Influencer Marketing Guide for Finance Brands: 2023 Guide

Influencer Marketing Guide for Finance Brands

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“While the amount is not substantial, the expertise, reach and financial education that the finfluencers bring is unparalleled. The readers/viewers that go to them are essentially our target audience.”- Ajinkya Kulkarni
(Co-founder, Wint Wealth)

It has been predicted that by 2023, the influencer marketing industry will be worth $15billion

As the term’ influencer marketing’ becomes more widespread across industries, one particular industry that is getting onboard and transforming what influencer marketing looks like is the financial services industry. 

The finance sector’s growing interest in digital marketing 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 brands with the help of finance influencer marketing. In this article, we decode influencer marketing strategy for fintech brands in an 8-step approach along with a few examples of fintech influencer marketing campaigns.

The Ultimate Guide for Finance Influencer Marketing:

1.Concerns Of Finance Influencer Marketing

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Before we dive into what makes an effective influencer marketing strategy, let us take a look at certain challenges faced by finance brands when it comes to collaborating with influencers.

Regardless of its niche that uses influencers for marketing, any company 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 connection between the influencer and a brand – including something like #ad in the centre. 

Finance companies also need to consider 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 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.

2.Framing An Effective Influencer Marketing Strategy For Finance Brands

No matter which niche, every brand depends on influencer marketing to cater to its 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 about the campaign goals and objectives.

a vector image of a black-and-white crowd in which a few people are highlighted in color

Step 2: Know your target audience

Finance 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 whom they target; otherwise, their campaign might not deliver results. For example, suppose you wish to promote internet banking services. In that case, 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 tricky because it requires a careful selection of social media platforms. Once you have identified your target audience, 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.

a phone screen flashing facebook, twitter, and instagram icons
a man checking instagram insights of his account on his phone

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, the kind of content you choose profoundly impacts your influencer selection. You should also ensure that the type of content you select is suitable for the social media platforms you have chosen so that you make the most of your finance influencer marketing strategy.

Step 5: Choose the right influencers for your finance brand

Finance brands using influencers need to be careful about whom 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 strict rules and regulations bind the BFSI sector.

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 type 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 finance influencers are on the same page as you. This can consist of information on the content structure, timeline of the Campaign, platforms where the campaign will be implemented, etc.
a laptop displaying a few statistics

Step 8: Analyze the performance of your influencer marketing campaign

The last and the most crucial step in creating an effective finance influencer marketing campaign is to analyze the past and ongoing campaigns. Only when you explore and measure the performance of your campaigns will you know whether your strategy was successful. This will also help you notice areas of improvement and whether your choice of influencers can get your brand the desired responses.

3.Examples of financial services influencer marketing

American Express: Pay It, Plan It

American Express aims to promote its Pay It, Plan It payment plan option and partnered with numerous influencers such as led Amex Ambassadors. One of those influencers was Clariss Alvarado, who has more than 385K followers.

a screenshot of an influencer's instagram post promoting a brand

Klarna: Try before they buy

Klarna, a payments company, launched a video campaign with an actress, comedian and influencer-Celeste Barber. The movement emphasized the ‘try before they buy’ experience by allowing customers to manage their purchases and finances freely.

Groww: Authentic recommendations

Groww, an investing options company, launched campaigns with finance influencers across YouTube. The Campaign showcased its app’s features that enable users to invest in the share market and mutual funds.

a man checking a stock's analysis on his iPad
a man organizing a few stacks of coins next to his laptop after checking his phone

TradeSmart: Awareness among the masses

TradeSmart, an online discount broking firm, took to influencer marketing through video campaigns on YouTube. The campaigns aim to create awareness among the masses about their product, 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.

a screenshot of an investment firm's instagram post

Ellevest: 5 Minutes With

Ellevest is an investment firm that specifically targets women and encourages them to invest their money. The brand used influencer marketing with the #5MinutesWith Instagram series. The posts with that hashtag featured female business owners and entrepreneurs who answered their business and personal goals.

US Bank: I Save So I Can

US Bank, a financial institution, made the most influencer marketing with #ISaveSoICan. With this hashtag, influencers shared their personal and heartwarming stories and reasons for setting money aside.

a screenshot of an influencer's instagram post promoting a brand campaign
a screenshot of an influencer's instagram post promoting a brand product

World of Hyatt credit card

Chase and Hyatt Worked with Instagram Influencer Molly Sims, whose interests aligned with the travel card that featured health and wellness. Her feed showcases her as a working celebrity mom who travels for business and pleasure while keeping up with beauty and fitness regimens.

4.Final Thoughts

Many finance brands have excelled in their influencer programme with high maturity and treat influencers as a part of their overall customer experience. This level of sophistication in 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 can 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. 

As a leading global influencer marketing agency, 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 financial investment brands. With the restraints that apply to finance brands, creating marketing campaigns to promote the offerings is tough. We have aptly leveraged influencers for an industry that needed 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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