In the digital era, marketing has become a fundamental part of the growth and success of any industry and the financial and banking sector is not an exception.
Influencer marketing, specifically, has become one of the most effective and profitable marketing strategies and its impact on the financial industry is beyond measure.
What is influencer marketing?
An influencer is someone who, because of their personality and social skills, has a significant influence on the opinion and decision of others.
These qualities are ideal to become a promoter of a brand or product, as they have the power of conviction and a large number of followers on their social media profiles.
Among the types of influencers found on social networks, we can distinguish the following:
- Lover: User who shows their support for a brand on social networks without a formal relationship with the brand or any remuneration in return.
- Ambassador: User who supports a brand in exchange for any remuneration or compensation from the brand.
- Celebrity: A recognised and influential person outside of social media who uses their celebrity status to communicate within social media with high impact.
- Popular: A user who is highly influential within the social network but, unlike a celebrity, is not influential outside social media.
- Expert: Person with direct influence due to their profession or expert knowledge.
Influencer Marketing consists of a marketing strategy where a collaboration agreement is reached between a company and an influencer to spread or promote its brand.
Normally, with the aim of increasing a brand’s visibility and its website traffic, the number of followers on their social media profiles and, above all, to increase the number of sales.
The idea behind influencer marketing is that if an influencer recommends a product, their followers will trust that recommendation and be more inclined to buy that product.
How can the financial sector benefit from financial influencers?
Influencer marketing can be more effective than other forms of marketing, as influencers have a personal and trusted relationship with their audience. A recent report by Hubspot pointed out that GenZs were more likely to buy a product recommended by their favourite influencers than by their friends and family.
In addition, Influencer marketing allows one to target a niche target audience: both are key reasons why influencer marketing is so effective in promoting products. It produces the second highest ROI of any marketing trend, according to this same report.
As with any other sector, finance can highly benefit from influencer marketing by selecting key financial influencers with a highly trusting follower base.
In addition, influencer marketing can help create a positive image of financial and banking institutions, which can improve the public perception of the sector.
Steps to devising an influencer marketing strategy for the financial sector
By working with financial influencers, the financial and banking sector can increase its visibility in the market, improve public perception of the sector and promote its products and services effectively.
So what are the steps involved in an effective influencer marketing strategy?
Implementing an influencer marketing plan in the financial sector requires a clear and well-defined strategy.
Identification of objectives
Before you start, it is important to know exactly what you want to achieve with your influencer marketing campaign.
Do you want to increase brand awareness, attract new customers, build customer loyalty?
Selecting influencers
Next, you need to identify the right financial influencers for a given target audience. Think about their audience, their area of influence and their communication style.
Make sure that the influencer’s values and personality are consistent with those of your brand.
Create an attractive proposal
Once you have identified the financial influencers with whom you want to collaborate, you have to create an attractive proposal for them, thinking about what you can offer them in exchange for their collaboration and make sure they feel valued.
Define success metrics
Before starting the campaign, you need to establish what metrics you will use to measure its success.
These can include the reach of the campaign, the number of interactions on influencers’ posts, traffic to your website, among others.
Executing the campaign
Once we have everything in place, it’s time to execute the campaign.
We make sure that the finance influencers understand exactly what is expected of them and provide them with all the necessary material so that they can create quality content.
Combine affiliate and influencer marketing
Influencers can take the opportunity to add a link to the website of the product or service they are promoting: this is the most direct way for an influencer to sell a product. Given the highly trusting and niche follower base of an influencer, affiliate marketing strategies are highly effective with influencers, meaning high click through rates and qualified leads arriving in the website are probable.
Follow-up and evaluation
After the campaign is over, it is important to evaluate its success and track the metrics you have established. Analyse what worked well and what didn’t and apply this information to your future influencer marketing campaigns.
At financeAds we are experts in designing and implementing affiliate marketing strategies for banks and financial institutions with influencers. We have a database of more than 200 influencers across the markets.
Count on us to get results for your business with our successful campaigns!