your brand quickly and capture a share of this growing market. The best approach for this is to make noise in briefs submitted to trade and business media outlets before you launch in the area.
It is better for your business if you can form a relationship with a journalist to write a one on one briefing instead of a mass-produced, general brief. Follow up with building your brand by building relationships with influencers.
Don’t make the mistake of targeting your company to a too-specialized niche. Competition can help draw attention to solutions in fintech, thus, customers who are seeking solutions and shopping around may consider your company.
When it comes to getting your message out, you should study what your competitors are saying and tailor your message to be different from theirs. A unique alternative to what other companies are offering will help you stand out from the crowd.
You need to address your target audience in the correct manner. When it comes to marketing B2B, the emphasis should be on forming a relationship with trade media outlets.
Regardless of your target market, in today’s world, online is better than print, as potential customers are reading about you online and are more likely to initiate immediate contact. B2B fintech can benefit from XING (Germany’s LinkedIn equivalent), Twitter and Facebook to build and spread their brand.
The fintech community in Germany relies on Twitter heavily to stay connected and spread information. The key influencers for Germany’s fintech market are Frank Schwab, Bajorat, and Jochen Siegert.
Share your companies’ insights related to the industry, offering a fresh perspective on important topics and future visions. Media outlets love talking with people who are experts in the entire market.
A few German fintech businesses have made big names for themselves with bold and controversial spokespeople. The CEO of Figo, André Bajorat, and the COO of Trazpay, Jochen Siegert, issue regular comment on fintech industry news.
Other successful methods to get your message out are via newsletters, blogs, the use of multi platforms such as social media, B2B networks, online video, and apps.
Over 80% of all German payments are made in cash due to the fact that 3 out of 4 Germans think that cash payments are safer than payments with credit cards. Due to their conservative views, winning trust in the German market is essential for a fintech companies’ survival.
You can read interviews with fintech companies from German regarding their individual strategies here.
B2B MARKETING BUDGETS AND STRATEGIES
Over 50% of B2B marketers see content marketing as the most significant digital marketing tactic over the next year and a half. Nine in ten B2B marketers are utilizing blogging, webinars, and white papers to generate leads and grow credibility. A majority of B2B marketers also view optimized search engines as a necessity in their marketing efforts and are investing in marketing animation for ROI’s.
A survey of B2B marketers reveals the methods of choice by importance for B2B marketing as follows: 83% prefer email, 74% content marketing, 68% SEO, 61% Lead nurturing, 46% paid search, 38% social networks, 19% content syndication and telemarketers, 18% direct mail and 10% programmatic advertising.
When it comes to marketing in the B2B services sector, a firm should allocate at least 8.6% of their revenue to their marketing budget. The average portion of a marketing budget dedicated to online marketing is 30% of the total spend and is projected to increase to 35% by 2019. The largest share typically goes to search engine marketing followed by online display advertising. An estimated 15% of the total spend is dedicated to social media and mobile marketing is across all channels.
CONCLUSION
In conclusion, the best way to B2B market fintech in Germany is to build your brand early (preferably before launch) by cultivating relationships with journalists from trade media outlets, the use of XING (Germany’s LinkedIn equivalent) and Twitter, along with the use of influencers. I hope this brief has provided you with more insight into the German B2B fintech market.
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