Harnessing the Power of Finfluencer Marketing
Influence is not new to the financial services industry. Every day, prospective investors are inspired by trusted sources to make decisions. Typically, when the term influencer is mentioned, it is natural to think of the “Mr. Beasts” of the world. If you step outside of social media platforms, you’ll find that influencers can be your niche experts, thought leaders, and other opinion leaders in a space.
A shift from pre-internet word-of-mouth sources to the current creator environment has resulted in a booming economy and market for many. In fact, according to recent Statista data, the influencer marketing industry is projected to reach $33 billion this year, resulting in an increased interest in influencer partnerships within financial brands.
If your communications plans have been hyper-focused on traditional financial media, don’t throw the script away just yet. The role of conventional media is still valuable in maintaining relationships with demographics familiar with your brand or focus. Reporters champion themselves as producers of content that is logical and objective. The role of financial influencers comes in building relationships with their audiences in an authentic and personable manner.
Both are equally important, but neither is the best option for every business goal. Financial and fintech brands have customarily relied on traditional media but have a new opportunity to embrace influencer marketing, thus expanding their communications toolbox.
How Influence is Shifting in Finance
When traditional media remained the primary source of reputable content for people outside of word-of-mouth, the words drafted in an article were extremely valuable due to information scarcity. Thanks to the rise of social media as well as the rise of more individual investors (thanks to low-cost trading platforms like Robinhood), the space for reliable information has expanded, making room for a new type of educator: the finfluencer.
Be an Authentic Storyteller with Edutainment
Social media is full of various content creators; there is a lane for everything, finance included. Platforms like X (formerly known as Twitter), Meta, TikTok, or LinkedIn have allowed audiences to receive relatable and digestible content, taking a bit of the intimidation factor that can come with a field as serious as finance.
The term “edutainment,” a form of entertainment designed to educate its audience, is particularly pertinent when introducing complex concepts in bits and pieces for novice audiences. It is a way to ensure your key messages can get to anyone in a way that sticks.
You might think, “This sounds easy enough. I can set up a camera and do it myself.” With some guidance and practice, that may be true. However, niche influencers have the experience of naturally introducing brands, products, solutions, and offerings to their audiences. All thanks to their strong understanding of their audience’s pain points.
If you find who your ideal audience follows on socials, you’ve found the perfect influencer to create engaging content without compromising credibility.
Finflueners: The Force of Influencers in Finance
It is time for finance communicators and markets to listen and challenge themselves to step outside the status quo – your client’s next best champion might be someone with a loyal following. If you’re still unconvinced, let me share one of my favorite examples of the right influencer connecting with the perfect moment.
Star quarterback Travis Kelce and his mom drove billions of impressions to State Farm after the brand capitalized on his heightened visibility following rumors of his dating life with pop star Taylor Swift. State Farm’s notable mascot, “Jake from State Farm,” was strategically seated next to Kelce’s Mom during an Eagles game. Shortly after, State Farm released a commercial featuring Travis Kelce.
The outcome included over 400 media placements, 2.6 billion social media impressions, and a 15% increase in the brand’s search engine ranking.
State Farm took a strategic approach in building its relationship with Travis Kelce. The initial appearance featuring Kelce’s mom alongside the company’s mascot occurred in October, while the commercial was released in January. This timeline allowed the brand to connect with Kelce’s audience on its platform before delivering the major reveal.
Top 5 Considerations in Building an Influencer Marketing Program
When building out an influencer marketing program for financial services, here are our 5 top considerations:
- Invest time in deep research and vetting: A huge following isn’t THE sign that your influencer is the right fit. It is important to spend some time researching to make sure they are a safe option. The last thing your organization needs is controversy tarnishing your brand’s name, especially when your intentions were to uplift it. Key things to look for include negative press and scanning their past social interactions to ensure they aren’t exercising their freedom of speech in a way that doesn’t align with your organization’s values.
- Make sure your audiences align: Take a moment to think outside your brand and about your audience. When selecting an influencer, ensuring this person will connect with your target audience is essential.
- Collaborate with your influencer: Now, it isn’t solely on the influencer to get you the great results State Farm experienced. Collaborate with them to create content to ensure that your message gets across. No one knows your brand values better than you!
- Take the integrated approach: Reaching an audience isn’t one size fits all. You’ll have a better chance of success if you build an integrated program that includes social, PR, and advertising. This allows you to make the maximum impact within your campaign.
- Play the long game: The true goal of any communications strategy is to build a relationship. All healthy relationships are built through trust. With a longer integrated plan, you can establish roots, giving your audience something to rely on and look forward to!
If you’re looking to get started on a influencer campaign, check out this guide here or reach out to info@fullyvested.com.
