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Fintech marketers most fear the enemy within?

Earlier this year we sponsored a piece of research by Finextra into the challenges and issues facing fintech marketers.

One of my favourite insights is that fintech marketers fear their dependency upon their colleagues, even more than the campaigns of their competitors. 

We asked fintech marketers the question: what are the biggest barriers to achieving your objectives?

And the results showed that colleagues were perceived as a bigger cause for concern than competitors. That might not be a massive shock to anyone sceptical about the harmony and shared purpose that exists in many organizations, but nonetheless it highlights one interesting internal dynamic for the CMO of every fintech organization to focus upon fixing, before they get to budgets, digital and agencies.

Inevitably budget still does feature as a key complaint but, notably, it isn’t the major gripe.

Lack of management or executive commitment also features high up the list, and is quite possibly tied up with the issues identified in the top rated risk dependency, the risk around lack of support from colleagues.

Agencies get a mixed report. More than half of respondents are confident in the agencies they use... but then again, a quarter of respondents suggest their agencies present a risk to achieving their objectives.

Lack of in-house participation in social media and web / digital media are both major concerns for one in every five fintech marketers. While the world of fintech has accelerated in terms of applying these tools in recent years, it probably still lags other business segments in terms of the sophistication with which it applies digital and social technology.

More positively, fintech marketers have considerable confidence in their own products and services. Nor are they overly concerned by the ability of regulators to inhibit their marketing efforts.

Check out the detail below, or download the full report here.

The biggest barriers facing Fintech marketers
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Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 29 October, 2014, 16:13Be the first to give this comment the thumbs up 0 likes

I think "enemy" is a bit too strong but your findings resonate totally with my own experience of working with fintech marketers. Marketing is dependent upon development / implementation / delivery for discovery of new marketable capabilities and upon sales for go to market. The former likes to stay within its comfort zone and prefers to do more of what it has been doing, which thwarts new offering development. As for the latter, well, enough has been written about "Sales-Marketing Alignment" that I don't need to get into it here.