The finance technology industry may not appeal to an ordinary consumer. It is no surprise then that many fintech companies do not collaborate with influencers for marketing.
But many fintech companies have not discovered the power of influencer marketing yet.
The new world digital scene requires the fintech industries to get ahead of their peers. Today, the majority of the young generation is online. Therefore, companies must seek customers through various digital channels.
Social media platforms serve as a great entry point for fintech companies to connect with new people. But the challenge is to tell the audience what a fintech company can do for them. These are topics that hardly impress the audience. It is where the influencers come into the picture. They help convey the brand message to the target audience in a relatable way.
Influencers are very much aware of their power over their followers. The audience trusts their recommendation. But, the fintech brands have to approach influencers who share the same values as them. Only then can influencer marketing get the best results.
Reasons why fintech brands should invest in Influencer Marketing
Influencer marketing provides enormous opportunities to connect with the audience. A challenge for the brands is to pick the right influencer. The majority of influencers promote fashion and gadgets on social media platforms. So, the brands have to be very creative in promoting fintech services through influencers. Micro-influencers have a bigger impact on the audience. They convey the brand message through natural endorsements. The brands can collaborate with relevant influencers and promote through authentic content to get the desired results.
Reach the target audience
People are on social media platforms more than ever. Their dependency on these platforms has increased manifold.
- Instagram has 1 billion monthly users. 33% of them are in the 25-35 age group.
- Similarly, Facebook has 2.7 billion monthly users. 27% are in the 25-35 age group.
- Twitter gets 187 million users in a month. 44% are in the 30-50 age group.
- YouTube has 2 billion monthly users. Here, the largest age group is 15-25 years.
The above statistics clearly show that millennials are crowding social media platforms. They come to these channels for information and entertainment.
The fintech industry can benefit from social media channels. It can create short engaging videos to educate the audience on the importance of finance technology.
The brands can collaborate with influencers whose follower demographic matches their core audience. But, they have to give content liberty to their influencers. This increases brand awareness and gets them high engagement.
Create personal connections with the audience
Influencers have the power to connect personally with their audience. Influencer marketing does not thrust products to the audience. As a result, this format makes the followers genuinely believe in the ads.
Fintech brands can script real-life experiences through influencers to increase awareness of their services.
The content quality has to focus on the benefits. It shouldn’t push forward downloads and sales. It has to solve the pain points effectively. Only then can fintech companies hope to achieve a personal connection with the audience.
Boost credibility among the audience
The audience does not trust brands when it concerns money. And, fintech service is related to money. Hence, the fintech brands find it challenging to convey their message directly to the audience. The best way out is to take advantage of influencer marketing services. Influencers are the best example of “word-of-mouth” referrals. They lend a human connection to advertising. The followers trust their influencers because of this. Endorsing your services through influencers builds credibility and increases engagement.
Track Audience Preferences
Influencer marketing is flexible and brands can benefit from this. They can use the A/B campaign testing approach by using different ad formats. The idea is to present diverse content through multiple influencers. It helps them to track and analyze the campaigns. Also, it gives them a chance to track the best one and improve on the others.
In influencer marketing, the comments are a great way to know the audience’s reactions and preferences. The fintech brands have to resolve the user queries and guide them through their services. Brands can tap into the influencer follower base to identify the audience preferences. Thus, they can improve their services.
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Types of influencer marketing strategies for fintech brands
- Sponsored reviews
The sponsored reviews are in the form of videos and images. The fintech industry pays the influencer for reviews about its services.
2. Social media mentions
Here, the influencer gives a shout-out to the fintech brand. They mention its benefits and uses through posts like short videos, images, and descriptions.
3. Giveaways
The influencer runs a contest on their channel. The fintech brand sponsors gifts to the winner. As a result, it increases its social media follower count.
4. Influencer blogs
The influencer mentions the fintech brand in their blog. They place a website link for the brand. Similarly, the influencer can write a guest post on the website of the brand.
5. Events & videos
The fintech brand arranges for podcasts and webinars with expert influencers. With this, they can get new followers by promoting informative content.
How can an influencer marketing platform help fintech brands increase awareness?
It is a challenging task to advertise for fintech brands. Firstly, the influencers have to be right. Next, the content must be engaging. An easy way is to hire the services of a good influencer marketing platform. It acts as a mediator between brands and influencers. The influencer marketing platform helps brands to find relevant influencers in their niche. It also designs influencer campaigns for brands.
For a successful influencer marketing campaign, two things are a must.
- Collaboration with relevant influencers.
- Designing the right campaign strategy.
An influencer marketing platform offers these two services effectively. Here, the brands can find influencers for any social media platform. Also, the influencer marketing platform designs campaigns for brands creatively. They even track and submit the campaign report to the brands.
An influencer marketing platform is a boon for fintech brands. Because it helps them to benefit from influencers. Any brand that has not been successful in influencer marketing can try it from these platforms.
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Wrap Up
Fintech brands can achieve increased brand awareness through influencer marketing. A long-term collaboration with relevant influencers helps in building credibility.
The time is suitable for fintech brands to invest in influencer marketing. So, go for it today!