Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Have you ever signed up for an online parenting class from your favorite childcare expert or purchased something after seeing a fashion blogger wearing it? Then you’ve participated in influencer marketing, which partners brands with people who have a large or loyal online following. It has come a long way from the not-so-credible reviews or “#ad” promotions from well-known celebrities. Instead, when used strategically, influencer marketing helps companies engage new audiences and grow.
Even with recent headlines of companies or products touted by influencers failing – and the subsequent damage control and trust rebuilding that follows – influencer marketing shows no indication of ebbing. In fact, according to Influencer Marketing Hub, “61% of consumers trust influencer recommendations, compared to 38% who trust brand-produced content.”
Consumers want meaningful connections, authenticity, and value from credible sources, whether or not they have “celebrity” status. Financial services firms are no exception, with many opportunities to partner with influencers as part of their marketing strategy.
Let’s discuss how you can leverage this powerful tool, avoid missteps and be a trusted voice of reason in a digital sea of information.
Get into the mind of your target client
Before searching for an influencer partner, identify subject matter where you can enrich your clients’ lives. While broad financial planning topics are a no-brainer, consider other, non-finance-related areas that will help you stand out.
What do your clients care about?
In forming a relationship centered around their assets, you’ve heard about your clients’ other concerns, from parenting to starting a business to changing careers. Based on conversations with your clients and team, build a list of potential topics to which you could contribute valuable information.
For example, are the young professionals you serve interested in expanding their families? This could be an opportunity to promote on a birthing app or partner with a parenting blogger about budgeting for a new addition or the typical costs of adoption or fertility treatments.
With some brainstorming and creativity, you’ll run into a few common themes that will help guide you in the next steps of your influencer marketing strategy.
Search for trusted influencer partners
I don’t mean the hottest new TikTok or reality TV star. When you think beyond mainstream celebrities, you’ll find a range of influencers who have built an engaged audience, have an unmistakable voice, and are sought-after for their thought leadership. For example, in the financial realm, Katie Gatti Tassin, founder of the Money with Katie podcast, addresses various issues geared toward millennials, such as changing jobs, healthcare, and culture. Then there's Michael Kitces, creator of the Nerd’s Eye View blog, who frequently offers free content and insights from other experts in the field designed for financial firms and advisors.
To focus on a niche like entrepreneurship or professional planning, you can also search for partners in those spaces. “Finfluencers” like Tassin and Kitces have long-established credibility among their communities. As a result, they’re part of the fabric of the arenas in which they specialize, creating powerful platforms and opportunities for financial firms.
Let’s talk about how you can connect to these platforms and help springboard your marketing efforts.
Establish a connection
Influencers are real people, committed to nurturing the communities they’ve built and preserving the trust they’ve gained, a process that could have taken years or decades to achieve. Therefore, it’s critical to establish a genuine connection with the influencer to build a rapport for a future partnership. For example, your firm may have a loyal, multi-generational clientele due to your team's level of reliability, care, and attention. This is a long-term approach that can pay big dividends.
Creating an authentic connection may look like this:
- Showing you understand the topics, audience, and style of the influencer.
- Engaging with the influencer’s content by asking questions, sharing posts, and adding commentary.
- Starting a conversation with the influencer in a private message, clearly outlining how your goals are mutually aligned and your input or services can enrich their community.
As you get to know the influencer, you may also spot different ways to use their platform beyond just paid promotions. For example, you may be a featured podcast guest or contributing author, promote a relevant webinar, advertise on their website or app, or extend special offers exclusive to their audience.
Be the voice you want to hear
Social media makes sharing expertise and building communities more accessible than ever. And you don’t need a tiny microphone or ring light to get started, although this could be a chance for your firm or select team members to shine. Perhaps you record your own podcast, work with trusted partners to write specialized content for your audience, or produce a series of short-form videos such as Reels on Instagram. As with any new endeavor, complete a few steps before jumping into your influencer role.
- Have a clear brand voice, style, and message that's consistent across your channels.
- Have predefined areas of focus that will enhance specific segments of your target audience.
- Have a realistic and sustainable strategy for implementing influencer marketing; in other words, don't set it and forget it.
In addition to sharing original content, you can use the same strategy to authentically connect with other leaders and influencers while benefiting from a platform that’s distinctly yours.
With the vast and evolving possibilities of influencer marketing, this game plan will be a serious contender in your firm's overall marketing and growth plans. When you use these steps and approach influencer marketing thoughtfully, transparently, and with integrity, you’ll position your firm for repeat business, scaled services, more revenue, and new leads funneling directly into your and your influencer partner’s pipelines.
Lauren Hong is president of Out & About, a full-service marketing firm that she founded in 2013.
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
