The fashion, travel and wellness industries might have been the early adopters of influencer marketing, but there are plenty of reasons why fintechs should get onboard too. Partnering with influencers can not only build trust – 49% of social media users depend on influencer recommendations to assist their decision-making – it can dramatically expand a fintech’s reach and increase engagement through likes, shares and comments.
It can also drive traffic to your fintech’s social profiles and website. This form of word-of-mouth marketing increases loyalty and customers acquired through influencer marketing have a 37% higher retention rate. Read on to find out more about using influencer marketing to engage your followers.
Identify your influencer
Klarna’s recent campaign featuring Snoop Dogg, who just so happens to be a minority shareholder in Swedish fintech, is just one example of influencer marketing. And while the Smoooth Dog commercial gained global attention, it’s not all about securing a superstar to front your campaign. We know that it’s very rare to get Snoop Dogg to appear on your ad, it’s not just difficult to get in touch with him, but we’re pretty sure it would take quite a bit of investment.
A social media influencer isn’t just a megastar, it can be someone who’s used online content to build a loyal following. When it comes to creating the perfect partnership with a fintech influencer, here’s what to look for:
1 - They speak the same language as your target audience
And we don’t mean literally speak your language, although that does help. Find an influence that speaks directly to those you are targeting. Want to target millennials and Gen Z? Then partner with an influencer who resonates with a younger audience and who has established a presence on the platforms where they interact with the most. Look at Step’s partnership with Charli D’Amelio. The teen dancer and social media personality has a huge following on TikTok and Instagram, which enabled the challenger bank to take a multi-channel approach when launching its $100,000 giveaway.
2 - They can spark a personal connection
We all know the struggle of logging on to insta and seeing your friend living their best life in Bali because they just got a great role at a remote digital company. Remember, FOMO is real, so look for influencers who can demonstrate the lifestyle benefits of your products and services to aspirational audiences. If your brand is premium, go for the premium influencers. If your audience is made up of mothers, try to get a mummy-blogger type influencer that shares the same lifestyle as those you're trying to target.
Take example from Revolut who got this right when they teamed up with former Love Island contestants to promote its premium account offerings.
3 - They are an expert in their field
Your posts don’t need to be all about finance, although there are a growing number of ‘fin-luencers’ (fintech influencers) out there. Whatever topic or theme you want to tackle, micro influencers can get your fintech in front of a smaller, more engaged and niche audience, plus they won’t eat up as much of your budget as a macro influencer. On average, micro influencers get 7x more engagement than macro influencers and are viewed as more relevant by their audiences.
4 - They demonstrate your values
This is the most important aspect of selecting an influencer for your fintech. Partnering with an influencer who cares about the same social and environmental issues as your potential customers can showcase your fintech’s human side and philanthropic efforts in an honest and genuine way.
Authenticity in social media marketing is crucial, and finding someone that actually demonstrates your values can make or break your fintech. Social media followers are savvy, and they can tell when something is forced or false, make sure you remain authentic and select someone that matches your fintechs beliefs.
For example, Starling partnered with writer and comedian Anne T. Donahue to release a guide aimed at changing the narrative around women and money as part of its long-standing #MakeMoneyEqual campaign.
Top tip: There’s no regulation around how fintechs work with influencers to promote their products and services so, wherever possible, do your due diligence, make responsible decisions and ensure transparency by asking influencers to label any posts as #ad. In a bid to provide greater clarity when it comes to offering financial guidance via social media in general, Klarna recently launched its Influencer Council.
At Growth Gorilla, we’re experts at all things social, especially when it comes to using it as a force for growth.
We don't call ourselves an agency. We're a growth machine, and we want to help you leverage that power for greater success. So talk to us. Let us know about your challenges and needs when it comes to social media marketing. Visit our website and schedule a call.