Financial Service Brands MUST Think About Influencer Marketing

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. 

Carden Calder
Marketing
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Carden Calder is a consultant, marketing commentator, and passionate advocate about the importance of financial decisions in Australians’ lives. Since 2004, she has grown Bl ... Click for full bio

Most Read IRIS Articles of the Week (March 20 - 24)

Most Read IRIS Articles of the Week (March 20 - 24)

Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, March 20 - 24, 2017 


Click the headline to read the full article.  Enjoy!



1. Facing a Massive Menu of ETFs? 4 Steps for Smart Choices


In the world of ETFs, advisors face a similar challenge. Simply put, the menu of ETFs is massive. And while advisors used to debate only about the merits of active versus passive investing ... — Jillian DelSignore

2. 5 Reasons Not to Run From REITs During Rising Interest Rates


Here are five reasons why we believe simply shifting your strategy, but not running from REITs, may provide desired yield—even in the face of yet another rate hike ... — Salvatore Bruno

3. The Impact of Working with a Narcissist


There are different types of narcissists but handling them is always the same: be humble, don’t engage. — Tanya Beaudry

4. Advisors: How to Get Referred


Use these simple tips to establish and grow valuable relationships with Centers of Influence to have them recommend you to their best clients. — Paul Kingsman

5. Five Reasons Why You're Not Getting Referrals


​Are you getting enough qualified referrals from people within your network? Or are you relationship rich but referral poor? — James Pollard

6. Understanding ETF Liquidity and Trading


ETFs offer attractive features—access to a broad range of asset classes, sectors and styles in a liquid, transparent and cost-effective vehicle. But before using that vehicle, it’s helpful to understand how it works ... — ProShares

7. McMobile: Will McDonald’s Mobile Strategy Kill the Drive-thru?


While I personally won’t forsake my Starbucks ritual for McDonalds’ curbside delivery, I have to concede the prospect of having my breakfast provided to me as I pull up to a restaurant does sound appealing. — Joseph Michelli

8. Top Ten Strategies for Increasing Marketing ROI


So many leads, so little time. Your marketing strategy is generating so many qualified prospects and you can’t keep pace. It is an enviable position. — Elizabeth Harr​​​​​​​

9. Is the Trump Bump an Example of Irrational Exuberance?


The stock market continues to soar. The natural question is: How long can this go on? — Mark Germain​​​​​​​

10. Can Trump Follow Reagan's Playbook?


New presidents typically arrive in office with an economic agenda. In the case of Trump, the nature of his proposals has invited comparison with a variety of changes made under the first term of President Ronald Reagan in the 1980s. — Matthew F. Beaudry

11. Hope Is Fading for Robust Economic Growth


The hope for economic growth much beyond 2.0% looks to be deferred, as legislation appears to be bogging down and the Fed is reducing monetary support, clearly taking the path to interest rate normalization. — SNW Asset Management​​​​​​​

Douglas Heikkinen
Perspective
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IRIS Founder and Producer of Perspective—a personal look at the industry, and notables who share what they’ve learned, regretted, won, lost and what continues to ... Click for full bio