More than just an emerging industry, fintech solutions seek to enhance financial services and make money management more accessible. To achieve this, there’s no denying the importance of a great product demo — a presales strategy that involves the presentation of your products to prospective customers with the aim of establishing your value proposition and winning deals faster. Your demo forms a considerable part of the buying experience, and it needs to make a lasting impression.
So, how do you make your demo stand out and leave a lasting impact?
In this blog, we highlight the goals and tips for successful product demos in the fintech market.
The objective of fintech demos
Demos communicate the value proposition and capabilities of a product to potential customers, partners, investors, and other stakeholders. It’s imperative that a well thought out fintech product demo should be a part of your presales strategy.
- Sales teams can win deals in the fintech marketplace faster and increase conversions.
- Customers can learn of customer-centric values within the organization, such as transaction transparency in the form of full fee disclosure, funds guarantee, and cancellation requirements.
- Support teams can personalize customer relationships and build trust within financial technology companies.
- Presales teams can accelerate the sales cycle by reiterating product compliance with fintech regulations in wealthtech and insurtech, a major consideration when B2B buyers are adding tools to their tech stack.
- Product teams have a platform for gathering feedback and insights from prospects on the use of AI in delivering financial services, which can be used to improve fintech products and future demos.
Want to scale your product demo? See how Amplitude reduces stand-up time and empowers their demo team with the Demostack environment.
Simple fintech demo tips to boost conversions and visitor experience
A great fintech product demo can make all the difference when it comes to attracting and retaining customers.
Here are six tips to supercharge your fintech product demo:
1. Understand your buyer, and growing demo trends
Before you start creating your demo, it's important to understand who your target audience is. What are their pain points and what are they looking for in a fintech solution? Understanding your audience through a discovery call will help you create a demo that speaks directly to their needs and provides them with the information they're looking for. You can also qualify prospects on discovery calls, so you’re not creating demos for every lead. For example, you can determine whether a prospect is searching for an insurance quote online or a wealth management solution for their workforce with a discovery call.
This helps you spend more time enhancing your fintech demo experience. Remember to prepare adequately before a demo and not just “wing it.” Make sure you have all the necessary technology and materials ready and practice the demo in advance.
2. Get fintech demos to your leads ASAP
Per HubSpot, 54% of buyers want to see how your products work on the first call. After understanding their needs, show them your solution. Your demo should be short and to the point, focusing on the most important information.
Remember, your audience's time is valuable, so you want to make the most of it. A good rule of thumb is to keep your demo not shorter than 20 minutes and no longer than one hour.
3. Pinpoint your prospects' specific needs
Clarifying your prospect’s pain points rather than addressing general industry issues with your demo is crucial. Per a 2022 Sales Enablement report, 22% of teams prioritized customer experiences by reinforcing the importance of providing value from initial contact to the end of the buyer journey.
Product demos should build off takeaways from the discovery call. For example, if your prospect mentioned their need for online lending, which aligns with your solution, clarify the nature of their entity (business or personal), tailor your demo accordingly, and provide the necessary resources to move them along the sales funnel.
4. Leverage visuals to highlight potential
A great demo should be visually appealing. Use images, charts, and graphs to supplement your demonstration and help communicate key information. Avoiding revealing any sensitive data such as personally identifiable information (PII) to ensure compliance with privacy regulations. The goal is to create a demo that is informative, engaging, and memorable.
5. Customize your demo to your buyer’s financial needs
While it’s great to showcase your product’s capabilities, it’s more important to highlight the benefit to your prospect. When demonstrating your product, customize the features you display during a demo to the needs sourced from the discovery call. You can use a value-based selling approach to highlight the specific pain points your product solves and the positive impact it can have on your prospects’ financial life.
Adequate product knowledge is crucial to tailoring your software as the solution to prospects’ objections. Rather than highlighting all use cases of your solution to a prospect, structure your demo around the budgeting software or mobile banking part of your product that fits their needs.
6. Follow up with your prospects
Sales are the measure of success for fintech product demos. Given that the financial industry has extensive compliance requirements, the sales cycle can be lengthy. To close deals faster, it is crucial to follow up with prospects and address any questions they may have after the demonstration.
In fact, by partnering with Demostack, you can create a leave-behind sandbox that customers can interact with and share across company stakeholders to get buy-in from across an organization. This capability helps to build momentum after a live demo and accelerate deals. You not only remain top-of-mind but also help prospects understand your product’s value faster.
Uplevel your fintech product demonstration with Demostack
With growing competition in the fintech industry, you need to position your product as the optimal solution to buyers' pain points to hit your business goals. An engaging demo is critical to capture attention and highlight your unique selling point.
From offering product tours that enable buyer self-education to masking your existing environment with a live demo, Demostack is an independent demo platform that can help you increase adoption and scale operations.
As a no-code platform, you get access to demo assets, tools, and analytics to personalize prospects’ experiences from one place. Demostack’s PII shield makes masking data swift and effortless for a realistic demo experience.
Ready to supercharge demos for your fintech product? Get in touch with our team.
Frequently asked questions
What is unique about fintech product demos?
Fintech product demos often showcase innovative solutions in the financial technology industry to drive customer acquisition. To improve accessibility and affordability of financial services through technology, the adoption of fintech solutions is crucial.
Demos highlight specific features, such as:
- Using AI and machine learning for personalized financial advice.
- Offering seamless mobile and digital experiences.
- Leveraging technology for increased security and automation of financial transactions.
How to scale fintech product demo operations?
You can scale your product demo operations through automation, team building, partnerships with other fintech companies, personalization of prospect experiences, and investment in relevant technology.
How to deliver a fintech demo?
B2B fintech sales have evolved from traditional field sales to inside sales, which is the dominant sales model in fintech. Presales fintech teams conduct product demos in this new model remotely through email, phone, and online meeting tools.
Fintech companies leverage capabilities such as screen sharing, face-to-face video chat, audio, and live chat to demonstrate the process and benefits of effectively using their solution. For example, a fintech company specializing in mobile banking can use video chat to show a prospect how to receive and confirm customer payments.
To effectively deliver a fintech demo:
- Optimize your demo to account for insights from customer pain points gained from a qualifying call.
- Understand the whole process your buyer is looking to leverage your product for and tweak your demo to reflect this need.
- Pre-empt other benefits that would align with your target customer.
- Anticipate questions that might pop up and have your solutions prepared in advance.
- Prove your product’s worth by showing the return on investment (ROI).