How Can BFSI Companies Leverage Influencer Marketing?

Influencer marketing has certainly proved to be 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, it was only brands in the lifestyle niche that made the most of influencer marketing, but now banks and financial institutions are heavily relying on this marketing technique as well. The banking and financial sector need to be relevant in the marketplace, and this makes finance influencers also play a vital role. 

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 on a steady rise.

Financial conversations are not quite 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 now 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, banks have an opportunity to reach out to their intended audiences.

Challenges faced in the finance sector

1. High cost of acquisition

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 exactly where digital marketing strategies can play a key role.

2. Lower conversion rates

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.

2. Lower conversion rates

3. Building brand affinity in the competitive market

With a plethora of other financial companies in the marketplace, there is a wide range of services that are almost similar. The tasks of standing out as a trusted name is very challenging. Therefore brands need to leverage the power of digital marketing, even more so – influencer marketing – to emerge as a leading player in the digital ecosystem.

4. Building yourself as trusted brand

A primary objective of every BFSI company is to make their brand a household name. Be it 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

5 ways BFSI companies can leverage influencer marketing

BFSI companies using influencer marketing is not a novelty, but it is still unclear as to 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

bfsi influencer marketing

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

However, Every social media platform today is crowded with content from all sectors. Hence, targeting the right audience becomes essential for the financial niche. What’s more, is that 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.

bfsi influencer marketing

2. Get a step ahead of your competitors

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

2. Get a step ahead of your competitors

3. Influencers can change the way their brand is perceived

Influencer marketing is just not an important technique to market your brand on social media. It serves several other purposes as well. From rebranding all the way to changing the way people perceive your brand, influencer marketing strategy helps you do it. BFSI companies launching new services can also make the most of influencer marketing to promote their products, services, and other campaigns.

4. Make your brand approachable with influencers

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 its target audience consumes content from social media channels and not television. Social media helps a conversational approach and makes it apt for banks and other financial institutions.

4. Make your brand approachable with influencers

5. Use influencer marketing to gauge audience sentiment

bfsi influencer marketing

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 gain a lot from influencer marketing but framing an effective strategy is another major aspect that needs attention. 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.

bfsi influencer marketing

Creating effective influencer marketing content for BFSI

Every brand in almost every niche relies on influencer marketing strategies to cater to their 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

influencer marketing for finance

Video content is highly recommended when it comes to influencer marketing for BFSI companies. Videos not only keep the audience engaged and help you convey the 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 that what happened when Groww collaborated with influencers, or they can include full fledged service or product reviews that Confluencr did for Upstox.

influencer marketing for finance
bfsi influencer marketing guide

2. Informative blogs for your audience add value

bfsi influencer marketing guide

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

bfsi influencer marketing strategy

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

bfsi influencer marketing strategy
bfsi influencer marketing agency

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

bfsi influencer marketing agency

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 influencers who are popular, financial advisers and have an audience base that aligned with your intended target audience.

5. Select a story-telling approach

how can bfsi brands can leverage influencer marketing

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 approachable.

how can bfsi brands can leverage influencer marketing

Conclusion

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.

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 much needed to find newer avenues, to shed off it’s primary image as boring or dull, and therefore now attracting a younger audience as well. To implement influencer marketing for your brand, reach out to hello@confluencr.com

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