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Influencer marketing has seen substantial growth in the past year, experiencing a 198 percent increase last year alone, according to a study by Klear. But this growing social media marketing tactic isn’t limited to just consumer brands anymore. As influencer marketing matures, brands outside of fashion, beauty and food are catching up on its use.
The healthcare industry, for example, has witnessed an onset of influencers among its brands. And now even financial companies– from banks to insurance companies to personal finance apps — are recogining the benefit influencer marketing can pose for their brand awareness.
Indeed, financial brands have a number of unique opportunities and considerations when it comes to partnering with influencers.
Influencers can humanize financial brands.
Let’s face it: Topics relating to finances — savings accounts, retirement, loans — can be confusing, intimidating and, yes, boring. More than that, financial institutions, particularly post-the 2008 financial crisis, have long had a reputation that doesn’t put them on the list of consumers’ favorite brands.
Here, Influencers are uniquely positioned to connect a brand to a personal story in a way that’s superior to what a traditional print or digital ad could do. Connecting a brand and its products to a personal life journey – whether that be saving for a wedding or financing a renovation — is all about bringing a friendly brand connotation, relatability and authenticity to these financial brands.
Prudential Insurance, for instance, connected with consumers’ feelings of love and loss through its #MasterpieceofLove short film series highlighting people who’d experienced extreme loss and how it affected them emotionally or financially, plus how these people overcame the trauma.
On the flip side, financial planning brands are emphasizing how to save for focal life moments by partnering with influencers during major life events like a wedding or around-the-world trip. Savings app Qapital partnered with @girlwithnojob throughout her wedding planning to showcase the different functions the platform offered her. American Express worked with influencers who were undergoing moves or home renovations to help showcase that use of its #PayItPlanIt feature.
Even…
