why BFSI firms need to get on Instagram Influencer Marketing
“They are doing a yeoman service for new investors and are crucial to India’s equity culture. Digital creators, especially those in regional languages, have taught us a lot about client communication. In fact, they were among the primary drivers of new equity investors in FY21.”- Prakarsh Gagdani
(CEO, 5paisa)
Financial services have always had a reputation of being a sector that mostly uses traditional marketing approaches. Yet, it might come as a surprise to some that Instagram influencer marketing is more widespread in banks than it might appear. We have lately seen a growing trend of Instagram influencer marketing becoming an important aspect of the BFSI’s marketing approach.
However, it is not easy to find a specific influencer marketing approach in this sector. There is no single ‘right’ way for a financial services brand to partner with Instagram influencers. Rather several strategies can be deployed to achieve a range of business goals. A recent webinar by Forrester mapped that there are three key approaches to influencer marketing – influencer as media, as a content producer, and as a customer experience.
To understand why Instagram influencer marketing should be an integral part of the BFSI firms, let’s take a look at some of its lucrative advantages.
5 Reasons why BFSI firms need to include Instagram influencer marketing into their marketing mix:
1. Amplified Brand Awareness
Due to their massive reach, Instagram influencers have the power to increase brand exposure and boost brand awareness. When an influencer recommends or endorses a brand, their followers will surely take notice.
In addition to this, such a recommendation coming from a trusted influencer is often considered authentic and genuine. Collaborating with Instagram influencers helps cut through the noise and attract their followers to your brand. It also gives increased visibility to your brand and helps start meaningful conversations.
Identifying your audience and targeting the right audience is a crucial part of every marketing strategy. However, it is quite a detailed process and requires a deep understanding of your potential customers.
Instagram influencer marketing allows you to surpass this step since the hard work has already been done by the influencers. You simply have to ensure that the influencer is relevant to your niche and that their public persona aligns with your brand’s image.
2. Precise Targeting
3. Enhanced Credibility And Trust
The greatest power of influencers is the trust and loyalty that their followers lay in them. When an influencer shares honest feedback about your financial product or their experiences with your services, it is perceived as a genuine testimonial. It only goes on to strengthen your brand’s reputation and reinforce your credibility.
Therefore, collaborating with influencers helps win the trust of the audiences. In the long run, this will prove to be instrumental in developing and building loyal brand advocates. It increases brand awareness even further and ultimately helps you earn more revenue.
There is no denying that increasing the number of likes and engagements on your social media posts is a struggle in itself. In the event that you do not have good engagement levels, having a million followers will not really yield powerful results. This is where Instagram influencer marketing can play an impactful role.
Working with Instagram influencers improves the quality of your content and makes it more user-centric. Such content is more likely to gain traction from your target audience. When an influencer shares your content on their Instagram profiles, their audience will also engage with it by tagging their friends and sharing it on their own profiles, thereby increasing its reach.
4. Increased Audience Engagement
5. Increased Conversions
The ultimate goal and objective of any business are to drive sales and earn more profit. However, it is very difficult to impress potential customers all on your own. Consumers today have become increasingly aware and spend hours doing their research before making a purchase.
Influencers who have the power to drive more people towards your products and services. This is because audiences love the recommendations made by their favorite influencers. Instagram influencer marketing is an effective tool for customer acquisition. It helps generate quality leads and earn increased revenue.
Examples Of BFSI Firms That Leverage Instagram Influencer Marketing
For TD Bank’s #ShouldaBeenAVideo Instagram marketing campaign, the lender asked Instagrammers to capture intimate moments that should have been a video. TD Bank partnered with Polaroid camera to set up photo content. The winner received a new Polaroid Cube camera and $5000 from the bank.
The hashtag has more than 3000 posts, and the campaign’s top sponsored Instagram post has over 13,000 views.
Upstox is an online market trading application that partnered with leading influencers on YouTube to boost growth. Their YouTube influencer campaign aimed at showcasing the features of their app through visually appealing video content.
US Bank started the hashtag #ISaveSoICan campaign that featured aspirational content created by some top Instagrammers. They showcased what is possible when one achieves financial security. The Instagram influencer marketing campaign is aimed at millennials’ new desire to save for the future.
The campaign relied on many travel and adventure influencers, including Eva Tsang’s collection of travel photos.
Financial institutions can make the most of Instagram by connecting with community members to show that they care about people. Capital One’s campaign #EveryDayMoneyBoston engaged with users by asking them to capture photos of residents supporting local causes. New England’s Patriots Star Julian Edelman got in on the campaign by posting a photo of volunteers building beds for Boston Cares which aims to improve Bostonians’ lives.
Coin Switch is a platform that enables users to deal in cryptocurrency across major Indian and Global exchanges. The brand partnered with various leading YouTube influencers to create an awareness of the platform, thereby generating leads and eventually driving account openings.
Conclusion:
Instagram influencer marketing is increasingly becoming a necessity for BFSI firms. Collaborating with influencers can help create online buzz about your financial products and services. Additionally, it can also strengthen the brand’s reputation, improve audience engagement and increase conversions.
Influencer marketing in the BFSI sector is here to stay for the long run, but BFSI companies need to revamp their marketing strategies to stay relevant and fresh. The content you create should not just cater to your target audience but should also appeal to a passive audience who have the potential to be your customers.
Being a leading influencer marketing agency in India, Confluencr has pioneered influencer marketing solutions that have now become a staple part of the BFSI marketing mix. In India, we work with 4 out of the top 5 discount brokers, leading insurance firms, global consumer banks, cryptocurrency platforms, share market apps like Angel Broking, and many other financial investment brands.
With the restraints that apply to finance brands, it’s rather tough to create marketing campaigns that can truly promote the offerings. We have aptly leveraged influencers for an industry that needed to find newer avenues, to shed off its primary image as boring or dull, and therefore now attracting a younger audience as well. Want to implement influencer marketing for your brand? Reach out to us at [email protected] and we shall get right back to you!
