Finfluencing: A Look at How Financial Service Marketing Is Expanding

financial influencers are teaching about money management

There’s no way to deny that influencers are at the top of the marketing world. These internet personalities can make or break any product. But the rise of the popularity of financial topics on social media has introduced us to a new kind of content creator—finfluencers.

These people make financial information more accessible by offering their knowledge for free. They also break down complex topics so that everyone can understand them. Finfluencers are valuable additions to financial service marketing, so keep reading if you want to learn why.

Who are finfluencers?

Financial influencers, also known as finfluencers, use social media apps like TikTok and Instagram to share their knowledge of, you guessed it, finances. They often share videos and posts about money management—a broad topic that can cover investments and cryptocurrencies, as well as managing personal finances.

Personal finances and budgeting have become extremely popular on social media in the last couple of years as Millennials and Gen Z are eager to learn more but don’t know where to start. Finfluencers have the knowledge and experience necessary to bring those topics closer to a larger audience and explain complex financial terms in a simple way.

Some finfluencers already have a serious following that regularly engages with the content they share. Most of these users are either Millennials or Gen Z, which is not a surprise because these two generations often seek help from social media before purchasing an item or making a large investment. When it comes to finances, younger people prefer to follow influencers instead of businesses and large companies. Therefore, finfluencers are clearly the future of financial service marketing.

Financial service marketing and finfluencers

Finfluencers are more than an easy way to market your business or product. These people are trusted by the community gathered around them. Additionally, they could reach a large number of users with just a single post. But keep in mind that finfluencers are in sync with their followers and will collaborate with businesses that share the same values. So, what type of marketing can be seen on finfluencers’ profiles? Here’s a couple of examples:

Introducing a product to potential customers 

People are not interested in finances because they find it hard to understand. The same goes for financial products. Finfluencers often have natural charisma and the ability to explain financial tools through detailed and relatable videos, graphics, or images.

Many financial services choose finfluencers to introduce their latest apps or tools to their followers, which is a useful form of customer education and an advertisement, rolled into one. Finfluencers know which features to highlight and provide additional information about. Just remember to choose the right person to collaborate with.

Viral challenges and affiliates

Financial services, just like any business, need to have a social media presence in this day and age. However, engaging with followers and bringing in more users interested in the world of finance could be challenging. The best way is to research what works on each platform and create engaging content with educational value.

For instance, TikTok is not all about learning dance moves anymore. The platform has evolved tremendously in the last couple of years, and users can find challenges, tips, and tricks that can help them in their everyday lives. Financial services should embrace this and create similar content. Including finfluencers in the videos is always a great idea, especially if they already have a following on the platform. Viral challenges can bring exposure to financial services and result in incredibly good content.

Improved social media presence

Every brand or company wants a better social media presence, and financial service is no exception. Instead of spending money on promoted ads that can get annoying after some time, teaming up with finfluencers is a better idea. Collaborating with them won’t cost more money, but their reach is usually phenomenal, especially if they post a variety of finance-related content.

The quality of online financial advice

If having free financial advice from influencers sounds too good to be true, remember that these people wouldn’t be as successful as they are if they didn’t have the proper knowledge. Most of them won’t give you financial advice one-on-one but will post highly educational videos meant to teach you more about finances and investments.

Most of us didn’t get to study this topic in school, and money management could be overwhelming for some. But we can still learn quite a bit from short-form videos on how to use certain software, quick guides, definitions of terms often used in finance, and more. Covering the basics of everyday finance can lead people to explore, dive deeper into the topic, and maybe start investing soon.

Keep this in mind when teaming up with a finfluencer. After all, you don’t want to be associated with a person who will become infamous for his lack of financial knowledge.

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