Join us Sept. 14-16 in Miami to connect with top publishing leaders
When it comes to getting new customers, startups in financial technology are in a lose-lose situation.
It’s no surprise: The reigning banks have been around for decades so they have a large existing set of customers and streams of data on them from over the years. Their problem is they’re plagued with old infrastructure that slows them down and cuts into their ability to manage data well. Startups don’t have that problem, but they also don’t have the customer base — or the ability to scale.
Customer acquisition is expensive. For a large bank it could cost between $1,500 and $2,000 to acquire one customer, according to Ciaran Rogers, director of marketing at StratiFi, an early stage startup that helps advisors manage portfolio risk. At startups it could be between $5 to about $300 for one customer. Fintechs just have less money to spend on that — at Wealthfront, for example, marketing budgets have decreased every year.
More in Marketing
How every major platform pays creators
Every platform monetizes creators differently, with varying requirements and audience thresholds, and a propensity for change.
Brands bring the U.S. Open to fans with tennis-themed pop-ups around New York City
Marketers are pulling out all the stops to tie their brands to the U.S. Open, including hosting public pop-ups in other parts of New York City.
Target’s new beauty selection has almost no Black-owned brands
Of the 90 brands listed as part of the new beauty assortment, Modern Retail could only identify two with Black owners or founders.