Precision in promotion: Overcoming marketing challenges to achieve ROI and build trust

Marketing a business in the constantly evolving arena of financial technology presents its own set of challenges. Licensed in Malta as a Financial Institution and in the UK as an Electronic Money Institution, fintech company Andaria serves both EU and UK businesses with its embedded finance product. Through the implementation of various marketing initiatives, the startup is facing – and embracing – the challenges of building a solid presence in an industry dominated by larger players. 

Previously at Nestlé and Aspire Global, among others, Mr Xuereb joined Andaria in 2022 to “create its marketing department from scratch”. The first (formidable) objective was for “a company that had zero marketing” to start carving out a name for itself amidst competition from companies with bigger budgets. This required the marketing head to adapt his ‘big company’ experience in order to craft realistic marketing strategies to fit Andaria’s startup environment and help the company move forward.

Identifying the optimum target market was a primary challenge. Initially having a broad marketing strategy aimed at a range of institutions, Andaria now avoids the pitfall of “trying to cast a wide net”. Sharpening its focus and deciding on a sector, the company has recently “found [its] identity”, honing its offering for the sports industry; mainly football clubs. 

The next hurdle facing Andaria was the issue of product perception and comprehension. “While embedded finance is a flourishing domain, easily understood by the people immersed in it daily, its intricacies can be hard to grasp for people outside the field. This presents difficulties from a marketing perspective,” Mr Xuereb reveals. To address this, Andaria has developed a range of informative product marketing materials, comprising custom decks, videos and presentations. These resources employ real-life use cases and relatable examples to demystify and explain the product. Deep product knowledge naturally must start internally. The company makes sure to hold regular news talks and quarterly training to share important progress and new features with employees.  

While the sports sector is the chosen niche, the fintech provider considers requests from alternative industries. Mr Xuereb’s team goes the extra mile to create custom presentations tailored for each lead and their industry. “This bespoke approach not only helps prospects understand the product but also demonstrates Andaria’s genuine commitment to serving clients’ specific needs.”

Identifying prospective sports clubs is one thing; generating leads is another. Andaria’s marketing head addresses the issue of gaining and maintaining momentum in the complex area of embedded finance. The company has adopted an account-based marketing strategy and exerts considerable effort on market research, discovery and analysis to select the most promising potential clients and the best avenues to reach them.

It is a many-pronged approach that prioritises targeted methods above heavy reliance on Google ads, social media or other broad channels. Andaria pinpoints the events attended by its niche sector’s decision-makers, explores the media they consume and analyses the advertising and sponsorships in which they engage. “So when we manage to connect with the appropriate person from that company – via LinkedIn, an event we attended, a referral partner or another avenue – we already know the company’s backstory.” Having this prior knowledge greatly increases the chances of a positive conversation with potential leads.

The time and effort dedicated to these activities have proven the validity of ‘quality over quantity’ for Andaria’s management. “We’ve found it wiser to invest in more expensive platforms that yield fewer but higher quality leads,” Mr Xuereb shares.

Which brings us onto financial outlay. In the world of startup marketing, many practitioners emphasise that every dollar (or euro) counts. Andaria ensures every single initiative is justified. “We analyse every cent of marketing spend,” Mr Xuereb attests. Rather than “pursuing vanity metrics like social media followers or website visits” (and trying to match the actions of longer established companies), the focus is on realistic, impactful efforts that genuinely help propel Andaria forward. “High reach and clicks are great but we concentrate on ROI and tangible outcomes. This is why data-driven marketing is vital. Why are we considering a particular channel? What do we expect from using it? What did we get out of using it? It’s about converting leads into clients, not just generating them.”

A considerable part of the marketing effort leverages reputable media in Malta and the UK to enhance the fintech company’s reputation and strengthen its credibility. “It’s important that potential clients trust us; this comes from consistent and reliable exposure of our company and its offerings.” The company favours publication of external thought leadership pieces (featuring its senior management) plus its own inhouse content, as opposed to extensive advertising or social media scattergun methods.

Consistency of brand image is another major goal for Andaria’s marketers, the initial (and continuing) challenge being to achieve alignment across all departments – essential for projecting a unified image externally. To tackle this, the company has created a brand book specifying the brand guidelines for employees to effectively execute their roles and act as brand ambassadors. New employees also attend an introductory session to learn about Andaria’s branding and messaging (and also embedded finance itself).

Critically, in the case of regulated fintech companies, inconsistent brand messaging can present a compliance issue. Each Andaria employee therefore carries a responsibility to accurately present the company’s offerings. “Incorrect terminology such as ‘we’re a bank’ can not only negatively impact the company’s visibility and reputation but also invite regulatory problems including fines. We are not licensed in that way so we can’t say this,” Mr Xuereb states.

Despite the inevitable challenges of startup marketing, Andaria has experienced milestone achievements including being selected for the Visa Innovation Programme Europe. The marketing department is involved in compiling decks and applying for programmes in the endeavour to secure partnerships and funds; unsurprisingly, “working closely with brands such as Mastercard and Visa to announce partnerships was a significant moment.” The startup’s selection for the Visa accelerator programme is another indicator of its potential in the fintech space.

Mr Xuereb’s team have the additional remit of enhancing the experience of existing customers, not just focusing on new lead acquisition. “It’s cheaper and easier to retain and nurture existing customers than to acquire new ones,”  he says candidly. Regular communications, thoughtful updates and personalised touches ensure that clients feel valued and informed and helps build long-term relationships.

An appetite for adaptive strategies and a pragmatic, targeted approach have been key factors in Andaria’s marketing vision so far, helping it to navigate the various challenges and complexities of marketing a fintech startup. As the company has evolved from a team of 20 to almost 60 personnel, marketing efforts and requirements have accordingly grown, keeping creativity, consistency and credibility in embedded finance front and centre. “There will come a time when our brand is big enough that our reputation precedes us. Until then, we will continue to maximise every opportunity and build trust and credibility in the market,” Mr Xuereb concludes.