How technology buzzwords are drowning your brand

It’s hard to read a business magazine or website today and not be inundated with news and commentary about the financial technology—or “fintech”—industry.

Understandably so, as it’s among the fastest growing sectors worldwide and
it’s creating real change in the way consumers and businesses access
financial services.

If you’re not close to fintech circles, you’ve likely at least noticed
terms like “artificial intelligence”, “cryptocurrency”, “blockchain” or
“machine learning” being discussed, even in casual workplace conversations.
If you’re like most people, you probably have a limited understanding of
what some of these terms mean, and even less of an understanding of the
real-world applications of these technologies.

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Buzzwords and jargon can quickly permeate new and rapidly growing
sectors—invariably creating confusion and sending the unintentional message
that it’s just an empty and fleeting fad.

History repeats itself

Think back to the mid-90’s when the internet arrived and one of the most
common directives from executive leadership was to develop an “internet
strategy,” even though most at the time had no idea what that really meant
(even the esteemed Bryant Gumbel).

Or think back to the late ‘90s when virtually everyone you met at a
cocktail party claimed to work for the next great “dot com.” If you were
like me, you had such fatigue from hearing about yet another dot com, you
immediately tuned out before they had a chance to tell you what they
actually did.

In the early 2000s, you couldn’t go a minute without hearing about “Web
2.0”; or even just a few years ago when “big data” was referenced so often
it led to a
call to stop using the term.

You get the point. Somewhere along the way, entrepreneurs and marketers
decided that using a bunch of fancy words, rather than plain English, was
an effective communications strategy.

Tell me what you really do

I recently attended
Fintech Generations, the Southeast’s premier fintech conference. It was a great event and I
was glad that the companies and speakers went far beyond the jargon and had
real conversations about how the industry is impacting the business world
today.

However, I was soon reminded of the importance of clear and meaningful
messaging thanks to Jordan Bettman of Radian Capital, a growth stage fund
that has invested in some of fintech’s biggest success stories. During a
panel discussion, he commented that when a startup vaguely begins a pitch
with terms like “AI”, “blockchain” or “machine learning”—without getting to
the heart of what they do—he tunes out and gets a sense that it’s just a
“technology looking for a problem.”

This one comment crystallizes the trap into which too many companies in
emerging industries fall. It’s far more effective to develop clear,
authentic and relevant language about your business. Always find language
that proves value and relevance to your audiences versus an attempt to fit
into the latest trend.

When considering your fintech communications strategy, consider the
following:

1. Remember that many intelligent and successful people you speak with
(investors, prospects, influencers) are confused—or even turned off—by
meaningless jargon.

2. Develop an initial “elevator pitch” that is understood by all. Let your
messaging build from there and drill down to more technical language if
appropriate for the audience.

3. Focus less on what broad category you fit into, and more on the business
problem you solve.

You’re more than just another buzzword after all.

How are you talking about new technology, PR Daily readers?

Mike Trainor is the vice president of S&A Communications. A version
of this article originally appeared on
the S&A Communications blog.

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