5 Buyer Personas FinTech Companies Should Focus on in 2024

Success in financial technology (fintech) marketing depends on gaining a deep understanding of your target customers. The best way to find and get in front of those crucial C-suite level decision makers is to build a clear picture of their needs, preferences, and purchasing journey through developing detailed buyer personas.

The more marketers understand about the priorities of the potential customer, the easier it is to tailor the message to specific concerns and behaviors of different groups. Generally, fintech buyers tend to be the decision-makers in their organizations and will have different motivations and preferences for buying fintech products or services.

According to the Rain Group, an industry-leading sales training company specializing in complex B2B sales, there are several key buyer personas to understand to best tailor your outreach to the distinct personalities and buying styles of key prospects. Below, we break down the characteristics of personas based on the Rain Group’s research as well as several of our own and explain how each applies to fintech buyers specifically.

• The Decisive Buyer
• The Collaborative Buyer
• The Technical Buyer
• The Skeptical Buyer
• The Innovative Buyer

1. The Decisive Buyer

Most fintech buyers are well informed about the products and services that their organizations need. Decisive buyers tend to be proactive, results-driven, and always want their organizations to have a competitive edge. They are also likely to make the purchasing decision without consulting other members of the team.

When selling to decisive buyers, fintech marketers should be clear and direct and focus their messaging on how their product can support the decisive buyer’s goals. These buyers know what they want. Let them know how you fit into their picture.

2. The Collaborative Buyer

The attributes of the collaborative buyer contrast sharply with those of the decisive buyer. The collaborative buyer likes solving problems with the support of other members of their team. According to the Rain Group, the collaborative individual is adaptable, diplomatic, deliberative, and tactful.

When selling fintech products to collaborative buyers, B2B marketers should keep in mind that consensus building is crucial. Marketers should understand and consider who else within the organization is influencing the purchase decision. Marketers should facilitate discussions and provide opportunities to answer the buyer's needs, questions, and thoughts.

Remember, collaborative buyers will only make the purchasing decision when they feel ready and after consulting widely within the organization that they work for. Be helpful, not pushy.

3. The Technical Buyer

This technical buyer is likely to be a high-ranking executive who likes to stay informed and up to date on the latest technology and trends. They are trusted, respected, and looked to for their leadership and understanding of the technical details of a product or service. Because they are more informed, marketing efforts can speak more to the technical differentiators and how solutions will fit in with existing products.

Marketers should still convey the big picture, demonstrating how those products and services will be of help to the buyer’s organization, and how others have successfully deployed them.

Fintech marketing best practices dictate that marketers should avoid being self-serving or disappear after making the initial sale. The technical buyer is likely to influence his organization into becoming long-term clients once they are satisfied with the initial product or service.

4. Skeptical Buyer

These B2B fintech customers tend to be reflective, critical thinkers. According to the Rain Group, skeptical buyers don't embellish, and therefore wouldn't want you to do so either. It takes longer for them to trust vendors and the products that they offer.

When marketing to skeptical buyers, keep in mind that they are unlikely to want to speak directly on the phone or receive sales emails that make bold claims. Instead, the best approach is to share helpful, informative content, such as research reports, case studies, and product descriptions, to explain what you have to offer in a straightforward, clear way that lets them learn more on their time and at their pace.

5. The Innovative Buyer

Innovative buyers enjoy developing new ideas and strategies that are independent of long-established rules and customs. They want to hear about the latest technology and trends and how you can help them creatively solve their problems. For the innovator, out of the box is what they are looking for.

To appeal to the desires of the innovative buyer, the Rain Group suggests that marketers should be willing to brainstorm and think big to uncover new ways of doing things. Specific details are less important than the big picture and how your product or service can help them achieve their targets and even go beyond.

Every buyer is unique, and when you can tailor your messaging to match, the marketing potential is limitless. For example, instead of sending the same email marketing campaign to everyone in your contact database, segment your lists by buyer persona to ensure each one is receiving an email that appeals directly to their concerns. If speaking to a skeptical buyer, an email offering a research report or independent study will likely receive a better response than an email explaining how you can take their business into the future. That would be more likely to resonate with an innovative buyer.

Looking to successfully get in front of fintech buyers? Let us know how we can help. Or dig deeper into one of our campaigns in this case study.

Frequently Asked Questions

How do regulatory changes impact the creation and relevance of buyer personas in the FinTech sector?

As the FinTech sector is highly sensitive to regulatory changes, these shifts can significantly impact buyer personas. For instance, new regulations may create challenges or opportunities for businesses, leading to the emergence of new needs or priorities among your target personas. It's crucial to stay informed about regulatory changes and adapt your personas accordingly, ensuring your marketing strategies remain aligned with your audience's evolving needs and regulatory constraints.

Can buyer personas evolve over time, and how should FinTech companies adapt to these changes?

Absolutely, buyer personas are not static; they evolve as market conditions, technology advancements, and customer preferences change. FinTech companies should regularly review and update their personas based on ongoing data analysis and customer feedback. This iterative process helps in refining marketing strategies and ensures your messaging remains relevant and resonant with your target audience.

How can FinTech companies effectively balance between personalization and privacy concerns when using buyer personas for marketing?

Balancing personalization with privacy is a critical concern in today’s digital age, especially for FinTech companies handling sensitive financial data. The key is to use data responsibly by obtaining explicit consent, being transparent about data use, and employing data minimization principles. Personalization should be based on insights drawn from aggregated data trends and individual preferences shared voluntarily by customers, ensuring compliance with privacy laws and building trust with your audience.

In what ways can emerging technologies like AI and machine learning enhance the development and application of buyer personas in FinTech marketing?

Emerging technologies, such as AI and machine learning, can significantly enhance the precision and effectiveness of buyer personas in FinTech marketing. These technologies can analyze vast amounts of data to identify patterns and trends that may not be visible to the human eye, leading to more nuanced and dynamic personas. AI-driven insights can also help in predicting future behavior and preferences, enabling FinTech companies to anticipate customer needs and tailor their marketing strategies more effectively.

What role do customer feedback and interaction play in refining FinTech buyer personas?

Customer feedback and interaction are invaluable for refining FinTech buyer personas. Direct feedback, whether through surveys, social media interactions, or customer service engagements, provides a wealth of qualitative data that can reveal deeper insights into customer motivations, preferences, and pain points. Engaging with your audience regularly helps ensure that your personas remain accurate and reflective of your actual customer base, allowing for more targeted and effective marketing strategies.