The strategy to build a fintech unicorn in the BFSI vendor space revolves around leveraging existing broking expertise, creating scalable business models, and expanding market presence. By identifying niche areas within BFSI support services, the strategy involves creating tailored services based on broking knowledge. For instance, the company can target BFSI institutions with specialized broking solutions that address their unique challenges.
Building a scalable business model is crucial. This includes developing a sustainable pricing strategy, implementing scalable technologies, and streamlining operations. By ensuring a clear onboarding process and tracking growth through key performance indicators, the strategy aims to sustain growth and adaptability.
Expanding market presence involves building a strong brand identity, engaging in digital marketing and thought leadership, and fostering collaborations with industry influencers. By doing so, the company can enhance brand recognition and credibility within the BFSI space while engaging potential clients through targeted campaigns.
The strategies
⛳️ Strategy 1: Leverage existing expertise in broking
- Conduct a thorough market research to identify unexplored niches within BFSI support services
- Use existing knowledge in revenue strategy for B2C clients to target potential BFSI clients
- Identify key pain points for BFSI companies that align with broking expertise
- Create a tailored service offering based on broking knowledge to solve these pain points
- Develop case studies and testimonials from B2C clients to demonstrate expertise and gain BFSI client confidence
- Attend BFSI industry conferences and networking events to connect with potential clients
- Forge partnerships with existing BFSI firms to integrate broking solutions
- Leverage connections in the broking industry to gather insights on transitioning to BFSI vendor services
- Continuously update knowledge on industry trends in fintech and BFSI sectors
- Monitor competition to differentiate service offerings and ensure competitive advantage
⛳️ Strategy 2: Build a scalable business model
- Define a clear and sustainable business model that addresses the specific needs of BFSI niche services
- Develop a pricing strategy that reflects the value provided while remaining competitive
- Implement scalable technologies to support future growth and handle increasing client demands
- Streamline operations to improve efficiency and service delivery times
- Create a robust onboarding process for new BFSI clients to ensure satisfaction and successful integration
- Identify potential investors and pitch the scalability and growth potential of the business model
- Establish key performance indicators (KPIs) to track growth and identify areas for improvement
- Expand team capabilities with skilled hires who bring BFSI and fintech expertise
- Regularly revisit and adapt the business model to keeping alignment with industry changes and opportunities
- Develop strategic partnerships with complementary technology providers to enhance offerings
⛳️ Strategy 3: Expand market presence and brand recognition
- Develop a strong brand identity that reflects expertise and reliability in BFSI support services
- Invest in digital marketing campaigns targeting BFSI institutions and decision makers
- Create valuable content such as white papers and webinars that address BFSI challenges
- Engage in thought leadership by participating in industry panels and forums
- Utilise social media platforms to engage with BFSI communities and showcase case studies
- Collaborate with industry influencers to increase credibility and reach
- Launch targeted email marketing campaigns to engage potential BFSI clients
- Establish a referral program to incentivise existing clients to recommend services
- Monitor brand perception and management to ensure a positive reputation
- Seek media coverage in fintech and BFSI publications to increase visibility
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
