The Influencer Invasion of FinTech: To Join or To Resist?
There are both pros and cons to using influencers in the marketing strategy of a fintech start-up.
Let's start with the pros.
Influencer marketing can help to increase brand awareness and reach a wider audience. By partnering with influencers who have a large and engaged following, fintech companies can tap into that audience and expose their brand to a new set of potential customers.
Influencer marketing can help to build trust and credibility for a brand. Influencers are seen as trusted sources of information and recommendations, and if they endorse a fintech company, it can help to build trust and credibility for that brand among their followers.
Influencer marketing can be cost-effective. Compared to other forms of marketing such as TV or print advertising, influencer marketing can be relatively inexpensive and can help fintech start-ups stretch their marketing budget further.
Now let's talk about the cons.
Influencer marketing can be unpredictable. Influencers can't guarantee a specific number of likes, comments or conversions, and there's always a risk that the campaign will not meet the expectations of the fintech company.
Influencer marketing can be difficult to measure. It can be hard to track the ROI of an influencer campaign, making it difficult for fintech start-ups to determine whether or not it's been effective.
Fintech companies have to be careful about who they partner with, as working with an influencer who has a bad reputation or controversial views could damage the brand.
Influencer marketing can be a valuable channel for fintech organisations to adopt into their digital marketing strategy, as long as they approach it strategically and carefully.
Building trust is crucial for fintech companies and influencer marketing can be a great way to do that, as long as the right influencers are chosen.
However, it's important to keep in mind that influencer marketing is not a one-size-fits-all solution and it should be used in conjunction with other marketing channels.
In my opinion, fintech companies should use influencer marketing as part of a larger, integrated marketing strategy.
By carefully selecting the right influencers, measuring the ROI of the campaign, and being transparent about the partnership, fintech companies can effectively use influencer marketing to build trust and credibility with their target audience.
In conclusion, influencer marketing can be a valuable channel for fintech organisations to adopt into their digital marketing strategy, as long as it's approached strategically and carefully.
It can help to increase brand awareness, build trust and credibility, and be cost-effective, but it's important to be aware of its unpredictability, difficulty in measuring ROI and the risk of partnering with the wrong influencer.