In today’s digital age, the success of a company hinges not only on its product or service but also on its reputation and public perception. It has become extremely important for companies, especially Fintech firms in Nigeria, to effectively control the course in the sea of negative public relations (PR) and perception. The question is, ‘How can we save our industry from drowning in negative PR?’
Why a positive online presence matters
According to Deloitte research, 2014, 81% of consumers conduct online research before making a purchase decision. Additionally, the 2019 Edelman Trust Barometer study found that around 65% of consumers see brand transparency as one of the most attractive qualities in a company. These statistics emphasise the importance of maintaining a positive online presence and actively managing your brand’s reputation in the digital space.
Trust, it seems, is the cornerstone upon which most people adopt fintech products in Nigeria, and contrary to the opinion that many users prioritise the ease of use and efficiency of these platforms over their concerns about trust, PricewaterhouseCoopers survey shows that “Over 80% of Nigerian consumers cite trust as a critical factor when choosing a financial services provider, including fintech platforms” In this landscape, trust has become of the highest importance. A positive reputation not only becomes beneficial but is essential for success.
Here’s a strategic roadmap to how we can rise above the tide and establish trust:
Proactive engagement with the media: We cannot wait for crises to strike before we act. Firms should hold regular press briefings, provide timely responses to inquiries, and offer exclusive insights into industry trends and company developments. Position your executives as industry thought leaders by contributing insights and expertise to relevant publications and participating in panel discussions at prominent events. Above all, build strong relationships with journalists to lead to more balanced and favourable coverage.
Be transparent and prioritise disclosure: Transparency regarding business practices, communication, and data privacy can significantly amplify consumer trust (Edelman Trust Barometer). Companies should address issues promptly and transparently. Whether it’s a data breach or operational challenges, disclose relevant information to stakeholders in a timely manner to mitigate speculation and build trust. For example, during the COVID-19 pandemic, Flutterwave provided regular updates to its customers and stakeholders about operational changes, security measures, and initiatives to support businesses. By being transparent about its challenges and efforts to address them, Flutterwave maintained trust and credibility among its user base.
Establish accessible channels for feedback and inquiries. Encourage open dialogue with customers, investors, and the public to foster transparency and accountability. Foster direct engagement with the public to strengthen loyalty and trust, stakeholders, including media representatives, regulatory bodies, potential investors and customers can be invited for on-site visits and company events to witness firsthand your technological prowess. Digital platforms can also be utilised to offer virtual tours of your company’s infrastructure, showcasing your robust security measures and operational resilience.
Commit to Social Responsibility initiatives: There is an aggregation in public opinion and dissatisfaction with choices that has given rise to a more cynical public leaving many to question the integrity of platforms they rely on to manage their finances. By aligning your brand with positive social impact, you can supercharge your reputation and differentiate yourself from competitors. Support initiatives that promote financial inclusion, such as programs aimed at empowering women entrepreneurs or providing financial literacy training to underserved communities. Invest in educational programs and workshops to push financial literacy and promote responsible financial practices among the public.
Cultivate a strong online presence: In today’s digitally connected world, a single social media post can spark a firestorm or tarnish a company’s reputation overnight. A strong and positive online presence is non-negotiable.
Invest in robust digital marketing strategies, including search engine optimization (SEO), content marketing, and social media engagement. Invest in reputation management and personal branding and monitor online conversations about your brand actively participating in relevant discussions to shape perceptions and address any misconceptions.
Companies like Paystack are already utilising their website and social media presence to provide resources and support for merchants, including tutorials, webinars, and customer success stories, enhancing their reputation as a trusted payment gateway provider. The commitment to building a strong and positive online presence not only amplifies credibility but also strengthens the foundation of the fintech industry for continued growth and innovation within the sector. Let’s work together to ensure that the revolution of the fintech industry in Nigeria and beyond continues to thrive, guided by principles of trust and integrity through our strategic PR approach.
