Influencer Marketing For Finance Brands: 2023 Guide
In the realm of finance, where numbers and spreadsheets often take center stage, it’s easy to overlook the power of human connection. Enter influencer marketing—a strategic approach that fuses the credibility of finance brands with the relatability of influential personalities. In this ever-evolving digital landscape, finance brands realize the potential of partnering with influencers to engage audiences and foster trust.
But how can they navigate this unique terrain?
This comprehensive guide will equip finance brands with the knowledge and tools necessary to thrive in the world of influencer marketing. From identifying the right influencers who align with brand values and target demographics to crafting compelling campaigns that resonate with audiences, we’ll explore the secrets behind successful collaborations.
So, Finance brands make a note of these important points before diving into influencer marketing:
- Ethical Concerns in finance influencer marketing
Let’s first understand the hurdles faced by financial brands when they venture into collaborations with influencers before we delve into the crucial aspects of a successful influencer marketing strategy.
A) FTC
The Federal Trade Commission (FTC) has established disclosure guidelines that all businesses using influencers for marketing purposes must follow. A hashtag like “#ad” in the middle of an influencer’s post indicating their affiliation with a company is required per the terms of the agreement.
B) FINRA
When deciding how much to pay an influencer for promoting their product, financial institutions should take FINRA’s (Financial Industry Regulatory Authority) norms and regulations into account. The FINRA prohibits endorsements of individual stocks or mutual funds in online content.
It is not difficult for a financial organization to collaborate with influencers and spread their message, despite the fact that finance influencer marketing has its own norms and regulations. Influencer marketing for your finance business can be a great method to reach your customers as long as your efforts follow FINRA and FTC guidelines.
Curate a winning influencer marketing strategy
Here is the step to step guide to creating a winning influencer marketing strategy,
- Set specific goals and objectives
A well-planned influencer marketing strategy for a financial services firm is essential. Make sure you have a clear idea of your campaign’s goals and the intended outcomes before launching it. Users seek out financial businesses more for information rather than just other posts of amusement. As a result, you need to have a firm grasp of the aims of the campaign.
- Identify your intended audience
The success of an influencer marketing strategy depends on targeting the appropriate demographic. Financial institutions and their associated brands need to be selective in their target audience if they want their marketing effort to be successful. Take the case of promoting online banking services as an example. Because of their familiarity with and comfort with new technologies, members of Generation Z and the millennial generation should be your primary focus.
- Choose an appropriate social media platform
Fintech influencer marketing demands a nuanced approach, particularly in terms of which social media channels to prioritize. After settling on a specific demographic to market to, you must investigate which social media platforms they frequent the most. To maximize the effectiveness of your influencer marketing campaign, you should roll it out over as many channels as possible.
- Structure your influencer marketing content
Regarding the setting of your influencer marketing campaign, you should be clear and upfront. Utilizing everything from blogs to videos is possible thanks to social networking sites. The influencers you pick greatly depend on the kind of content you choose. The content you choose must also be relevant to the social media platforms you have chosen if you want to get the most out of your finance influencer marketing strategy.
- Pick your influencers wisely
Financial services companies must be selective when selecting influencers. While certain people may have sway over others, not everyone can be trusted to relay important financial information. Make sure the people you work with to market your brand are trustworthy and authentic. They should think carefully about the content they are sharing online, as any mistakes could have serious repercussions legally. It’s because the BFSI industry is bound by such stringent restrictions.
One such application is Sehaye, which allows you to leverage influencers to strengthen your brand’s connections to its target demographic. They make it easier to get in touch with several decision-makers. Brand decision-makers and opinion leaders can use this site to tailor their selections to their individual needs.
- Analyze your competitors before adopting your strategy
The use of influencers in the marketing of financial products is becoming increasingly common among banks. Competitor research across social media platforms can inform strategy development. You will learn who your rivals are working with and what they are blogging about in terms of influencers. By keeping an eye on these indicators, you can determine where your technique needs tweaking.
- Make a marketing brief
A campaign brief is a document that should contain all the information regarding your campaign. A comprehensive brief is required to ensure that you and your chosen finance experts are on the same page. Details such as the campaign’s content structure, time frame, the channels through which it will operate, etc., might be included here.
- Keep a keen eye on your campaign’s result
Analyzing previous and current campaigns is the final and most important phase in developing a successful finance influencer marketing strategy. The only way to tell if your strategy worked is to dig in and see how your campaigns fared. Identifying improvement opportunities and testing whether your influencer selection yields the intended results for your brand are both facilitated by this.
Some real-world examples of financial influencer marketing
- Tata Capital: We Count on You
The financial services division of the Tata Group, Tata Capital, has started a multi-channel influencer marketing campaign under the hashtag #WeCountOnYou. Influencers such as Atul Khatri, Pranav Sapra, and Gunjan Shouts played their part in this campaign. The campaign encourages people to actively participate in building a better society by highlighting the importance of individual actions and emphasizing that every contribution counts.
- Paytm and Harsh Beniwal
Paytm, a popular Indian digital payments platform, collaborated with Harsh Beniwal, a popular Indian YouTuber and social media influencer, to promote its various financial services, such as mobile wallet, bill payments, and digital transactions. Harsh Beniwal created engaging and humorous videos highlighting the convenience and benefits of using Paytm for financial transactions.
- ICICI Bank and Mumbiker Nikhil
ICICI Bank, one of the largest private sector banks in India, partnered with Mumbiker Nikhil, a renowned Indian motorcycle vlogger, and influencer. Mumbiker Nikhil shared his experiences using ICICI Bank’s digital banking services, including mobile banking, online fund transfers, and credit card features. The collaboration aimed to showcase the ease and security of banking with ICICI through engaging travel vlogs and social media posts.
- HDFC Bank and Shakti Mohan
HDFC Bank, another leading Indian private sector bank, collaborated with Shakti Mohan, a popular Indian dancer and influencer. Shakti Mohan shared her financial goals and how HDFC Bank’s investment products and services helped her achieve them. The campaign focused on promoting HDFC Bank’s investment options, including mutual funds and savings accounts, to a younger audience interested in financial planning and growth.
- Upstox and Ranveer Allahbadia
Upstox, an Indian online discount brokerage firm, partnered with Ranveer Allahbadia, also known as BeerBiceps, a prominent Indian fitness and lifestyle influencer. Through informative videos and social media content, Ranveer highlighted the importance of investing and introduced Upstox as a user-friendly platform for stock trading and investment. The collaboration aimed to target millennials and Gen Z, encouraging them to start investing in the stock market.
- Zerodha and Prateek Kuhad
Zerodha, a prominent Indian financial technology company, collaborated with Prateek Kuhad, a popular Indian singer-songwriter. In this campaign, Prateek Kuhad shared his journey as an independent artist and how Zerodha’s investment platforms helped him manage his finances and plan for the future. This partnership aimed to create awareness about Zerodha’s investment products among the artist community and their followers.
However, if you want to get a scoop of insight into influencer marketing challenges and their tackling solutions, then this article is a must-read, “Influencer Marketing Challenges In 2023 And How To Tackle Them.”
In a nutshell
This guide has shed light on the key elements of a successful influencer marketing strategy for finance brands, from navigating ethical concerns to curating compelling content and selecting the right influencers. By embracing this approach, the fintech industry can foster genuine connections, inspire trust, and reach its target audience effectively.
We are Vavo Digital – a full-range influencer Marketing agency that trains brands like you to drive positive results from influencer marketing, helps with effective brand-influencer collaborations, and makes your influencer hunt feasible with our Sehaye application! Interested to know how you can proceed with your journey with us? Book a call with us at hello@vavodigital.com this instant!