FML Live: Maximising The Impact of Influencer Marketing for Fintechs

March 21, 2023

The FML Podcast

We were thrilled to hang out with marketing experts Stephen Carroll, Julia Lucas, and Alex Velev, who shared everything they know about running successful fintech influencer marketing campaigns.

Whether you're just starting or have been in the game for a while, their tips and tricks will take your campaigns to the next level. 

Watch the full event below or read on to find out what our experts had to say.

Key Takeaways for Fintechs: Influencer Marketing Done Right

  1. Start somewhere and try different things to see how your audience reacts to them.
  2. Test with niche influencers, smaller channels, and different formats before investing in big influencers.
  3. If you have a small budget, focus on micro niches and see how they convert.
  4. If you have a bigger budget, pick three or four verticals and A/B test to see what works best for conversions and brand awareness.
  5. Work with people who understand the field and can give you advice and navigate the process.
  6. Get started and test, as the barrier to entry is low in emerging platforms.
  7. Small companies can compete with mega-brands if their creativity is better.
  8. Emerging platforms are competitive and offer opportunities for people to be great in influencer marketing.

Influencer Marketing: Debunking Common Misconceptions

#1. You should only work with “finfluencers”

Fintech brands should not necessarily work with financial influencers but instead consider lifestyle and travel influencers, depending on the product or service they offer.

#2.  You should only use a particular platform 

Different platforms work better for different types of content and audiences. TikTok is great for awareness campaigns, while YouTube is suitable for longer, more detailed content. Twitter is also a great place for conversation.

#3. UGC and influencer marketing are the same 

User-generated content (UGC) and influencer content serve different purposes. Influencer content is posted on the influencer’s channels, while UGC can be used organically or paid for by the brand as their content. UGC is a great way to grab attention and target specific audiences for conversions.

#4. It’s difficult to measure ROI 

When measuring ROI, it is important to track the success of influencer campaigns at different stages of the customer journey, from the top of the funnel to the bottom. Consider where in the funnel you are hitting people and adjust your strategy accordingly.

#5. There’s no secret sauce to TikTok 

The content that converts best on TikTok is informative and entertaining. The platform is constantly evolving, and businesses are still figuring out how to use it effectively. Always test different approaches and measure results.

The Power of a Multi-Channel Approach in Influencer Marketing

  • A multi-channel approach is important in influencer marketing, and brands should not limit themselves to one platform.
  • When working with large influencers, it is important to check their audience on all platforms to see where their core audience is and target them there.
  • It is better to work with lesser-known influencers and put the brand at the forefront in an authentic way rather than with someone whose name recognition draws attention away from the brand.
  • The comments section is a useful tool for brands to track audience engagement and sentiment rather than just focus on the number of comments.

Compliance vs. Creativity: Finding Common Ground

  • It is important to work with compliance to ensure the content complies with regulations. Ryanair's success on TikTok shows that businesses can succeed by identifying opportunities and being creative, even in regulated industries.
  • Influencer marketing can be successful if compliance is involved from the beginning of the process. Collaborate with influencers and clients to create beautiful and informative content that complies with regulations.
  • There is a time and place for playful content, but it is crucial to balance it with informative content that provides further information about specific products.

The Future of Deinfluencing: What Brands Need To Know 

  • Deinfluencing is a trend on TikTok where users express dissatisfaction with influencer content and culture, particularly in the crowded fashion and beauty industry.
  • Users want content creators to be more authentic and natural and less focused on aggressively promoting products.
  • Brands must start furthering their relationships with creators and look into brand ambassadors, rather than one-offs.
  • Long-term partnerships between brands and influencers will ensure that content is targeted to the right audience and is more authentic.
  • Co-creation, or including influencers in the creative process, can be an effective way to ensure that content is authentic to the creator and their audience, as seen in the Revolut and Sideman partnership.

Want to learn more about influencer marketing? Check out our Head of Influencer Marketing, Julia Lucas, on a very special episode of The Fintech Marketers and Leaders Podcast.

Creativity and Conversions: Finding the Balance

  • There is no perfect way to have both conversions and sexy content, and brands need to figure it out as they go.
  • It's important to balance being fun and playful while bringing a real commercial lens to your content.
  • Don't solely focus on going viral; measure everything to a CAC metric or cost per install.
  • TikTok combines art and science, test and iterate; you can always lean on their support team to help you.
  • When working with creators, brands can start by hiring an agency, doing it in-house, or using specific starter packs.
  • It can be confronting for brands to hand over control to creators, but it can lead to great results.
  • Start on the organic side before moving to the paid side, where things get more serious.
  • Pay attention to the comments section to gauge your audience’s reaction, as TikTok’s algorithms may not be at the same level as other established platforms.

TikTok for Fintechs: Unleashing the Potential

  • Brands that have succeeded on TikTok understand the platform intimately and take it seriously.
  • TikTok's algorithm is extremely hungry for content, and brands must produce content at scale to keep up.
  • A long-term strategy is crucial for success on TikTok, and brands should think beyond creating content that only goes viral in the short term.
  • Agile in-house content teams can help brands keep up with TikTok's constantly evolving trends.
  • Jumping on the latest trends is not always effective, as sign-off processes can cause delays and result in awkward moments.
  • There is no silver bullet for success on TikTok; it’s a journey of constant adaptation and experimentation.

How B2B Brands Can Leverage Influencer Marketing

  • According a report from Search Engine Journal, 86% of B2B brands find success with influencer marketing.
  • Leverage LinkedIn influencers to promote your B2B brand and keep the messages you want your influencers to share short and engaging. 
  • Podcasts are a big thing for B2B stakeholders in financial services.
  • TikTok and Instagram can be used for B2B influencer marketing. 
  • Speaking engagements and events are also great ways to leverage influencer marketing for B2B.
  • It can be more complex for larger companies, but easier for smaller companies to target influencers. You’ll likely have to find them, rather than them finding you.
  • To be creative, you need to know who your customers are listening to, following and watching.
  • B2B should focus on making a better job of pushing their presence forward.

From Instagram to LinkedIn: Leveraging Various Platforms in Influencer Marketing

  • Twitter's engagement is quite low, and the platform is developing, but it can be leveraged for B2B.
  • YouTube works well when adding promo codes in the description.
  • Twitch has undivided attention and is a great opportunity for fintechs, especially B2C, to engage with an audience.
  • Instagram is still a good platform for pushing reels in video format.
  • Experiential marketing, such as events and panels with influencers, can be done both in the real world and digitally.
  • Different markets use different social channels, so it's important to use them accordingly.
  • Telegram and Discord are more community-based marketing, and working with influencers on these platforms can be authentic and effective.

Mastering Content Nuances Across Platforms 

  • Every platform has different formats for content. YouTube has longer format video content, while TikTok is quick and witty.
  • Instagram has reels similar to TikTok, but the platforms are different.
  • TikTok compares more to YouTube as an entertainment platform, while Instagram is more social.
  • The attention and audience on each platform are different, so you shouldn't use the same content for TikTok and Reels.
  • Repurposing content may be cheaper, but it won't perform as well if it's not native to the platform.
  • It is possible to create a piece of content that can go viral on multiple platforms at the same time, but there are differences in audiences and use cases.
  • There are certain secret sauces and trends that brands can play around with in the first three seconds of the video that can make the video work across all three platforms.

Take your influencer marketing strategy to the next level

Struggling to make a name for your brand in today's crowded landscape? Lost in the jungle of influencer marketing, unsure of which path to take?

Fear not, because Growth Gorilla is here to help. Our expert Influencer Marketing team can help you navigate the social swamp and connect with creators who align with your values so you can increase brand awareness, build your tribe, and achieve your business goals.

Contact us today to learn how we can help you make an impact.

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