FinServ Needs Influencers to Speak to Millennials
Even as financial markets were closed yesterday for the Martin Luther King holiday, financial services marketers were opening up to social media marketing, reported Digiday.
The article reads:
“Financial services is a tough category, but one I think would be of interest to Millennials and women,” said Holly Pavlika, SVP of marketing and content for influencer agency Collective Bias, which is pitching several banks. “Education is a huge need in the category around investing and getting a mortgage, et cetera, and having real people tell real stories helps make the category less intimidating.”
Financial services marketers using influencers is a huge step in an industry vertical that was slow to adopt digital marketing, let alone social, and now social influencers. But it’s clear Millennials are not only ready for financial services products, but they’re ripe to become lifelong customers, Target Marketing has reported.
So financial services marketers are reserving the side-eye that comes with wariness over regulation in order to explore marketing via influencers, Digiday says.
Social media influencers will help consumer-facing firms “add personality to their brands and cater to the 18- to 34-year-old cohort, according to agency executives.”
Far from taking an end-run around regulations, such as placing the hashtag of #ad on posts, influencer marketing can go a more personal route. That has a secondary benefit of humanizing the brand, Digiday says.
For instance, the article explains:
Given the strict industry regulations, [director of social media for agency OMD Kerry] Perse and [VP of strategy and business development for influencer platform Bloglovin’ Kamiu] Lee both think a good way for financial companies to approach influencer marketing is developing content that relates to an individual’s personal experience, especially life milestones like buying a house or starting a business, where the influencer promotes a financial product in general terms. For instance, a financial-planning app can work with a recently engaged influencer who may talk about how the app helps her save money while planning her wedding, according to Lee.
What do you think, marketers?
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