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Webinar Recap: The Power of Influencer and Content Marketing

Ohio webinar 
May 18, 2021

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Cayla

Cayla

Marketing Coordinator

In this article

We’ve put together a recap of some of the key takeaways from our recent webinar on the power of influencer and content marketing.

Thank-you to everyone who attended our webinar The Power of Influencer and Content Marketing with the Ohio Bankers League (OBL). Investing in influencer marketing yields high results for financial institutions and we are always excited to share our expertise to guide you through the process. 

We would like to thank Stephanie Watson, Vice President of Professional Development of the OBL for hosting this webinar for their members, as well as our panelists for providing valuable insight on influencer marketing within the financial space: 

 

Introduction to Influencer and Content Marketing 

Influencer marketing¬†centers¬†around¬†a¬†paid¬†partnership¬†with an individual who has¬†a¬†designated online following.¬†Influencers¬†work with a brand to¬†promote the brand‚Äôs products to their niche audience, producing content to capture their audience‚Äôs interest.¬†Joseph highlights¬†that¬†in marketing strategies,¬†influencers are¬†often¬†broken down by niche, size, and online medium¬†(i.e.¬†blogs.¬†social media¬†platforms, video).¬†When¬†considering influencer marketing for your financial institution, he¬†explains that¬†partnering with smaller¬†financial¬†influencers can¬†often¬†lead to higher¬†engagement, as smaller¬†influencers¬†(or ‚Äúmicroinfluencers‚ÄĚ)¬†often¬†have¬†closer¬†relationships¬†with their audience.¬†¬†

Russ agrees and adds that¬†influencer marketing¬†can also be viewed as¬†a¬†hybrid between¬†branding¬†and¬†customer acquisition. Influencers elevate a brand‚Äôs image through their own authentic voice and drive their audience to complete a specific action that leads to becoming the brand‚Äôs customer. This is where brands must determine important metrics like the cost per action (CPA) or cost per click (CPC) to understand the full cost of acquiring customers and ensure that influencers are paid at an adequate rate. He also adds that unlike traditional marketing campaigns where multi-channel tracking can be challenging, influencer marketing is ‚Äúa 24-hour sales funnel‚ÄĚ that is easier to track. Nicky agrees that influencer marketing is most effective as an ‚Äúalways on‚ÄĚ channel and therefore can boost brand engagement in the long-term. ¬†

Joseph also recommends integrating your influencer marketing campaigns with your typical digital marketing efforts. By marketing both in house and influencer content, your brand fosters a sense of community and reaches a larger demographic. Nicky notes that having a balance between both forms of content marketing creates a stronger authentic voice and connection with your audience. 

Considerations Before Implementing Influencer Marketing 

We asked our panelists what their top considerations were for implementing an influencer marketing strategy for financial institutions. Here are their key points: 

 

  • Communicate¬†with¬†both your¬†internal¬†teams¬†and compliance teams¬†to set¬†clear goals. It is important to understand the¬†benefits and risks of influencer marketing¬†before taking the first step.¬†
  • Create¬†an authentic experience for your customers.¬†Authenticity will¬†strengthen the relationship that a customer has with your brand.
  • Optimize¬†your online capabilities¬†so that¬†it supports the customer journey.¬†As Mark explains, it¬†is crucial to¬†‚Äúhave your house in order before you start inviting people in.‚Ä̬†
  • Develop¬†landing pages that provide customers with easily accessible information. Russ¬†suggests avoiding¬†the integration of¬†any¬†offline downloads¬†(such as¬†personal¬†information forms)¬†to allow for a seamless online experience.¬†

‚ÄúMake sure that your online capabilities are suitable to fulfill the customer journey‚Ķ It‚Äôs about having your own house in order before you start inviting people¬†in.‚Ä̬†

‚Äď Mark Founds, VP and Marketing Director
at LCNB National Bank

Influencer Partnerships: The Key to Success 

Partnering with a financial influencer can sometimes be daunting, especially if your brand is new to influencer marketing. However, our panelists emphasize that preparation is key to establishing a successful partnership. As financial brands, they recommend that you:  

  • Organize your¬†marketing¬†budget.¬†Mark suggests¬†allocating¬†some of your branding budget towards an acquisition budget¬†to¬†help determine your¬†cost per acquisition (CPA).¬†
  • Track key¬†metrics¬†to¬†understand where to make necessary changes.¬†Russ¬†emphasizes that data¬†helps you monitor¬†where your most valued customers are coming from.¬†¬†
  • Establish¬†multiple touchpoints that guide users through the customer journey.¬†It is¬†helpful to¬†sponsor influencer content on various channels.¬†
  • Provide¬†your influencers¬†with¬†a media kit so that they have a clear understanding of your products and messaging.¬†
  • Work with an affiliate marketing company to help mitigate risks and effectively¬†manage your influencer partnerships.¬†

Our panelists also discussed how community banks can leverage influencer marketing as a viable alternative to marketing on a national scale. Nicky explains that most influencers have the capability to geo-target their content to specific audiences, preventing users from outside of a particular region from viewing their content. Joseph agrees that geolocation is a powerful point of leverage, adding that influencers can advance this strategy further by including geo-specific keywords (i.e.- city, region, state) throughout their content as part of SEO..  

Key Takeaways  

  • Influencer marketing is measurable and scalable and, with the right partners,¬†can¬†lead to a high¬†return on investment (ROI).¬†
  • Microinfluencers¬†have a distinct advantage in¬†attracting¬†high value customers due to their¬†close¬†relationship with their audience.¬†
  • Community banks¬†reach their local audiences by partnering with local influencers¬†
  • Authenticity is key to forming lasting relationships with your¬†customers.¬†

If you want to learn more about influencer marketing strategies and how to enhance your bank marketing strategy through partnerships, please get in touch with us, or follow us on LinkedIn to keep up with the latest in affiliate marketing for financial services. 

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