How to Use Customer Mindset to Maximize Your Fintech Marketing Investment

Katie Hardy
February 14, 2021

An introduction to a fintech marketing strategy that will help you prioritize your time and money to find your best-fit customers

Mindset. It’s having a big moment right now. And rightfully so, because when you understand the optimal attitude for your most successful customers, it will create significant efficiencies for your brand. With the right planning, mindset marketing will help you prioritize which of your ICPs and personas are most likely to say yes to you.

When we say mindset, we’re not talking about your perceived target’s political views, sports team preferences, or vote for best Schitt’s Creek character (the answer is David, btw). We’re talking about the characteristics and attributes they carry that makes them a universal fit for your organization.

In this article, you’ll learn how to see beyond basic psychographics, using past-success proof to narrow down your addressable audience and prioritize your marketing efforts, so you can ultimately connect with your ideal customer match in a shorter amount of time.

If you need a refresher on how to build better buyer personas, we got you. Snag the six secrets to successful fintech buyer persona creation here (and don’t forget to download the free template to make life easier for you): https://envisionitagency.com/blog/2021/11/6-mistakes-to-avoid-when-creating-b2b-fintech-buyer-personas/

Steps in Mindset Marketing for Fintech

  1. Identify your top 6 to 8 customers based on results, relationship and revenue.
  2. Identify their mindset (attitudes and inclinations) in categories that are most important to your business.
  3. Create a scorecard listing the attitudes in those categories, ranging from most favored to least favored mindsets.
  4. Rank each customer on each mindset for each category.
  5. Tally the scores to determine your most favorable and least favorable customers based on mindset alignment, and compare to the results they’ve seen and revenue you’ve generated.
  6. Use the positive mindset responses to prioritize your marketing efforts (messaging, channel selection, investment planning, etc.).

The Basics of Mindset Marketing

What is Mindset Marketing?

Think of a person’s mindset as their fixed attitude, disposition or mood. Thus, mindset marketing is a strategy where you determine a list of customer attitudes that have proven to positively impact your business and bottom line, then drill in further to convert more of them.

This concept comes from Dan Sullivan, founder of the entrepreneurial organization Strategic Coach. In his teachings on the mindset scorecard, Sullivan discusses the “optimum maximizer,” where he determines the optimum mindset of a customer that would return the maximum results.

The Benefits of Mindset Marketing

Mindset scoring is particularly effective in the b2b fintech marketing space where trust, collaboration and experimentation are vital to adoption. In fast-paced, uncharted categories where taking the right risks is key, building and implementing a mindset scoring strategy can help you improve efficiency, employee and customer satisfaction, and your overall profitability. Here are just a few of the benefits of incorporating mindset scoring into your marketing prioritization process:

1. Evolve beyond basic psychographics

While it can be relatively easy to identify the demographics of your ICP, nailing down the psychographics (attitudes, values) can prove to be quite challenging. For example, beyond the complexities of the digital payments or crypto industries themselves, there are even deeper complexities in navigating internal challenges, demands and personalities. Mindset scoring – and then marketing to that ideal mindset – helps resolve any multi-layered confusion by listing out the motivations and fears that are specific to your proven business success, and intentionally ranking actual customers rather than assuming.

2. Identify what’s *not* working

“We learn so much more from what doesn’t work than what does,” says Envisionit Founder & CEO Todd Brook. “The problem with psychographics, in a vacuum, is twofold. One, you can’t score it. There isn’t a formalized system to do it. And even more so, two, psychographics only focus on the best, on what works. I think what businesses miss is an understanding of what doesn’t work – what you are not, where you shouldn’t be looking. What I love about the ability to market to a mindset is you’re having the conversations equally.”  

3. Improve transactions, relationships and referrals

When you do the intentional work of not only building out your mindset marketing strategy but also scoring each of your customers and prioritizing your marketing decisions off of your mindset data, you’ll begin to experience positive outcomes.

If done correctly and consistently, you’ll find that your transaction count goes up, the size of the transaction goes up, the relationship improves, the referrals improve. All of these benefits result because you’re not convincing someone something they don’t believe simply through good marketing and salesmanship. Instead, you’re investing your time and money to win the right type of customer faster.

4. Invest in the best

There’s so much waste that can come with marketing - in time lost, projects that are unaligned, investments that are not properly managed. With mindset marketing, you’re able to share with your team exactly what the most ideal customers look like, and exactly what the not-so-ideal customers look like (wink, wink). This way, you’re able to avoid the worst and recruit the best.

How can mindset marketing improve your fintech marketing strategy?

As a fintech marketer specifically, you may be wondering how mindset scoring will impact the creation of your unique ICPs and buyer personas. Note that you may be surprised at how the findings correlate to your current customers.

  • For example, when evaluating current customers, you may find that the partners who scored lower were the customers that your team didn’t feel very charged up around. Perhaps they’re passionate about the digital direction their business is headed, and they’re focused on immediate growth, but they’re not receptive to collaboration and transparency. Based on your mindset criteria, this could deem them a wrong-fit customer.
  • On the other hand, you may find that your team is energized working with customers who scored incredibly high on your mindset criteria, meaning that your values are insync and you see the business universe in the same way. These right-fit customers have you striving to go above and beyond their already successful track record because they sync with your company’s highest ranking mindsets.
  • And let’s take it one step further: What about those customers who represent your most ideal from a scorecard perspective, yet your team doesn’t feel connected to them and you’re not sure what to do? Or what if you’re struggling to service your right-fit customers in the best way because your team isn't aligned? Taking the time to implement a mindset marketing strategy will help you better see and understand the need for change.

The point of marketing to a mindset is to get to a place where the vast majority (if not ALL) of your customers are a right-fit – based on your business impact criteria and aligned mindsets – so you’re both set up to hit your biggest goals.

How do I use mindset marketing as a fintech marketer?

At Envisionit, we already have a comprehensive Mindset Scorecard built out. We use it for every client we consider bringing on, and our results have been outstanding. So we thought, since this is working for us so well with our clients, we can help our clients implement this with their customers, too.

To create this on your own:

  1. Identify your top 6 to 8 customers based on results, relationship and revenue
  2. Identify their mindset (attitudes and inclinations) in categories that are most important to the success of your business. For example growth, collaboration, communication, bureaucracy, passion, open-mindedness, etc.
  3. Create a scorecard listing the attitudes that can arise in those categories, ranging from most favorable mindsets to least mindsets.
  4. Rank each customer on each mindset for each category.
  5. Tally the scores to determine your best and worst mindset customers, and compare to the results they’ve seen and revenue you’ve generated.
  6. Use the positive mindset responses to prioritize your marketing efforts (messaging, channel selection, investment planning, etc.).

Wrapping up

Mindset marketing is a powerful tool to not only bring in the best customers, but to also allow your product to shine, and your team to do their best work. You’ve heard that marketing is all about delivering the right message to the right person at the right time. Mindset scoring helps you determine who that right person is, and then create the right outreach plan based on their mindset score so they begin to know, like, and trust you even more.

What do you think about mindset marketing? Let us know on Twitter or LinkedIn.

Don’t forget to determine whether you’re making these fintech buyer persona mistakes, and build out your personas in our free template shared inside the article.

DOWNLOAD HERE