How Can BFSI Companies Leverage Influencer Marketing?

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“Since financial products are very emotional and it involves money, creating a trust factor becomes very important. Influencers with their huge following bring that trust factor and engage with the audience from an objective point of view.”- Rachit Chawla
(Founder and CEO, Finway Capital)

Influencer marketing has certainly proved an effective marketing technique for brands across social media platforms. Influencer marketing has gained more momentum than ever before. Brands want to keep in touch with their customers, and influencers help them do the same.

Initially, only the brands in the lifestyle niche made the most of influencer marketing. Still, now banks and financial institutions are heavily relying on this marketing technique. The banking and financial sector is exploring the dimensions of influencer marketing to grow their business, and this has led to the rise in demand for financial influencers. The traditional marketing techniques do not appeal to millennials anymore, and this generation is now turning into financial decision-makers in their own right. This is why influencer marketing in the BFSI space is steadily rising.

Financial conversations are not easy to market, and their influencers are a perfect fit for target audiences. Banks are now shifting to influencer marketing and social media to convey their messages because most of the audience is active on social media platforms. 

From collaborating with entrepreneurs to supporting start-ups to everything in between, influencer marketing for banks has several unexplored opportunities which we’ve successfully tapped into, for instance, when we marketed for brands like TradeSmart. With the increase in screen time and the endless scrolling, fintech brands have an opportunity to reach out to their intended audiences and turn them into potential prospects for their business. Dive right in to know how can you create and leverage an influencer marketing campaign for your brand.

Contents:

Challenges Faced In The Finance Sector

Here are a few of the challenges faced by the finance sector:

1.High cost of acquisition

bfsi influencer marketing

Traditional forms of advertising have shown to have a higher cost of customer acquisition and often have challenges of attribution and tracking. This ultimately lowers the ROI for financial organizations. This is precisely where digital marketing strategies can play a crucial role.

Without comprehensive strategies for lead nurturing, financial firms often witness a low conversion of leads into customers. With many advanced techniques, these leads can be engaged more effectively and further drive conversions.

2. Lower conversion rates

bfsi influencer marketing

3.Building Brand Affinity In The Competitive Market

bfsi influencer marketing

There is a wide range of almost similar services with a plethora of other financial companies in the marketplace. The task of standing out as a trusted name is very challenging. Therefore brands need to exploit digital media to leverage their business. , Even more so – influencer marketing – to emerge as a leading player in the digital ecosystem.

A primary objective of every BFSI company is to make it’s brand a household name. Whether banking or non-banking institutions, building a trusted brand name is on the top of the checklist for every brand.

4.Building Yourself As Trusted Brand

bfsi influencer marketing

5 Ways in which BFSI Companies Can Leverage Influencer Marketing

BFSI companies using influencer marketing is not a novelty, but it is still unclear why financial services need to market on social media. Here is how BFSI companies can make the most of influencer marketing.

1.Target the right audience through influencers

a pair of hands analysing a few printouts of some infographic

There is no denying that the financial sector is different from lifestyle and needs a specific audience base. Influencers can help BFSI brands reach the right audience on social media.

However, today’s social media platform is crowded with content from all sectors. Hence, targeting the right audience becomes essential for the financial niche. What’s more, not everyone is looking out for content related to finance, and that’s why implementing influencer marketing with industry-specific influencers is the best solution.

a pair of hands analysing a few printouts of some infographic
a set of three blocks stacked one above the other to complete an arrow pointing upwards

2. Get a step ahead of your competitors

a set of three blocks stacked one above the other to complete an arrow pointing upwards

BFSI companies face immense competition. Banks making the most of influencers can better connect with their audiences, which gives them an edge over the competitors. Creating an active social media presence also generates much-needed credibility in the audience’s minds.

3.Influencers can change the way their brand is perceived

an influencer shooting himself as he unboxes a product

Influencer marketing is not a vital technique to market your brand on social media. It serves several other purposes as well. From rebranding to building your brand image, an influencer marketing strategy helps you do it all. BFSI companies launching new services can also make the most of influencer marketing to promote their services and run similar campaigns.

an influencer shooting himself as he unboxes a product
an influencer standing next to a ring light in an Instagram feed window

4. Make your brand approachable with influencers

an influencer standing next to a ring light in an Instagram feed window

Television has always been the go-to channel for the banking sector to target their audience and promotions. 

However, they now need to be perceived as approachable because their target audience consumes content from social media channels and not television. Social media helps a conversational approach and makes it an apt medium for banks and other financial institutions.

5.Use influencer marketing to gauge audience sentiment

a dashboard showing the insights of an influencer marketing campaign

With the help of influencer marketing, BFSI companies can understand who their target audience is and what they think about them. One of the simplest ways to do this is to analyze the comments that you receive on your posts.

The BFSI sector can benefit from influencer marketing but framing an effective strategy is another significant aspect. Unlike travel brands, BFSI companies have limited content opportunities because of the structure of their industry. 

With influencers, there are a lot of creative opportunities to make a mark on social media.

a dashboard showing the insights of an influencer marketing campaign

Creating effective influencer marketing content for BFSI

Every brand in almost every niche relies on influencer marketing strategies to cater to its audience on social media. But banks, insurance companies, and other financial organizations need a different approach to influencer marketing. Here are a few ways you can engage with your audience.

1.Opt for video content with your audience

a screenshot of Instagram influencer, Mithila Palkar's video promoting a product along with its caption

Video content is highly recommended for influencer marketing for BFSI companies. Videos keep the audience engaged and help convey your brand message creatively. It is best to collaborate with mega and micro-influencers for video content. These videos can subtly introduce and enlighten the audience with brand sponsorships just the way  Groww collaborated with influencers, or they can include full-fledged service or product reviews like Confluencr did for Upstox.

a screenshot of Instagram influencer, Mithila Palkar's video promoting a product along with its caption
a screenshot of Instagram influencer, Jeremy Schneider's post on retirement funds along with its caption

2.Informative blogs for your audience add value

a screenshot of Instagram influencer, Jeremy Schneider's post on retirement funds along with its caption

Instagram is a go-to choice when it comes to influencer marketing for BFSI companies. Instagram today has become a platform for micro-blogging, and BFSI companies can use this feature to their advantage. Collaborate with influencers who are dedicated to finance and post informative blogs. Blogs with informational content will give you the desired engagement rate. Your content should be easy to understand for the audience.

3.Convey your messages through infographics

a screenshot of Finshots, a financial newsletter's Instagram post on gold prices along with its caption

Influencer marketing for BFSI companies needs to be simple to understand, and infographics are the best way to convey a complex topic. You can display graphs, pie charts, and diagrams to explain a particular message with infographics. Such a content format lets you get creative with your brand’s colours and fonts. Infographics are visually appealing and always grab the reader’s attention.

a screenshot of Finshots, a financial newsletter's Instagram post on gold prices along with its caption
a screenshot of Instagram influencer, Kritika Khurana's post promoting a product along with its caption

4.Partner with mega and micro-influencers for influencer marketing

a screenshot of Instagram influencer, Kritika Khurana's post promoting a product along with its caption

When implementing influencer marketing for BFSI, it is not mandatory to only stick with influencers from the finance and banking sectors. You can also consider collaborating with famous financial advisors and having an audience base aligned with your intended target audience.

5. Select a story-telling approach

a screenshot of Instagram influencer, Barkha Singh's video promoting a product along with its caption

Simply creating a post for your brand will not do you any good. You need to have some sentiments in your posts. Opt for a storytelling approach in your content strategy to connect better with your audience. Having this approach will also help your brand sound more genuine and easily approachable.

a screenshot of Instagram influencer, Barkha Singh's video promoting a product along with its caption

Final Thoughts:

Influencer marketing in the BFSI sector is here to stay long, but BFSI companies need to revamp their marketing strategies to stay in the game. 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.

Confluencr has pioneered influencer marketing solutions that have 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 brands in the financial domain. 

With the restraints that apply to finance brands, it’s rather tough to create marketing campaigns that can indeed promote the offerings. We have aptly leveraged influencers for the BFSI industry that are all set to find newer avenues, shed off its primary image as boring or dull, and, therefore, now attract a younger audience. To implement influencer marketing for your brand, reach out to us at [email protected]

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