From sodas and sports drinks to makeup and credit cards, there is no shortage of celebrity-endorsed products and services within every industry. And while traditional endorsements have included famous celebrities with global recognition (think: NBA players and famous actors), social media has paved the way for a different kind of celebrity.
Some of these influencers have tens of millions of followers on various social media channels and are seen as trusted sources within their niche audiences.
Influencer marketing for financial advisors is leveraging a relationship with an influencer to gain access to their audience and get your financial advisor content in front of those prospects.
Benefits of Financial Advisor Influencer Marketing
1) The Right Influencer Can Increase Your Credibility
Influencer marketing can appeal to all audiences, but younger investors are more likely to respond to this type of marketing approach because it offers the “social proof” that lifelong social media users often require before making an important decision.
And while to some it might sound silly that consumers rely on social media personalities to validate major decisions, this is no different than when people used to ask their neighbors or friends for recommendations.
The “neighborhood” has just extended to the size of the internet, and those neighbors could be anywhere in the world.
2) Influencer Marketing Content Can Give Your SEO a Boost
It’s no secret that plentiful, high-quality financial advisor content is the key to SEO success. Influencer marketing for your financial advisory firm can help boost SEO rankings that much more.
This is because influencer marketing gets your financial advisor content shared by other sources and to wider audiences. Both things make Google’s algorithms happy and can land your financial advisor content closer to the top of the page.
Additionally, if the audience is targeted properly and engaged, then other important KPIs such as CTR (click-through rate) and bounce rate will show Google that visitors are not only clicking on your financial advisor influencer marketing content, but they’re staying on your financial advisor website to read it.
3) Can Lead to an Increased ROI
As with all types of financial advisor marketing, influencer marketing is an investment. Just how much of an investment depends on the influencer, the length of the marketing agreement, and what all that agreement entails.
However, once that investment is made, its expense can often be justified by the number of leads generated and ultimately, clients added to your financial advisory firm’s AUM. Admittedly, marketing ROI can be difficult to pinpoint, but that doesn’t mean it’s impossible.
The digital marketing professionals at Paladin Digital Marketing are here to help. Connect with us today!
4) An Influencer to Expand Your Reach
One of the main reasons to endeavor into influencer marketing is to access the audience(s) of that influencer. With often millions of followers, these influencers are constantly producing content and engaging with their audiences to ensure they are top of mind (and top of feed). A partnership with one of these popular influencers can get the eyes of that engaged audience on your financial advisor content.
5) Influencer Marketing Can Elevate Your Financial Advisor Brand Content
Your financial advisor content library can never have too much quality content. But even if you have loads of stellar financial advisor content, the content produced and shared by an influencer can take your financial advisor brand to a new level. By having your content endorsed and shared by an influencer, you’re gaining the exposure and reach of an entirely new audience.
How to Choose the Right Influencer for Your Financial Advisor Marketing
It’s important to make the distinction between the traditional idea of a “celebrity” and the modern influencer. Yes, celebrities can be influencers. But influencers do not have to be celebrities. In fact, choosing an influencer who has celebrity status but has no affiliation with the financial or investment space can be a risky move for financial advisory firms looking to gain exposure and favor with audiences of potential investors.
Name recognition of an influencer isn’t enough if that recognition causes more confusion than synergy. For example, a beauty influencer who has millions of social media followers might be recognized by your target audience, but that influencer’s association with your financial advisor brand likely won’t have the desired effect.
It’s critical to choose an influencer whose audience has characteristics that align with your target audience. Otherwise, you could be gaining a lot of exposure, but to the wrong people.
Pro Tip: Be leery of influencers who have multiple sponsorships/partnerships with brands across industries. This implies that the influencer is more concerned with their own financial gain and can do more harm to your financial advisor brand than good. This can be prevented by researching potential influencer partners and examining their previous and current content for any potential red flags that would indicate they’re not a good fit for your financial advisor brand.
In short, any financial advisory firm looking to find an influencer marketing partner has a big decision in its hands. And it can be a time and energy-consuming process. If this sounds like something you or your financial advisory firm staff simply don’t have the time to invest in, you’re not alone.
But that doesn’t mean you have to miss out on the benefits of influencer marketing for your financial advisory firm. Because you have options. For one, you can call in reinforcements in the form of a digital marketing agency.
By partnering with digital marketing professionals, you can let them help find the best influencer marketing partner for your financial advisory firm.
Bonus: The Importance of Transparency with Influencer Marketing
It’s no secret that the financial service industry is one of the most heavily regulated when it comes to marketing and advertising. And while the regulatory authorities have been making strides toward leveling the playing field with other industries, it’s still vital for financial advisors to remain diligent by complying with current regulations, especially when it comes to social media influencer marketing.
