Influencer Marketing Guide for Finance Brands
It has been predicted that by 2022, the influencer marketing industry will be worth $15billion. As the term ‘influencer marketing’ becomes more popular across industries, one particular industry that is getting onboard and transforming what influencer marketing looks like is the financial services industry.
The growing interest in digital marketing from the finance sector stems from its realization of the benefits and applications. Finance brands are making the most of establishing a connection with their customers and building credibility for their brand with the help of influencer marketing.
Framing an effective influencer marketing strategy for finance brands
Every brand no matter which niche, depends on influencer marketing to cater to their audience on social media. However, financial brands require a different approach. Here are the steps to create an effective influencer marketing strategy for your finance brand.
Step 1: Understand the goals and objectives of your influencer marketing campaign.
Influencer marketing for your finance brand needs to have goals and objectives. You need to ensure that you know exactly what you want to achieve from a given campaign and what it has in store for your audience. Users usually look to finance brands for information rather than entertainment. Therefore, you need to be clear of what the campaign goals and objectives are.
Step2: Know your target audience
Influencer marketing campaigns should be directed towards the right audience to get the desired results. Banks and other financial brands need to be careful about who they are targeting; otherwise, their campaign might not deliver results. For example, if you wish to promote internet banking services, your target audience should ideally be millennials and Gen Z as this group is tech-savvy and frequently uses net banking apps.
Step 3: Determine the social media apps for your brand.
Influencer marketing for finance brands can be quite tricky because it requires careful selection of social media platforms. Once you have identified who your target audience is, you must analyze which social media channels they are most active on. Ensure that you implement the influencer marketing strategy across multiple platforms to get the best results
Step 4: Structure the content for influencer marketing for a finance brand
The context of your influencer marketing campaign should be precise and clear. From blogs to videos, social media platforms enable you to use all forms of content. What’s more, is that the kind of content you choose deeply impacts your influencer selection. You should also ensure that the type of content you choose is suitable for the social media platforms you have selected.
Step 5: Choose the right influencers for your finance brand
Finance brands using influencers need to be careful about who they choose. Not every influencer has the potential to convey financial messages. Ensure that the influencers you choose have good credibility and are genuine to promote your brand. They need to be clear of what they are posting because any negligence can lead to severe consequences regarding legalities. This is because the BFSI sector is bound by strict rules and regulations.
Step 6: Analyze your competitors before implementing your strategy
Many banks have started using influencers for marketing their financial products. Analyzing your competitors across social media can help you structure the right strategy. You will know the kind of influencers your competitors are collaborating with and the kind of content they are posting. Observing these elements will help you detect what improvements are needed in your strategy.
Step 6: Analyze your competitors before implementing your strategy
Step 7: Create a campaign brief for finance influencers
Your campaign brief should contain all the necessary details about your campaign. It should include a detailed brief so that the selected influencers are on the same page as you. This can include details about the content structure, timeline of the campaign, platforms where the campaign will be implemented, etc.
Step 8: Analyze the performance of your influencer marketing campaign
The last and the most important step in creating an effective influencer marketing campaign is to analyze the past and ongoing campaigns. Only when you analyze and measure the performance of your campaigns will you know whether your strategy was successful. This will also help you notice areas of improvements and whether your choice of influencers can get your brand the desired responses.
Concerns of finance influencer marketing
Any company irrespective of its niche that uses influencers for marketing needs to be aware of the FTC or Federal Trade Commission’s disclosure guidelines. It states that the influencer’s posts need to reveal the material connection between the influencer and a brand – including something like #ad in the post.
Finance companies also need to keep in consideration the FINRA or Financial Industry Regulatory Authority’s rules and regulations on advertising whenever they pay an influencer to promote their products. FINRA bars an influencer from recommending specific mutual funds or stocks in their posts.
Even though finance influencer marketing has its own set of rules and regulations, it is not challenging for a financial company to work with influencers and get your message out there. As long as your influencer marketing campaigns comply with FINRA and FTC rules, influencer marketing for your finance brand can be an ideal way to connect with your desired audience.
Examples of financial services influencer marketing
American Express: Pay It, Plan It
American Express aimed at promoting its Pay It, Plan It payment plan option and partnered with numerous influencers who were called Amex Ambassadors. One of those influencers was Clariss Alvarado, who has more than 385K followers.
Klarna: Try before they buy
Klarna, a payments company, launched a video campaign with actress, comedian and influencer Celeste Barber. The Campaign emphasized on the ‘try before they buy’ experience of shoppers by allowing customers to manage their purchases and finances freely.
TradeSmart: Awareness among the masses
TradeSmart, an online discount broking firm, took to influencer marketing through video campaigns on YouTube. The campaigns aimed at creating an awareness among the masses about their product, it’s capacity, new features and offers.
Tata Capital: We Count on You
Tata Capital, the financial services vertical of Tata Group launched the influencer campaign #WeCountOnYou across all channels – YouTube, Facebook, Instagram and Twitter. The campaign aims at boosting positive sentiment among its customers through influencers like Atul Khatri, Pranav Sapra and Gunjan Shouts.
Ellevest: 5 Minutes With
Ellevest is an investment firm which specifically targets women and aims to encourage women to invest their money. The brand used influencer marketing with #5MinutesWith Instagram series. The posts with that hashtag featured female business owners and entrepreneurs who answered questions about their business and personal goals.
US Bank: I Save So I Can
US Bank, a financial institution, made the most of influencer marketing with #ISaveSoICan. With this hashtag influencers shared their personal and heartwarming stories and reasons for setting money aside.
World of Hyatt credit card
Chase and Hyatt Worked with Instagram Influencer Molly Sims whose interests aligned with the travel card that featured perks for health and wellness. Her feed showcases her as a working celebrity mom who frequently travels for business and pleasure while keeping up with beauty and fitness regimens. Chase and Hyatt Worked with Instagram Influencer Molly Sims whose interests aligned with the travel card that featured perks for health and wellness. Her feed showcases her as a working celebrity mom who frequently travels for business and pleasure while keeping up with beauty and fitness regimens.
There are many finance brands that have excelled in their influencer programme with high maturity and treat influencers as a part of their overall customer experience. This level of sophistication when it comes to partnership marketing involves finance brands investing their time and resources into each stage of the life cycle.
This positions influencers as long-term brand ambassadors who are able to tell stories and support the brand’s message. The beauty of such a relationship is that it tends to drive all kinds of outcomes, including awareness, app downloads, sign-ups, purchases, engagements, and so much more.
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 firstname.lastname@example.org