A Strategy for Growing a Fintech Start-Up (3)

It is important to notice that the strongest source of patronage for any business in any industry is referral; people who have dealt with any business are the best means of getting new patronages for the business; they would talk about the business, vouch for the business, and introduce the business to their friends and family. The implication of this is that a FinTech trying to grow in Nigeria must try to convert every customer to a referral agent by creating a form of benefit for every referral, or some type of scheme that increases their status with the business per every referral they make.  By this, every customer is made part of the business because they’d keep renewing or upgrading their friendship with the business by every new referral they send.

How a FinTech gets returning patronages interprets to how do they hold down their first time customers to make them patronize repeatedly? Or how do they make their customers stay with them?  A good part of these questions has been answered previously when discussing the activities a FinTech aiming growth in Nigeria must use to convert their customers to their referral agents; this would mean by creating a form of benefit for their customers per every referral they send to in and by creating a form of scheme that increases the statuses of their customers with them per every referral they send in, they are making the customers themselves a part of the business, and this makes them have their patronage always. Apart from these, there are other things that must be done for a FinTech to hold every of their customers down, and these would circle around getting better per time at what they have made the customers experience from what they do; when they are contented with their achievements is when they have started lagging—even when it looks like they are still doing fine, their average customer satisfaction rate would be in depreciation, thereby causing their growth rate to depreciate too.

In essence, a FinTech must keep developing every area of their products and services. In the areas of authentication and KYC, they must keep making them easy for their customers and they must make sure the services retain their worth—security and safety, which is why the new customers bought them in the first place, and would lose its worth if the security and safety services they provide cannot be enjoyed anymore. In the area of connection, keeping their customers connected with one another and keeping them connected with other entities they wish to get connected and stay connected with is a form of cyclical refreshment of their relationships; if their relationships are kept refreshed, the FinTech being the party connecting them enjoys refreshed relationship too from either or the two parties. In the area of giving access to bank statements, the FinTech must want to keep changing the awful experiences people have to have from complex means of getting their bank statement when they need it. The FinTech offering their customers the fast and easy access to their bank statement makes them enjoy the speed and ease they sell to them; this must be one of their selling points, and it is a good hold on any new customer to have them come again and again. The selling points are their hold on their customers; they must never lag on the selling points—even as they grow on adding more selling points.