Is Influencer Marketing Effective for the BFSI Industry?

Banking, Financial Services, and Insurance (BFSI) Industry is one of the most important industries that contribute about 12% towards India’s GDP (as per FY2022). It accounts for 31% YoY growth, reflecting the good prospects in store for the booming sector. Now the question arises, how can influencer marketing help the BFSI Industry in this growth trajectory? 

Relevance of Influencer Marketing for the BFSI Industry

Influencer marketing leverages the voice of influencers for brand marketing campaigns. This works wonders for financial organizations in positioning their campaign communication strategically. Influencers enhance brand reputation through the trust and respect they command from their audience.

Influencers across genres can accentuate brand communication, depending on the product being promoted. The promotion of BFSI products need not be limited to only the Finance genre; it can smoothly proceed to genres such as Travel, Lifestyle, Luxury, Food, etc. The reason is that financial instruments significantly impact the lives of people from all walks of life.

[FUN FACT! Did you know there’s a term for financial influencers, i.e., Finfluencers. They advise their audience and have the ability to influence their investment decisions.]

How to promote a financial product through influencers?

  1. Define the Campaign Goals
    Clear campaign goals need to be defined, to find suitable influencers. The selection of multiple influencers across genres will help the brand reach out to different audience segments. Along with brand awareness, there will be consideration from their audience to opt for the financial product in question.
  2. Build a Content Plan
    Based on the utility of the product and services, the brand communication should be integrated as per the influencer genre. Different marketing tools such as blogs, social media posts, and videos should be used for spreading the brand messaging effectively.
  3. Measure & Evaluate
    Once the influencer content is live, there should be a constant watch on the traction it receives from the audience, including the comments or queries. A subsequent impact on the brand page in terms of increased engagement should be studied as well, to plan the future influencer campaigns.
  4. Continue to Optimize
    To achieve strengthened brand positioning, the brand can collaborate with the top-performing influencers in the upcoming campaigns as well. Good performance means that their audience is aligned with the brand, and would like to learn more about it in the days to come. This strategy is useful in building a powerful brand recall, hence taking the audience towards conversion. 

The BFSI Industry can make the best use of influencer marketing to reach out to their target audience. By working with finance influencers, finance organizations can talk to their target audience directly, whereas by working with non-finance influencers, the organizations can spark interest in audiences who might not be well aware of the financial product(s) in question. The striking point will be that influencer marketing opens up the possibility of tapping into various audience segments. It can happen region-wise, even including regional influencers in the campaign amplification. 

Considering the extensive reach of influencer marketing, brands in the BFSI industry must explore this medium in their marketing strategy. At SocioClout, we work with some of the leading financial organizations. Get on a call with us to learn how we can help you achieve your campaign goals.