A Strategy for Growing a Fintech Start-Up (4)

For any start-up entering an existing market, there are two of several other things it must have to make it cause a stir in the market and make it the center of attention in the market, and first of the two is by bringing something new to the market while the second is by bringing new ways to old things to the market. Relating this to a start-up entering the FinTech industry and wanting to be the center of attention (be in the competition). The new thing to bring to the industry is a good spotlight, and also, how better the company offers what others (especially the ones currently dominating the industry) are offering; these would bring the best of attention to the company, as they both show they are here to shake things up. When they make the dominants of the industry need to adjust a thing or two every now and then, this would eventually mean they are adjusting for the start-up to take a dominant space too. A good instance to illustrate this is how the advent of TikTok made YouTube, Instagram and Facebook introduce “Reels” and “short videos”. This would mean that the new things the new company is bringing to the market and their redefinition of the old things that have already been in the market could make the market dominants adjust to them, and when they do, they are creating a space for them to be their competitor.

The company’s Unique Selling Proposition (USP) is a very important part of their identity and their tools to stirring the FinTech industry up, they cannot at any point in time slack on it—not when they are trying to be the competition, not when they are now the competition. Their market research team must be at their best at all times in finding out how their USP is selling now, and what they are yet to perfect about it.  Also, this is a generation of content, so they must bend to this trend; their contents must tell a story, a story that represents the agitations of their customers, their satisfactions, their expectations, their ways of life, their arts, their beliefs. They must connect with their customers with the story their brand tells. It is via this customer connection that their customers can be their warriors in the industry and make them be a threat to the dominants of the industry; thereby sooner making them their competitor. In addition, trial-testing of new products and pivoting are two ways a lot of new born companies took over their market in a very short time and even end up dominating it by taking over form the dominants. Yahoomail taking over from Hotmail and Gmail taking over from Yahoomail tell a lot of stories about trial-testing and pivoting and the refusal to trial-test or pivot. Zoom taking over from Skype tells the same story. Cowbell entering the milk market with the minimalists’ sachet milk to take over the milk market within a very short while was made possible because the dominants of the market tarried before they tried to pivot to accommodate what Cowbell brought.