Financial Service Brands MUST Think About Influencer Marketing
Written by: Angela Antenero
Financial services brands haven’t traditionally been seen as the most innovative when it comes to marketing and PR… But now that they have (finally?) started to embrace the digital-first way, all that is set to change.
When talking “influencer marketing”, people make the quick association with Insta-celebs and YouTube personalities with hundreds of thousands of followers on social media, who are used by the fashion and beauty industries to reach an exponentially large audience.
But there are no Kim Kardashians of the financial services industry. So who are our influencers? To us, an influencer has these three things in common: a following, trust and most importantly the ability to guide their audience. Financial services influencers include journalists, finance writers, bloggers, company stakeholders and executives, industry bodies and even satisfied clients of companies themselves who happily promote a product or service within their networks.
Why financial service brands need to think about influencer marketing
In a previous blog, we outlined how social influence can be powerful in improving positive consumer perceptions of brands. Identifying and focusing on other key leaders in the sector to drive and strengthen a firm’s brand to a larger market is crucial, as the shrinking Australian media landscape is making access to journalists harder.
In a saturated digital world, with so many voices competing for attention – those with social influence are becoming increasingly needed for financial services to target, giving them an edge to cut through the noise.
Don’t forget, people are time-poor, so instead of trawling through news publications themselves daily, they’re increasingly dependent on someone else they trust (like their favourite journalists, online opinion leaders, members of forums and communities on social media) to do the hard work and curate their newsfeeds for them on social media. In fact, 6-in-10 Americans get their news from social media according to Pew Research Centre.
It’s a known fact that there’s a strong connection between reputation and SEO. Not only can engaging in an influencer program increase your sales figures and create huge returns for businesses, doing so may improve your website’s search engine ranking, helping your content be found more easily. When influential domains link to your website and boost your web traffic figures, Google deems your content more relevant and over time you should see an improvement in your page rankings.
How should financial services companies use influencer marketing?
A good example of an effective influencer marketing campaign can be seen in TD Ameritrade, an online broker for online stock trading, long-term investing and retirement planning, who implemented a campaign called the Human Finance Project, which used investment advisors as influencers to reach a larger audience. The successful project focused on the relatable stories of these advisors for the average person to feel connected with them.
Note that influencers are not just people with huge followings – they need to align to the values, target audience and content quality of your company. The level of trust they’ve built with their audiences counts more than reach alone.
With its effectiveness in reaching audiences and building relationships with them, an influencer outreach program will soon become an essential element in online PR campaigns, and financial services brands will need to keep up.
Next week we’ll go into detail about how exactly to go about selecting your influencers, and how you can plan your outreach program.
Most Read IRIS Articles of the Week: April 17-21
Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, April 17-21, 2017
Click the headline to read the full article. Enjoy!
Like so many others in the industry, I was wrong. For years, I was certain that the bull market was nearing its end. I thought the market was over-extended, and that, surely, the wild equities run was coming to an end. But everyone else was bullish, and perhaps rightfully so. And while I’ve watched equities continue on their spectacular rise, I do think now is the time (really!) to put a hedge in place. Here’s why. Here’s how. — Adam Patti
The realities for fixed income investors have changed. How is this being reflected in markets? Bond investing has become increasingly difficult over the past decade. Markets have been heavily distorted by ultra-low interest rates and quantitative easing, as well as by extreme risk aversion in response to the global economic crisis and the eurozone debt crisis. — Nick Gartside
Is being a financial advisor worth it? I am an optimistic person and I encourage other people to keep a positive mental attitude (shout-out to Napoleon Hill and W. Clement Stone). However, by taking a good, hard look at the negatives in life, we can successfully pivot towards the positive aspects that will help us achieve our goals. — James Pollard
How do you treat one of your most valued, existing clients? Here’s a list of some things that come to mind. — Andrew Sobel
According to many advisors I speak with, the only clients that leave are those who have died. And while attrition may not be a big problem in this industry, I have to assume that at least a few clients change advisors without doing so via the funeral home. — Julie Littlechild
I was talking with an advisor last week about how to get into conversations about what he does. He was relaying the story of going jogging with a friend who could be a good client but is, more importantly, connected to a large network of people who fit this advisors ideal client description. — Stephen Wershing
Big picture thinkers are not unicorns - rare and mystical. And they were not born with the innate ability to think big. They do, however, pay attention to the broader landscape and take the time to think, analyze and evaluate. — Jill Houtman and Danny Domenighini
Your reputation is who you are and how you show up, Monday to Monday®. Many of us take our image and reputation for granted. Give careful thought to the kind of reputation that you would be proud of Monday to Monday® and that would resonate with your purpose and priorities. — Stacey Hanke
The generational changing of the guard is a fact of life as old as time. Young replaces old in responsibility, importance, control and culture. Outside of the family, the workplace is perhaps where this is seen most regularly by most people. — Shirley Engelmeier
Next time you hear your prospects give you price objections, it’s not because of the price. The give price objections because they don’t know the full value proposition that they’d be paying for. And it’s not based on their need, or your features and functions. It’s based on the buying criteria they want to meet internally. — Sofia Carter
Last week we wrote about the economic rationale behind going independent vs. moving to another major firm as an employee. As a follow-up topic, we thought it prudent to analyze transition packages attached to big firm moves and peel back the layers of the onion to show the components of these deals. — Louis Diamond
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