From the humble beginnings of social media users eagerly showing off free products they received from brands, influencer marketing has developed into a billion dollar business. Estimated to be a $1.7 billion industry in 2016, it’s expected to potentially reach $6.5 billion this year.
That’s an incredible trajectory, and with 89% of marketers saying ROI from influencer marketing is comparable to, or better than the other strategies they use, it should be an obvious step for finance brands to take. Why then, can there be hesitation from finance marketers to take advantage of influencers and their reach?
89% of marketers say the ROI from influencer marketing is comparable to, or better than the other strategies they use.
Marketing for more than just millennials: the benefits of influencer marketing
You might think of influencers as glamorous millennials selling tooth whiteners and the latest brand of protein shakes to their peers, but actually, successful influencers span the demographics. Influencer marketing for older generations is booming (pun intended), and no matter your audience, there’s a broad spread of influencers they will relate to.
Once you’ve identified, reached out to and signed up your chosen influencer(s), here comes the clever part, using them to breathe new life into your existing content strategies. If done well, an influencer marketing campaign can:
- Get more eyes on your existing content by widening brand reach
You don’t even necessarily have to create an excess of sparkling new content. Using an influencer will help you to engage new customers who will be interested in exploring your existing content to find out more about your brand.
- Building trust in existing customers
If your current content strategy isn’t giving you the results you were hoping for, an influencer campaign can help. An authentic and respected voice, someone your audience can trust, will in turn, build trust in your brand.
- Give you back some time
While your partnership with an influencer will, of course, require strategy and planning, working with an influencer to produce content can take some of the work off your shoulders.
Is influencer marketing right for your brand?
Even though we know influencer marketing isn’t just for ‘fun’ brands targeting millennials, we’re sure there are still many finance brands that don’t see influencer marketing as a ‘serious’ strategy for a ‘serious’ industry. But some of the biggest institutions would tell you otherwise. Take Bank of America. It’s worked with influencers like Global Munchkins and Lee Abbamonte to promote its products in a way that perfectly demonstrates the benefits of influencer marketing – showcasing the lifestyle they can offer consumers.
Similarly, Bank Australia partnered up with presenter, podcaster and author Yumi Stynes and the SBS earlier in the year to produce a mini-documentary series on responsible banking. For an industry where trust is a major concern, producing serious, open and honest content like this that touches on consumer activism can only be good for influencing the public’s opinion.
And it’s not just Instagram that’s suited to influencer marketing campaigns. Popular blogger, author and influencer Jo Middleton, aka Slummy Single Mummy, spoke to financial planners Berry & Oak for a free financial planning session as part of the CISI (Chartered Institute for Securities and Investment) Financial Planning Week. While not directly promoting a paid-for product, Jo is a trusted influencer for a niche audience who the brand might not previously had access to.
Still unsure about adding influencer marketing to your overall strategy? Get in touch for some tips and advice on boosting your sphere of influence.