How should you plan your influencer campaign for a finance brand?
Influencer marketing has evolved into an effective tool for businesses seeking to reach new audiences. Marketers employ a variety of techniques to identify influential people and gain access to their followers.
Social media has a massive and ever-growing user base and a projected 4.41 billion by 2025. As the term “influencer marketing” spreads across industries, one industry, in particular, is embracing it and changing what influencer marketing looks like in the financial industry.
The increasing interest in digital marketing in the finance sector stems from an understanding of its benefits and applications. Finance brands are taking advantage of finance influencer marketing to connect with their customers and build credibility for their brands. Marketing financial services are not as simple as marketing a cosmetics or clothing line. These traditional products have an allure and attraction that most financial products do not. The items that financial brands hope to promote are innately dull, which makes convincing people to buy them difficult. Unlike other lifestyle products and services, the audience size for financial products is also lower which makes it difficult to use traditional marketing.
Another reason financial services marketing is more difficult than in other industries is the finance industry’s jargon. Finance professionals employ highly technical terminology, and their processes are replete with industry jargon. It can be difficult for marketers and advertisers to translate marketing jargon into language that a normal social media user can understand. Furthermore, the financial services marketing industry is hampered by numerous regulatory and compliance formalities.
Looking for ways to plan an influencer campaign for a Finance brand? No worries, this article will help you make fabulous influencer marketing strategies for fintech brands.
Tips For Making An Effective Influencer Marketing Strategy For Finance Brands
A different approach is required for financial brands.
- Understand your influencer marketing campaign’s goals and objectives: Your finance brand’s influencer marketing strategy must have goals and objectives. You must ensure that you understand precisely what you want to achieve from a campaign and what it has in store for your target audience. Users typically seek information from finance brands rather than entertainment. As a result, you must be clear about the campaign’s goals and objectives and try onboard influencers who try to break down problems into smaller pieces and explain those well in simple words.
- Understand your target audience: When seeking desired results, finance influencer marketing campaigns must be targeted toward the appropriate audience. Financial brands must be cautious about who they target; otherwise, their campaign may fail to produce results. Let’s say you want to promote a personal finance app. In that case, your target audience should preferably be millennials and Generation Z, as they are tech-savvy and frequently use such apps. We did not have great success with Instagram for one of the investing products, however, it worked well with other generic saving and DIY mutual fund brands. At the same time, our investing product promotions with influencers on Youtube did really well and continue to get us additional customers even after several months of campaign execution.
- Choose the best social media apps for your brand: Influencer marketing for finance brands can be difficult because it necessitates prudent platform choice on social media. Once you’ve finalized your target audience, you must determine which social media platforms they use the most. To achieve the best results, make sure that your influencer marketing strategy is implemented across multiple platforms. Not only this, the video format i.e. short form vs long format work very differently. In the case of investing products, users typically like to understand various aspects of investing as well as associated risks and hence try and watch multiple long format videos to build understanding. While for something like saving or checking accounts, users would typically like to understand USPs and these can at times be communicated via short format as well.
- Create relevant content for a finance brand: When making a marketing campaign for a fintech brand, the content must be clear and to the point. Social media platforms allow you to use many kinds of content, from micro blogging to videos. Furthermore, the type of content you choose has a significant impact on the influencers you select. You must also ensure that the content you choose is appropriate for the particular social media platforms you’ve chosen in order to get the most out of your finance influencer marketing strategy. E.g. The kind of content one promotes on LinkedIn varies a lot from the one shared on Twitter. Also, brands tend to use different influencers even for the same communication depending on which platform they are using.
- Select the apt influencers for your finance brand: Finance brands that use influencers must be cautious about who they choose. Not every influencer has the ability to communicate financial messages. Make certain that the influencers you want to promote your brand have good credibility and are truthful. They must be careful about what they post because any mistakes can have serious legal ramifications.
- Before implementing your strategy, conduct a competitor analysis: Many banks have begun to market their financial products through influencers. Evaluating your competitors on social media can help you formulate the best strategy. You will be aware of the influencers with whom your potential customers are collaborating and the kind of content they are posting. Monitoring these factors will assist you in determining which aspects of your strategy require improvement.
- Make a campaign brief for financial influencers: Your campaign brief must include all of the pertinent information about your campaign. It should contain a detailed brief so that the finance influencers you’ve chosen are on the same page as you. This can include details about the campaign’s content structure, timeframe, salient points, disclaimers, and so on.
- Examine the outcomes of your influencer marketing campaign: The final and most important step in designing a successful finance influencer marketing campaign is to examine previous and ongoing campaigns. Only by investigating and evaluating the outcomes of your campaigns will you be able to determine whether your strategy was effective. This will also assist you in determining areas for the betterment of whether your chosen influencers can achieve the desired responses for your brand.
Many fintech brands have mellowed their influencer programs and treat influencers as part of their overall customer experience. Finance brands spend time and money on each stage of the cycle. Influencers are positioned as long-term endorsers who can tell stories and support the brand’s message. The beauty of such a connection is that it tends to influence a variety of outcomes, such as awareness, sign-ups, app downloads, purchases, engagements, and so on.
At Unravel Media, we have been able to estimate performance from influencer campaigns for the finance brands that we work with and also been able to clearly derive ROI from these campaigns with a media mix of LinkedIn, Youtube, Instagram and Telegram contents. Do get in touch if you wish to know more about our approach.