Why Social Media Influencers?
Influencers have taken the social media world by storm and can be a unique way for FI’s to connect with their target audience.
By Julie Grimm, Account Coordinator
Social media influencers are gaining serious traction in the social media marketing realm and provide a unique and profitable marketing opportunity for financial institutions. But what is a social media influencer, actually? And how do organizations leverage them most effectively?
A social media influencer is a person who has built a following on one or multiple social media platforms. They may have built a reputation for a skill or through notoriety…or they may simply be famous for standing in public holding a sign (@dudewithsign). These influencers can have a following of a few thousand up to tens of millions. Comperemedia breaks out Instagram influencers into five “leagues”
Mega: 1 million followers or more
Macro: 500,000 to 1 million
Mid-Tier: 50,000 to 500,000
Micro: 10,000 to 50,000
Nano: Below 10,000
HOW DO INFLUENCERS MAKE A DIFFERENCE FOR YOUR BRAND TODAY?
Social media influencers have grown significantly in the past few years. On Instagram alone, there were 12.9 Million sponsored posts in 2019. And it appears that the flood of sponsored posts are working because 72% of consumers say that they trust a business more after an influencer recommendation.
Every influencer has their own audience and segment that they appeal to. When searching for the right influencers, think about the demographics of the audience that you are trying to reach. If you want to promote your college student credit cards, you wouldn’t pick an influencer whose main audience is women in their 30’s looking for at home workout tips. A few hours of online research should yield the prime influencers in your area, who is their target audience, and how they built their following. The more you know about the influencer and their audience, the more informed decision you can make about which Influencers will be the best fit for your FI.
Once you have found the influencers that will work with your brand, reach out and see if they are interested! But don’t simply pay them for a onetime promotion. Collaborate with influencers and form a relationship making them a “brand ambassador.” If you work with the social media influencer to forge that bond over a length of time, not only will their content have a more genuine feel, but their following will become very familiar with your brand and be more likely to come to you when they need financial guidance.
Influencers have extremely loyal followings because their fanbase trusts their expert opinion. When it comes to promoted products on their platforms, Influencers’ followers are more likely to make a purchase or sign up for a program because they trust that the influencer will only promote good and helpful products. This can be especially meaningful in situations where trust and their own knowledge is especially low.
And within the financial industry, trust is absolutely vital – it’s foundational to everything else. Influencers’ followers look to them for advice on what to wear, how to renovate a home, and where to travel, so why not the best savings account or the best travel credit card?
As a young 20 something professional, I can’t tell you how many times I have seen an influencer use or promote a product, and then I too have gone out and bought the
So, while you consider whether or not influencers can positively impact your marketing and brand messaging, continue to invest in a strong and relevant social media presence to reach and identify with younger consumers. Posting frequent high quality content and including interesting culture content (photos of your staff in branches and at corporate – people like people!) will attract and engage your followers. If a prospect is scrolling through their Instagram feed and they see their favorite influencer advertising your brand, they will inspired to find out more and check out your company’s Instagram. An influencer sparks the interest, and you will need to be ready to fan that flame.
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