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Neha Puri, CEO & Founder, Vavo Digital.
According to a report, as much as $15 billion is expected to be spent by brands in influencer marketing by 2022. Influencer marketing has proven to be extremely beneficial for many B2B and B2C brands, hence, more and more companies are now adapting to this new but highly effective form of marketing. Several offline and digital banks today harness the power of influencer marketing to reach to a wider audience such as millennials who have a higher earning potential but poor investment habits.Â
Influencer marketing is an increasingly saturated space, but its progress has not slackened at any point, and this is due to the huge potential that it carries for various organizations. It is the unique and distinctive status of influencers that has enabled them to permeate the consciousness of their followers on social media. The key principle factor that will help the fintech brands to benefit from this approach is the authenticity and the trustworthiness that influencers bring to the table when they connect with your brand.
Hence, with influencer marketing there comes a continuum that helps the brands to connect with specific people who represent their ideology, offers, message to the niche audience. With such a streamlined approach the fintech brands can benefit immensely with minimal investment.
Benefits of Influencer Marketing for Fintech Brands
Better ROI: Since the primitive era, brands have been making huge investments in broadcast or print advertisement wherein they can reach a vast audience pool which adds to the ROI. However, the audience is significantly vast, and a lot of the investment made goes in vain with such a marketing approach in the current times. But with the help of influencer marketing, brands not only gain the benefit of reaching their specific target audience but also the word-of-mouth publicity through influencers helps them gain a strong hold on their audience, who willingly and religiously follow the influencers.Â
Expands Reach Amongst the GEN Z Population: As per a report by Statista, as of 2020, approximately 26.16 percent of the population in the country fell into the age group of 0-14 years and 67.27 percent into the 15-64 age group. This means that a huge population of the country is Gen Z and also will have a huge monetary balance in the near future. This is also the population bracket that avails loans, does investments, and has regular cash flow. Hence to target the perfect audience for fintech brands they need to adapt to influencer marketing. Reason being that the target audience for the sector is easily available on social media and can be reached through influencers who have a strong stand amongst their followers. Facebook, Twitter, Instagram, and YouTube have a massive viewership of approx. 56% of the total audience watches making it a perfect marketing ground.
Develops Credibility and Authenticity: The influencers on the social media platform have a huge pool of followers who trust them and interact with their content on a daily basis. Often influencers have been seen treating their followers as their family which reaches a tangent where often influencers develop a psychological and emotional connection with their followers. This is what makes endorsements through influencer marketing a tool for developing a credible and authentic image of the brand. Additionally, this ensures high reach, considerable sales, and long-term effects. While on broadcast and print platforms, the content becomes redundant, this is not the case on social media. The content once posted on social media platforms gains viewership even after months or years which adds to the brand’s visibility and reach.
Fintech Brands That Invest in Influencer Marketing
As discussed above, influencer marketing is an approach that has been vastly explored and the brands have whole-heartedly accepted this magic wand that helps them climb the ladder of success. The key is to choose the correct influencer pool for your brand and carry out a strategic marketing plan while keeping in mind the social media algorithms and tactics. With correct implementation, the potential that influencer marketing holds can help you reach the sky.
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Views expressed above are the author’s own.
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