Financial influencer marketing [part 1]

As financial marketers, we aim to capture the attention of our audience. 

That means our brands must have a presence where our audience is going for their information, their entertainment, infotainment, or all of the above.

There’s no question that influencers can help brands get noticed – but where do you start? And aren’t the “good ones” taken already?

If you’re considering how influencer marketing might help grow your financial brand, this insight is for you.

TikTok Tows: The powerful pull of influencers  

In a recent post Vested VP, Ibby Hussein, ‘Is YouTube the New CNBC?’, he says: 

“Whether via memes by Litquidity, from Zilennial finance influencer Mrs. Dow Jones, or Downtown Josh Brown’s rising media business, more users are shifting away from getting news from traditional outlets. Major publications like CNBC, Wall Street Journal, and Bloomberg continue to break news. Those stories turn into TikToks, memes, and explainer videos distributed across the web.”

And the influencers creating all that secondary content and commentary have more than just a following, they can potentially command audience behavior.

A full 63% of buyers are likely to buy products recommended by an influencer they trust. 

And whether you find them on YouTube, TikTok, Insta, or the vastly underestimated LinkedIn platform, influencers can drive business.

Influencer 101: What makes a good influencer?

Influencers are often seen as trendsetters and their recommendations and endorsements can have a significant impact on the businesses and brands they promote. Some indicators that help us pinpoint a potential influencer match for financial brands include:

> Relatability: They can speak with authority on their topic and people like them

> Trustworthiness: They think strategically about their approach 

> Content creation: They can create top-quality content that resonates with their audience and keeps them entertained, inspired, and interested 

>Audience connection: They know their audience well and understand why they follow, trust, and support them. They are often part of the audience we’re targeting. For instance, if a brand targets the office of the CFO, we’ll look for influencers who might have been CFOs

> Consistency: They show up every day with a consistent message and produce useful content on a regular cadence

You may have noticed there’s no bullet for “Follower Count”. 

Although we traditionally think of social media influencers as having huge followings, for many of our financial services clients, this is less important than how authentically the influencer speaks on a given topic. 

It is much more important to match the right influencer with the right audience. So it’s not only about the size of the following but about how well the audience aligns with the target audience you want to reach.

Campaign considerations: Influencer marketing impact on financial brands

In B2B especially, influencers are often subject matter experts rather than aspirational figures.

One fascinating aspect to this fact is the high quality of comments and engagement on their timelines when they push content. 

This is incredibly valuable for financial service brands whose target audiences can be very narrow.

So even if they don’t have millions of followers, there are some solid benefits for financial brands putting together an integrated campaign, including:

> Building brand authority: Influencers are often seen as authorities or trusted figures in their niches, so their endorsement can significantly enhance your brand’s credibility. 

> Increased brand awareness: Influencers have established audiences that trust them, so partnering with them can quickly introduce your brand to either the right potential customers or, in some cases, a large number of potential customers.

> Enriched content strategy: Influencers are skilled content creators. Collaborating with them can lead to high-quality content that you can use across your own marketing channels.

> Improved SEO: Influencer collaborations often lead to backlinks and mentions across the web, which can improve your website’s search engine ranking.

> Targeted reach: Influencers typically have a specific niche, so you can target a very specific audience that aligns with your brand, ensuring more relevant exposure. 

> Improved engagement: Influencers often have highly engaged followers who are more likely to interact with your brand’s content when promoted by someone they follow and admire.

> Elevated stakeholders: By aligning executives with respected influencers, internal stakeholders and executives can enhance their visibility and credibility, positioning them as thought leaders in their industry and fostering stronger connections with key audiences.

> Reduced cost: Compared to traditional advertising, influencer marketing can be more cost-effective, especially when working with micro-influencers who have smaller but highly engaged audiences.

In our next article, we’ll cover why 75% of B2B marketers invest in influencer marketing – we’ll also delve into the evolving landscape of AI, LinkedIn, and discuss special considerations for financial brands.

Stay tuned!