Words: Chloe Whelan
How to use (and not use) influencers in financial marketing was a topic in keen focus at FP Live! on Monday.
Financial marketers debated how organisations can leverage the tool to build customer trust within the confines of regulation.
Scott Guthrie, director general of the Influencer Marketing Trade Body, noted how increasingly essential influencers were to a marketer’s toolbox.
“Our consumption habits change every year and we’re moving away from news outlets and towards social media and influencers,” he told the audience.
“If you’re missing influencers, you’re missing a major part of your market. It’s not the same as ads on social media, which many just scroll past. Influencers can translate messages into language that truly resonates with your target audience.”
Adam Dooley, strategic account executive at Hootsuite, said many financial services companies believed “the risk outweighs the rewards.”
“They believe if they say the wrong thing, they may be sued or worse. But actually, if you have training in place and use it to mitigate risk, you should be able to share content with low risk,” Dooley said.
All three panellists agreed influencer marketing was at risk of becoming overregulated.
Sophia Bhaumick, head of marketing and commercial at WTW, said regulation made companies “scared to even try” but emphasised the importance of a solid influencer vetting process to remain compliant.
“We heard from the FCA that influencers weren’t listening to brand guidelines,” Bhaumick said.
“It’s important to introduce brand guidelines and messaging early in the vetting process. A lot of companies go straight to celebrities because they believe they’re more credible, but if you go with smaller creators, it’s really as simple as ensuring vetting and compliance in procurement.”
Dooley recommended looking internally for staff who have the potential to be “employee advocates” or internal influencers.
“When we speak with financial services companies, they often haven’t considered that some of the most powerful influencers are their employees,” he said.
“In our research, we see that a colleague sharing company content gets up to eight times more engagement compared to the corporate page. It is a massive return that can be gained not only in marketing but in HR, sales, and other teams.
“For the employee, it’s going to build their brand and their career, while as a company you can drive sales, talent attraction, and brand awareness, all while saving on ad spend because of the traffic you’re generating.”