Influencer marketing has proved to be a fruitful marketing technique for brands on social media platforms. This marketing strategy has gained more momentum than ever in the lockdown phase. Brands sure want to keep in touch with their customers and influencers help them do the same.
Well, initially, it was only lifestyle brands that made use of influencer marketing but now even banks and financial institutions are heavily relying on this marketing technique. The banking and finance sector is now supposed to be relevant and this makes banking influencers all the more important.
Traditional marketing techniques no longer suit the millennials who are now turning into financial decision makers in their own right. This is why influencer marketing in BFSI is on a steady rise.
Financial conversations are not easy to market and hence, banking influencers are a perfect fit to target the audience. Banks had to shift to social media to convey their messages because most of the audience is now active on social media platforms.
Right from collaborating with entrepreneurs to supporting start-ups, influencer marketing for banks has several unexplored opportunities. The rising screen time and the endless scrolling gives banks an opportunity to reach out to their intended audience base.
In this blog, we will tell you everything about influencer marketing in financial services and how to work with banking influencers in India.
Why Banks Should Use Influencer Marketing
Banks using influencers is not new but it is still unclear to many as to why financial services need marketing on social media. Here is why influencer marketing in BFSI is beneficial and needed.
1. Banking influencers help you target the right audience
The financial sector is quite different from lifestyle and needs a specific audience base. Banking influencers can help you reach the right people on social media. Every social media platform is crowded with content from all sectors and therefore, targeting the right audience becomes crucial for the financial niche. Moreover, not everyone is looking out for content related to finance and that’s why roping in banking influencers is the best solution.
2. Influencer marketing can get you a step ahead of your competitors
Believe it or not, just like lifestyle brands even banks have competitors. Banks using influencers can better connect with their audiences which gives them an edge over their competitors. Moreover, having an active social media presence also generates the much-needed credibility in the minds of the audience.
3. Banks using influencers can influence the way their brand is perceived
Influencer marketing is not just an important technique to market your brand on social media; it serves several other purposes too. Right from rebranding to changing the way people perceive your brand, this marketing strategy helps you do it all. Banks launching new services can also rope in influencers to promote the same.
4. Influencer marketing makes financial brands approachable
The banking sector has always targeted television for marketing and promotions. However, this sector now needs to have an approachable tone to its marketing strategies because its target audience consumes content from social media and not television. Social media facilitates a conversational approach and that makes it apt for banks and other financial institutions.
5. Banks using influencers can gauge audience sentiment
With the help of influencer marketing, financial institutions can also understand what their target audience thinks about them. The easiest way to know this is to analyse the comments you receive on your posts.
The BFSI sector can surely gain a lot from influencer marketing but framing an effective strategy is another major aspect that needs attention. Unlike makeup and travel brands, banks and financial institutions have limited content opportunities because of their industry structure.
However, with the help of banking influencers, there is no dearth of creative opportunities to make a mark on social media.
How To Frame An Effective Influencer Marketing Strategy For BFSI
Every brand in almost every niche now depends on influencer marketing to cater to the audience on social media. The same goes for organizations in the finance and banking sectors. But marketing banks, insurance companies, and other financial organizations need a different approach. Here are the steps to create an influencer marketing strategy for banks.
STEP 1- Understand the goal and objectives of your influencer marketing campaign
Influencer marketing for banks needs to have goals and objectives. See to it that you know what you want to achieve from a given campaign and what it has for the audience. Users look up to financial brands for information and not entertainment. Due to the stated, one needs to be very clear of what the campaign goals and objectives are.
STEP 2- Know who is your target audience
Influencer marketing campaigns need to be directed at the right audience to get the desired results. Banks and financial institutions need to be very careful about who they are targeting because otherwise, the whole campaign can fall flat.
For instance, if you want to promote your internet banking services, your target audience should be millennials and Gen Z who are tech-savvy and frequently use net banking and apps for banking transactions. Similarly, if your idea is to promote a new card then you need to know who is more likely to benefit from that newly launched card.
STEP 3- Choose the social media platforms for your banks’ influencer marketing
Influencer marketing for banks is tricky because it requires careful selection of social media platforms. Once you figure out who your target audience is it is necessary to see where they are active on. Make sure to implement your influencer marketing strategy on multiple platforms to get the best results.
STEP 4- Structure the content for influencer marketing for BFSI
The concept of your influencer marketing campaign should be clear. Right from blogs to videos, social media platforms allow you to play with almost all forms of content. The kind of content you choose for your brand will influence your influencer selection. Additionally, see to it that the content type you choose is apt for the social media platforms you have selected.
STEP 5- Choose the right influencers for influencer marketing for banks
Banks using influencers need to be careful about who they choose. Not every influencer on social media has the potential to convey financial messages. Make sure the influencers you choose have good credibility and are genuine enough to promote your brand. The influencers you choose also need to be comfortable with the content type you have structured.
When it comes to putting out content related to financial institutions influencers need to be clear of what they are posting because any negligence can lead to serious consequences on the legal front. This is because the BFSI sector is bound by strict rules and regulations.
STEP 6- Analyse your competitors before implementing your strategy
Most banks have started using influencers for marketing. Analysing your competitors on social media can help you frame the right strategy. Know what kind of influencers they are collaborating with or simply take a look at the kind of content they are putting out. Observing these aspects will help you detect what is lacking in your strategy and what your brand needs to work on.
Using dedicated competitor tracking tools can help you get a clear picture of what your competitors are up to.
STEP 7- Create a campaign brief for banking influencers
The campaign brief shall contain all the necessary details about the campaign. Give a detailed brief to your chosen influencers to make sure they are on the same page as yours. The campaign brief should contain details about the content structure, timeline of the campaign, and the platforms where the campaign will be implemented on.
STEP 8- Analyse the performance of the influencer marketing campaign
The last but the most important step in creating an effective influencer marketing campaign for banks is to analyse the past and ongoing campaigns. See to it that you measure the performance of your campaign with the help of a social media analytics tool. Only when you analyse and measure the campaigns you will come to know whether your strategy was successful.
The analysis will also tell you where your brand campaign needs improvements and whether your choice of influencers can get your brand the desired response.
Well, influencer marketing for banks needs more than just a post about how good your organisation is. Coming up with effective content strategies is the best way to target an audience in the BFSI sector.
Content Strategies For Influencer Marketing in BFSI
1. Informative blogs to give the audience valuable information
Instagram is a popular choice when it comes to influencer marketing for BFSI. Instagram has now become a platform for micro-blogging and banks can use this feature to their advantage. Collaborate with banking influencers or influencers who are dedicated to finance and post informative blogs. Blogs with valuable content will fetch you the desired engagement rate too. Keep the content easy to understand and avoid the use of jargons. Simplify the technical terms to keep the audience in the loop.
2. Use infographics to convey your message
Influencer marketing for BFSI has to be simple to understand and infographics are the best way to convey a difficult topic. With the help of infographics, you can show graphs, pie charts, and diagrams to explain a particular message. This content format also lets you get creative with colours and fonts. With a pictorial inclination, infographics manage to grab the user’s attention.
3. Collaborate with mega and micro-influencers for influencer marketing
When implementing influencer marketing for BFSI it is not necessary to stick with only finance and banking influencers. You can also collaborate with influencers who are popular and have an audience base that is in sync with your intended target audience.
Partnering with popular influencers will give your brand much-needed attention on the platform. This can be helpful for promoting new cards and discount perks.
4. Opt for video content to connect with your audience
Video content is highly recommended for influencer marketing for banks. Videos not only keep the audience engaged but also help you convey the message creatively. It is best to rope in mega and micro-influencers for video content. See to it that the video has all the necessary information and a clear CTA.
5. Go for a storytelling approach
Simply curating a post that talks about your brand will not do great. Having some sentiment in the post always helps. Go for a storytelling approach in your content strategy to connect better with the audience. Having this approach will also make your brand sound more approachable.
Well, the above-mentioned points will surely help you curate an effective influencer marketing strategy for banks. Let’s see how you can rely on a tool to plan and measure your campaign.
UNBOX SOCIAL- To Plan and Measure Influencer Marketing For BFSI
Unbox Social is a useful platform that allows you to conduct social media analytics, competition tracking, and plan influencer marketing campaigns. The stated features are helpful for influencer marketing for BFSI. Let’s explore the tool features in brief.
1. Influencer Marketing
Unbox Social’s influencer marketing feature will help you plan out your overall campaign. Right from finding influencers, evaluating them, to campaign reporting, the tool helps you do it all.
To find influencers for your campaigns, you can explore the reliable database of the tool. The platform has influencers from different niches and follower ranges. You can also search influencers on the basis of hashtags, mentions, and captions.
Further, you can evaluate the influencers based on their audience demographics. Know about the influencers’ audience base (Location, age, gender, interests).
The tool helps you conduct a brand safety check to see whether the influencers you have chosen are in tune with your brand guidelines.
Along with the stated, you can get regular campaign reports to evaluate and measure your campaign performance.
The snapshot of the tool below shows the ‘Smart Search’ feature of the tool that allows you to search influencers based on hashtags, mentions, and captions.
2. Competition Tracking
The Unbox Social gives you in-depth details on how your competitors are faring with their campaigns on social media.
Know about the strengths and weaknesses of your competing brands with the tool’s competition benchmarking. Additionally, you can also see how the audience is receiving your competitors’ content on social media with the tool’s ‘Share of Voice’ feature.
Unbox Social helps you get insights on audience sentiment too. You can also check your brand score on the tool to see the aspects where your competitors are performing better.
The snapshot of the tool below shows the brand score of competing brands.
3. Social media analytics
The Unbox Social tool gives you details on how your brand is performing on different social media platforms. Get analytics for Facebook, YouTube, Instagram, and Twitter.
The insights will help you see what kind of content works best for your target audience and niche. Further, it also gives you details on how the audience is perceiving your brand.
Get post and story insights for your content and check all the necessary metrics under one tool. The tool helps you generate timely reports that help you scale up your strategies.
The glimpse of the tool below shows the average engagement rate of a brand on the basis of content form.
Influencer marketing in BFSI is here to stay but financial institutions need to revamp their content strategies to stay relevant. The content you create should not just cater to your target audience but also passive audiences who have the potential to be your customers.
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