By Marília Assis (marketing intern at B-hive)
In 1468 a magical moment happened in the history of communication, Gutenberg created the movable-typing printing press. Printing books in larger numbers with low cost transformed the medieval word, helping the blooming of the renaissance. On the downside, this communication was unilateral, restricting the distribution of knowledge to a small percentage of the population. Nowadays, in the digital world and with the creation of the social media networks, ordinary people are also able to create content, spreading their opinion for companies from politics to their own personal life. This phenomenon also changed the way that companies communicate and deal with their custumers, becoming what we call “consumer-centric”.
In our modern society, we are observing a convergence between identity and consumption. Millennials are interested in purchasing items and using services that are representing their ideas and lifestyle, that can speak for them. Nowadays to conquer and keep a customer, the companies must speak in extreme synchronicity with its actual consumer needs.
How can a financial institution create a high level of intimacy and attract the customer’s attention? How can you create values that relate to the clients? There is no magical formula, but there are several ways to do it. Here I will explain the one that is the easiest for startups and scaleups with limited resources: Using “influencers” for marketing.
Humans always like to have someone to follow, from a religious icon to an artist. We trust them, we want to know what they’re eating, wearing, reading, where they’re going to spend their vacations. And why not: How do they manage their finances? Researches point out that consumers are 92% more likely to trust their peers over advertising when it comes to purchasing decisions . Meaning, if you want millennials as customers, you should create partnerships with their digital influencers.
The next examples highlight successful collaborations to inspire you:
1 - TD Bank created a partnership with digital influencers on Instagram. The action demonstrated how people can accomplish their goals, if they save their money for it. In the first phase of the campaign, the bank selected famous travel bloggers. The influencers used the #IcanSavesoIcan and after that expressed their wishes.
The first campaign was a success and opened the door for more partnerships. Bellow we can see how the influencer is showing he’s saving his money to invest into art. This campaign connects the image of the bank with the action of supporting art - even that it is the influencer, and not the bank, who is investing in art. The dream of the influencer, their thousands of followers and the bank become the same. Now the bank is speaking their customers’ language.
2 - Another interesting partnership with digital influencers occurred last year in Brazil. The bank Itaú chose young couples to explain how they are administrating their financial life, and how using the bank app is making their financial life easier. The couples were very well chosen, as they are on YouTube for more than five years and their audience is extremely loyal.
3 –The American bank Capital One perfectly understands the power of Instagram. Already in 2015 their senior director of digital brand strategy said: We've found that Instagram is the place where most of the millennials are, and it's a rich place to reach them (…) Instagram is more compelling than Pinterest or Tumblr—just given the audience sizes and growth. The bank decided to open their Instagram account for five weeks to Kimberly Genevieve, Paul Octavious and Zach Rose. During this period, the influencers took pictures of curious thinks that they keep in their wallets, from love letters to festival tickets. Having cool pictures taken by instagrammers in their feed, the bank increased their ad recall 16 percent.
4 –Founded in 2013, the Brazilian fintech Nubank collaborated with several blogs and YouTube channels) to show how their card works and to create trust with the users. They prefer to partner with specific channels that are focused on technology, such as Canal Tech. This marketing strategy is a success, as Nubank is now one of the biggest fintechs of the country (they received $80 million in series D last year).
Here we saw examples of how big financial institutions are using influencer marketing. Moreover, even a fintech startup is able to do it. You don’t have to create collaborations just with internationally famous influencers, there are tons of local influencers that can make a partnership with your company, for a low and affordable price, or even just in return for the services that your startup provides. This a fantastic way to test the acceptance of your products in specific cities and niches! Take a time to discover who are the digital influencers of your customers, I’m sure that it will be worth it!