Both brands and influencers flock to personal finance conferences like FinCon. Why? To learn about all things money, of course! Additionally, brands and influencers actually share a considerable amount of overlapping interests. Victoria Araj from Quicken Loans explores how branders and influencers can form partnerships at finance conferences and beyond to grow and thrive together.
It’s no secret that influencers need to have an engaged following. Furthermore, brands, whether long-established or fairly new to the industry, have an interest in expanding their reach as well. Growth is a goal for both groups.
Whether you’re a financial influencer or brand, here are a few things to consider in leveraging these key relationships.
Expand Your Reach
One of the biggest benefits of developing partnerships between influencers and brands is an increased reach. By partnering together, both parties will grow their audiences, in addition to growing their rapport.
New Audiences
Influencers usually have a couple of key social media platforms where their audience expects to see them regularly. Brands often have several accounts and handles as well. They need to reach people on existing and new platforms in an ongoing effort to expose new people to the brand or special promotion. Both influencers and brands can benefit from cross-promotion to increase visibility.
Foster Trust
People tend to trust the word of someone they know, even if it’s only online. This trust grows in a way that direct brand advertising sometimes can’t. Influencers can write product reviews, highlight how they have used or interacted with a product or service, and encourage followers to seek the same benefits they enjoyed. Brands can seem more approachable by highlighting how their personal interactions with the influencer isn’t just exclusive to them but available to all customers.
Resonate with Consumers
There are reasons why partnerships between influencers and brands are mutually beneficial. These partnerships help both parties connect with customers in unique ways. These partnerships are especially valuable for covering complex or even taboo topics (think money!).
Simplify Complex Concepts
Financial topics aren’t always easy to convey. When a brand can take a complicated process and explain it in a way where people of various ages and stages can confidently make decisions, they can stand out in a crowd. When an influencer is paired with this delivery of information, it lets the consumer see how someone they recognize and trust was able to make a decision that benefitted them and may encourage them to take a step toward something they might not normally take otherwise (investing, getting a mortgage, using a budget app, etc.).
Personal Stories
Influencers are storytellers by nature. They share pieces of their life through their blog posts, photos, Instagram or Snapchat stories, podcasts, and videos. They want to connect with their audience and attract people who appreciate their stories. Brands also need to be storytellers. They need to do this to attract and nurture consumers, so they can create a lifelong relationship of happy ambassadors. However, they may not have a face to associate with those platforms to humanize their outreach efforts. When brands and influencers work together, those personal before and after stories can be a powerful tool in changing people’s money habits.
If you’re a brand, you can find influencers at any size budget with some research on social media platforms and help from tools like BuzzSumo, where you can identify influencers in your industry that may be a good fit. If you’re an influencer, be prepared to pitch brands with ideas, examples of how you engage your audience, and pricing for various promotion tactics you can offer.
Want to learn more? Click here for more details on influencer marketing from a brand’s perspective.
Final Thoughts on Influencer-Brand Partnerships
Perhaps there’s a new product launch or app. Maybe there are specialized online courses or giveaways and promotions that engage audiences. The personality and connectedness of an influencer coupled with a brand who delivers quality service is a win-win for both parties and the audiences they aim to build relationships with.
This article originally appeared in FinConnection 2019, our event magazine provided to all attendees of #FinCon19.
Victoria Araj leads the Quicken Loans Zing Blog and held roles in mortgage banking, public relations and more in her 14+ years with the company.
She holds a bachelor’s degree in journalism with an emphasis in political science from Michigan State University, and she holds a master’s degree in public administration from the University of Michigan. She can be reached at VictoriaAraj@QuickenLoans.com. Visit QuickenLoans.com/Blog for more information.
