Recently I sat across from a popular fintech creator/Podcaster (episode drops in December), and he asked me about the SEO Apocalypse article I wrote for The Free Toaster a couple of months ago.
In that article, I shared that publishers like NerdWallet and Bankrate are seeing their organic traffic evaporate like venture capital in a rising rate environment.
While pontificating about why the SEO Apocalypse happened and what publishers should do about it, it hit me:
Most of the fintech lending industry has only been playing 50% of the marketing game.
Let me back up and explain before you close this tab to go optimize your Facebook campaigns.
What Became Clear While Trying Not to Sound Like an Idiot on a Podcast
Here's what I realized mid-conversation (and then spent all evening refining because apparently I can't help myself):
There are only two ways to arbitrage attention in fintech marketing. That's it. Two. Not seventeen different growth hacks or forty-three channels in your attribution model. Just two.
Media Arbitrage: Buying attention for less than you can monetize it for. Clicks costs $1, but I can monetize them at $2, so I pocket the difference and update my LinkedIn to say "Growth Hacker Extraordinaire." This is asking for the close. Direct response. The instant gratification that makes VCs nod approvingly during board meetings and makes your CFO high-five you at the water cooler.
Brand Arbitrage: Giving so much value that people actually remember you exist when they're not actively shopping for financial products. This is the long game. The patient game. The game that makes your performance marketing team break out in hives. This “arb” is less popular with VCs and CFOs, at least in fintech lending.
Asking and giving. The only two ways to arbitrage attention.
And here's the thing that made me pause mid-sentence on this podcast:
Many fintech companies don’t invest at all in the second one (brand arbitrage / giving), and many aren’t aware of the liability that creates.
Why Your "Organic" Traffic Is Neither Organic Nor Yours
Let me drop a little bomb that the host's question made painfully clear:
—> There's no such thing as organic traffic.
I know, I know. You're looking at your Google Analytics right now, pointing at that beautiful green "Organic Search" segment. But that traffic? It's either:
The compound interest from years of content creation (that you probably stopped investing in because "it doesn't scale")
Brand spillover from your paid campaigns (people Googling you after seeing your TV or Credit Karma ads 47 times)
A temporary algorithm blessing that's about as stable as the newest meme-coin’s stock ticker
The host asked me if SEO traffic would come back for these publishers. You know what I should have said? "Sure, right after WeWork becomes profitable and crypto becomes boring."
A Confession About My Own Business (That Should Scare You)
Here's something vulnerable I realized (but didn’t share on the Podcast):
If LinkedIn banned me tomorrow – just completely nuked my account – my consulting business might survive for six months to a year. And then poof it would be gone (unless I really hustled to regain the brand marketing I get done there elsewhere).
Why?
Because I've been accidentally building brand equity this whole time. The content I've been pushing out, the newsletter you're reading right now, the podcast appearance that led to the content here – it's all compound interest in the brand bank.
But if 95% of my business came from paid channels and five competitors showed up tomorrow willing to outbid me? I'd go to zero faster than you can say "CAC payback period."
That's the difference between media and brand arbitrage. One dies instantly when you turn off the faucet. The other has momentum. Durability. The marketing equivalent of a cockroach surviving nuclear winter.
The Two Types of Brand Arbitrage (Because Of Course There Are Subtypes)
During the conversation, I realized brand arbitrage isn't just one thing. It's actually two distinct plays:
Attention Arbitrage: People seek you out because you've provided so much value they actually like you. Crazy concept in fintech lending, I know. This is when someone tells their friend about your product at brunch without being incentivized. Without a referral code. Just because they want to.
Conversion Arbitrage: You've made yourself so familiar that when someone sees you in a sea of options, they pick you. This is why Chase runs those feel-good commercials with absolutely zero product information. They're not selling; they're familiarizing.
When I’m at my best (I’m often not), my content strategy should do both.
People find me AND they convert at higher rates because they've been marinating in my content. But here's the kicker – I didn't plan this. I stumbled into it.
I’m worried many fintechs won't stumble into because they're too busy optimizing their Google Ads or affiliate programs, and haven’t even contemplated their brand or “giving” strategy.
The Prescription I'm Writing for Every Fintech Marketer (Including Myself)
After sleeping on this conversation, I’ve distilled down some actionable advice for your marketing org (so that you can avoid a major distribution disruption some of your publisher partners are experiencing right now):
1. Crank Up Your Give To Ask Ratio - For long-term growth, many expert suggest a 3(give):1(ask) ratio. Even better at 10:1 if you can afford to do it. For every time you ask for something (email, signup, purchase), give value at least three times over. Yes, this means creating educational, entertaining, or inspiring content without a CTA. I can feel your CFO’s anxiety already.
2. Diversification Isn't Just for Investment Portfolios - If one platform can destroy your business with an algorithm change, you don't have a durable marketing strategy – you have a single point of failure. This one won’t be controversial with your C-suite.
3. Own Your Channels Like Your Life Depends on It - Because it does. Email lists, SMS, push notifications, carrier pigeons trained to deliver QR codes – do whatever you can to reach your audience directly without permission from the Platform Overlords.
4. Build A Duel-Threat Team - You might be amazing at performance marketing, analytics, and credit (and clueless at brand building). Many fintechs teams are constructed this way. There's no shame in admitting it. There IS shame in ignoring it until your CAC explodes and your investors start asking uncomfortable questions.
Closing Thoughts
I hope this article doesn’t read like I'm asking you to stop running paid campaigns. That would be like telling you to stop breathing.
But if you're building a fintech to grow for the next 10 to 20 years, I’d suggest playing both games (media + brand arbs). Now. Not next quarter. Not after your Series B. Now.
Because here's what I didn't say on the podcast but should have: The companies that win in fintech won't be the ones with the best unit economics or the slickest apps. They'll be the ones that figured out how to build a brand in an industry that thinks brand is just a logo and a color scheme.
The great SEO apocalypse wasn't just about search engines.
It's about what happens when any single channel decides they’re not that into you anymore. And if you're not building brand equity alongside your performance marketing machine, you're just one algorithm update away from becoming a case study in someone else's newsletter.
Maybe even this one 🙂
🎧 Get More Color on the Podcast
We go into more details on this topic on The Free Toaster Podcast.
E034 – Media Arbitrage vs. Brand Arbitrage
Listen on Apple Podcasts or Spotify.
Want the full picture?
This article pairs with The SEO Apocalypse Has Arrived, our breakdown of how Google’s AI updates reshaped organic discovery.
Support The Free Toaster
Need to improve application page conversions? Chat with Spinwheel
Need an affiliate marketing platform/network? Chat with Fintel Connect
Need help hiring key roles? Email Connie Buehler and mention TOASTER
Need to accelerate your affiliate marketing? Chat with New Market Growth
Need to win on other growth channels? Chat with FIAT Growth
None of the above? Share our Newsletter in your favorite Slack channel
About Us
Welcome to The Free Toaster! The newsletter for marketing pros at fintechs, banks, and lenders.
Inspired by the free toasters banks used to give to each new customer, we’re here to help you acquire more customers at scale. We deliver fresh news, data, and insights to help you acquire more customers, minus the breadcrumbs.
Want to follow the authors on social media?
Carlos Caro is the founder of NMG, an agency that helps lenders build affiliate programs.
Nick Madrid is the co-founder of Uncovered Media and a co-founder of Ghostmode (a media company that builds Newsletters, Podcasts, and communities in high-value B2B niches).