CashNews.co
Despite their impact on the banking industry, financial technology businesses are still struggling to catch up in the pressure of competition.
In recent times, fintech companies like PayPal, Klarna, and Chime have focused on increasing brand awareness by recruiting notable celebrities and launching successful brand campaigns, helping them gain a larger market share through the use of powerful personalities and brand building tactics, as competing banking challengers increasingly enter the market.
The marketplace is saturated and celebrities are a prime example of what making a defined personality can be.
PayPal and Klarna have a strategy in place to achieve this goal. PayPal unveiled its largest commercial campaign in the United States, which starred Will Ferr davantage. The campaign runs until the end of the year and comes after the introduction of PayPal’s new logo and brand identity.
Last week, Klarna and Shaquille O’Neal partnered for a campaign promoting their latest cash back offering. The campaign will be launched globally and will include films, videos, photographs, entertainment content, and shopping events.
The Labor Day celebration marked Chime’s biggest national brand campaign yet, which included a partnership with Twitch’s Kai Cenat and TikToker Zach King as well as its influencer partnerships with MyPay, a cash advance product. These campaigns featured TV spots at major events like the Emmy Awards, NFL’s opening night, and the U.S. presidential debates.
Surprisingly, the efforts indicate that brands are moving away from product innovation in favor of brand awareness and becoming more competitive in a rapidly expanding Fintech market.
Geoff Seeley, chief marketing officer at PayPal, stated that their brand awareness is not a problem for them, and they must work towards building a stronger presence in the market by reaffirming their influence behind the scenes.
PayPal’s new campaign is hoped to bring shoppers back to their fintechnological playground, as Seeley pointed out that the company’s operations go beyond just a simple online shopping option.
Megan Gokey, the head of B2C marketing and brand partnerships for North America and the U.K. at Klarna, notes that customers can choose from multiple payment methods, such as Klarna, PayPal, Apple Pay, Stripe, or a traditional credit card payment method, at the bottom of an online checkout page.
According to Gokey, the company has gained a larger fan base in the U.S. and is actively working to expand its reach.
Marketing strategists have long been engaged in the conversation about how to differentiate themselves in a crowded market, and to become more successful now has often involved reaching out to famous people for guidance — like celebrity endorsements, which often help brands gain more customers, as John Geletka, founder and chief experience officer of Geletka+, an independent ad agency, explained.
According to him, celebrities with more social media exposure can acquire more media value, which could translate into more media coverage as fintech firms develop.