Every brand in practically every niche or category now depends on influencer marketing to cater to the target audience on social media. The same is applicable for organizations in the finance and banking areas. 

Marketing for banks, insurance companies, and other financial firms needs a different direction. Here are the steps noted down by one of the largest influencer marketing agencies in India – Confluencr, to create an influencer marketing strategy for BFSI.


Step 1- Understanding the purpose and objectives of your influencer marketing campaign

It is necessary for influencer marketing for banks to have goals and objectives. Make sure that you know what you want to accomplish from a given campaign and what it has for the public or audience. 

Users look up to financial brands for authentic information and not entertainment. One has to be very clear of what the campaign expectations and goals are. 

Step 2- Know who is your target audience 

Influencer marketing requires to be directed at the right audience to get the desired outcomes. Banks and financial institutions need to be incredibly careful about who they are targeting because otherwise, the whole campaign can go flat. 

For instance, if one wishes to promote their internet banking services, the target audience should essentially be millennials and Gen Z who ate bright technology-wise and frequently use net banking and apps for transactions. 

Furthermore, if you intend to promote a new card then you need to know who is more reasonable to be benefitted from the recently launched card.


Step 3- Opt for the social media policies for your bank’s influencer marketing 

Influencer marketing for banks is pretty complicated because it requires a cautious selection of social media platforms. 

The first step to this is to recognize who your target audience is. Once you figure out that, you will understand which social media platform they are most active on. 

Do not forget to implement your influencer marketing strategy on multiple platforms to get the best possible outcomes. 

Step 4- Outline the content for influencer marketing for BFSI

The notion of your influencer marketing campaigns should be crystal clear. Right from videos to blogs, social media platforms permit you to play with nearly all forms of content. 

The type of content you prefer for your brand will influence your choice of influencer. Besides, make sure to see that your chosen content type is apt for the social outlets you have selected. 


Step 5- Choose the favorable influencers for influencer marketing for banks

Banks using influencers need to be cautious about who they choose. Not every influencer on social media platforms has the potential to communicate financial messages. You need to make sure that the influencers you select have good credibility and are genuine enough for promotion. 

The selected influencers also need to be comfortable with the type of content you have outlined. 

Influencers need to be clear of what they are posting when it comes to putting out content related to financial institutions and firms. This is because any delinquency can lead to serious aftermaths on the legal front since the BSFI sector is bound by strict rules and regulations. 

Step 6- Analysis of your competitors before implementing your strategy is recommended

Many banks have begun using influencers for marketing and advertising. Analysis of your competitors on social media can help you formulate the right strategy. 

Knowing what kind of influencers they are collaborating with simply taking a look at the type of content they are posting and putting out to their target audience. 

Observation of these aspects will aid you to detect what is deficient or lacking in your strategy and what you need to work on. 

The use of dedicated competitor tracking tools can help you get a clear understanding of what your competitors are up to.


Step 7- Creating a campaign brief for banking influencers is highly recommended 

The campaign brief must contain all the essential details about the campaign. Give a detailed brief to the influencer you choose to make sure they are on the same page as well. 

The campaign summary should comprise details about the content structure, platforms where the campaign will be implemented or executed on and the timeline of the campaign. 

Step 8- Analysis of the performance of the influencer marketing campaign 

The last and the most important step in making efficient influencer marketing for banks is to analyze the past and ongoing campaigns. Ensure that you assess your campaign’s performance with the help of a social media analytics tool. 

You will come to know whether your strategy was successful only when you analyze and compute the campaigns. 

The analysis of the performance of influencer marketing will tell you where your brand campaign needs to be modified and whether your choice of influencers can get your brand the desired acknowledgment.  

Author Bio: Shweta Singh

I am an aspiring Lawyer and a Content Writer. 

I believe that every business has a story and I thrive to tell that story to the world through my writing. 

I have been writing for influencer marketing for a long time and have grown exponentially with the industry. 

With Confluencr, I have learned that quality content + targeted marketing can do wonders not only for businesses but for any individual.