Nothing is more critical to a financial company than the trust of its clients. Without that key ingredient, it’s impossible to build, much less maintain, a profitable business. Unfortunately, trust is harder to come by than it once was. According to research conducted by Facebook, only 8% of millennials interviewed said they trusted financial institutions. An annual survey of Americans conducted by Gallup found that only 30% of respondents had a great deal of trust in banks in 2019 compared to 60% in 1979.
How do financial companies build trust with consumers?
Personal experience is at the top of the list of factors that build trust. When customers have positive interactions with your customer service reps, trust is built. When they experience engaging, helpful touchpoints online, trust is built. However, personal experience presupposes an existing relationship. How do you create personal experiences for people who haven’t done business with you yet?
Influencer marketing is an opportunity to create vicarious personal experiences.
No doubt by now, you’ve heard of influencer marketing. It’s a form of strategic word-of-mouth marketing. An influencer with an engaged audience has the capacity to show your target market exactly what it feels like to be one of your customers, and that builds trust.
6 tips for more effective influencer marketing
Look at the influencer’s engagement as well as her numbers.
An influencer with millions of followers but low engagement may not be as impactful as an influencer with fewer followers who are actively making connections, seeking the influencer’s advice, and sharing the influencer’s content.
Consider local celebrities.
Surveys show that a financial company’s sphere of influence is inversely correlated to public trust. National banks and online banks are seen as less trustworthy than local credit unions, for example. Take advantage of this by working with local influencers in the territories you want to grow.
Work with a representative cross-section of influencers.
Your aim is to create a vicarious experience, so consider working with more than one influencer to extend your outreach. The simple fact is everyone could use trustworthy financial assistance. A varied cross-section of brand champions from different walks of life will provide social proof that your business is one everybody can trust.
Pick believable influencers.
Connect with influencers who are already using your product or service and loving it. That’ll make their testimonials more authentic and believable. You’re looking for actual brand representatives, not paid actors.
Be transparent about your influencer marketing.
While influencers may not be paid actors, they do receive compensation for their efforts on your behalf. This should always be made clear in your influencer’s posts to avoid conflict with the Federal Trade Commission’s rules for endorsements and disclosure.
Amplify your efforts.
Once your influencer has begun creating content for your business, be sure she’s sharing it via social media to extend its reach. Back at the office, have your own marketing team boost the frequency further by sharing on your company’s online platforms. Don’t feel like you have to limit your efforts to the digital domain, either. Bring your influencer marketing into the real world via physical ads, billboards, and even radio and tv spots.
Morgan & Co. creates unique marketing opportunities for the financial industry.
At Morgan & Co., we’re committed to understanding our clients’ industries at the granular level. We study your marketplace, your competition, and your goals to produce intelligent, tailored strategies that incorporate innovative marketing ideas and hard-nosed buying. All of our strategies are supported by analytics that capture the true ROI. Contact us to learn how we can help you build trust and grow profits today.