How to Choose a FinTech PR Firm in Switzerland
Hiring a fintech PR firm is probably the last thing you want to do.
And that’s a good thing. Far too many fintech companies in Switzerland (and around the world) rush out to hire a public relations company thinking it will be the cure-all for slow growth - or the spark that lights their world on fire.
It isn’t - and it won’t be.
But given the huge number of fintech companies out there (more than 3 500 in EMEA alone according to Statista), there may very well come a day when you need the help and guidance of a fintech PR team to help you push forward.
If your company works in Switzerland (along with the 300+ other fintech companies) you’ll have a singularly tough time - after all, Swiss banks are the pride and joy of the national economy.
Naturally, they tend to dominate headlines.
So how do you make the move and bring an external PR team onboard? What should you look for in a PR company in Switzerland?
Here is a short primer to help you make your decision:
Define your fintech focus
Before you ever open up your email to contact a PR company or person, you should stop and think about yourself first.
What is your company’s focus? What does success REALLY look like for your fintech company? What sector of finance are you focusing on?
This may sound silly - but you will have a hard time choosing a “mate” if you don’t know yourself well enough first.
Of course, part of a PR or communications firm’s job is to help you define your focus, articulate your message and connect with journalists, readers and media outlets. That’s part of why PR isn’t as overrated as some people think - because the exercise of using PR can and should be a powerful force to help define your company’s identity.
But you have to start first.
Let’s take an example:
Your fintech company is building an app to allow peer-to-peer lending. On the surface your target audience would seem be B2C.
Based on this assumption, you would look for a PR firm that can help you reach thousands of potential clients and users of the app.
But - wait…
Do you really think that your business can scale quickly by targeting retail users through news outlets?
Possibly…
But if you think again and realise that your ideal target audience for media coverage might actually be a larger fintech (N26 or Revolut) or even traditional financial institution (the likes of UBS or Credit Suisse) that would like to acquire your company - then your PR needs are totally different.
And you should definitely take this into consideration when choosing a media relations company to support you!
Think disruption, but value tradition
Disruption is the name of the game…right?
Perhaps no where else has a strand of tech been defined as a “disruptor” as fintech. Let’s be honest - for many people, banks stand out as a perfect target for disruption.
But before you choose a PR company that will push the David vs Goliath story-line in the media for you, you should consider whether this is in your best long-term interests.
In other words, think disruption, but value tradition.
How exactly does this figure into the choice of a PR company?
Remember that there are different segments of the media that you can potentially target through public relations outreach - some are exclusively online (think: new media) and some have a print legacy which continues, running parallel to the newer digital channels.
This second group has still, by far, the greatest reach and by virtue of their established market position, the biggest amount of trust from their readers.
Think:
Neue Zurcher Zeitung
Handelszeitung
Bilanz
TagesAnzeiger
As a “disruptor” in an industry dominated by institutions which have acquired trust over generations, your story may well be ignored or disdained by these journalists and their editors.
If the goal of your PR push is to make as big a splash as possible - and you don’t give a d**** about your image as a disruptor, then by all means go for it.
But if your fintech company is looking to build a relationship - and set itself up for a possible exit - to an existing bank, asset manager or other financial institution - you should choose wisely.
Not every PR company will be able to help you walk the line…
Are you looking for a PR firm to support your fintech company?
Let’s schedule a free, one-on-one call to discuss if we are the right company to help you!
Evaluate their content
This should go without saying—really…
But it is definitely worth repeating: look at the work that has been done before.
This obviously means you should ask for and look at references from previous clients:
check the press coverage that was secured
look at the owned content that was produced
comb through the reference client’s social media channels.
And while you do it, you should ask yourself these questions (among others):
Is the message clear and consistent?
Do press articles focus on consistent themes?
Are the client’s management team members quoted as experts in industry-focused articles?
Are the press articles obviously taken straight from a press release or are they written by the reporter him/herself?
There is only one problem, however, with evaluating a PR firm’s work based on client case studies: these are the ones the firm wants you to see.
So, what can you do?
Go and evaluate the content of the PR company itself. Read the company blog (because PR always starts from what you write about yourself). Search for articles about the PR firm in the news—do they know how to promote themselves?
As the saying goes, “the proof is in the pudding.”
Test and trial
Last, but not least - take it slow.
Many PR firms will work on a retainer basis, often with a minimum contract length. This is, on the one hand, understandable, since PR campaigns do take time to build and no company will be able to guarantee a bucket-load of coverage all at once (unless it is focused on one high-profile announcement).
But as a fintech company, you should definitely expect to work on a trial and test basis. At the end of the day, resources (especially for startups) are limited and success cannot be an elusive goal at the end of a long tunnel.
If your prospective PR firm doesn’t want to be accountable based on the results of their initial work - in a trial period of 1-2 months - you probably shouldn’t work with them.
Conclusion
Picking a PR company to accelerate your growth and position yourself for success is not a decision to be taken lightly.
Ideally, you would never need one to begin with since your word-of-mouth reach would be so effective! But when it does come time to bring one on board - you should now know what to look for!
Are you looking for a PR firm to support your fintech company?
Let’s schedule a free, one-on-one call to discuss if we are the right company to help you!