Connect with us

AFFILIATE MARKETING

The Rise of FinFluencers and Why Banks Need to Jump Onto This Bandwagon

Published

on

The Rise of FinFluencers and Why Banks Need to Jump Onto This Bandwagon

In 2002 Nicky Senyard founded Income Access, an affiliate marketing company with over 22,000 affiliates in the regulated gaming industry, and sold the business fourteen years later to Paysafe for USD $30 million.

1681920389 274 The Rise of FinFluencers and Why Banks Need to JumpSenyard is back in the affiliate marketing space but this time around she has her sights on the financial services industry.

Founded in 2019, Fintel Connect is a leading affiliate network, tracking and reporting technology, and marketing partner dedicated to the financial services space.

More than 80 financial service brands use the Vancouver-based startup to enhance their marketing through its curated financial affiliate network which includes FinFluencers.

Simply put, a FinFluencer — as a financial influencer is usually called — is a person who gives information and advice to investors on financial topics — usually on stock market trading, personal investments like mutual funds and insurance, primarily on various social media platforms.

Advertisement

Techcouver sat down with Senyard to learn more about Fintel Connect and the rise of FinFluencers.

What do you see as the role of the Finfluencer? How are they changing the landscape?

NS: I believe that social media platforms are not necessarily changing the media landscape, but rather riding on the existing landscape. As these platforms become more accessible, people use them as a megaphone for their messages.

In the past, people listened to the radio, then moved to newspapers and TV. Nowadays, social media platforms are just another channel for people to express their content or point of view. However, the audience follows the channel, creating a marketplace where both content and audience are necessary for success.

Financial influencers are using social platforms to reach their audience where they are, and are creating content their followers are interested in. This shift towards influencer marketing reflects the changing media consumption habits of consumers, particularly among younger demographics who are more likely to trust recommendations from influencers.

How do you see the role of Finfluencers evolving in the future, and how can banks best position themselves to take advantage of this trend?

NS: Banks are like other products in a marketplace however, they are unique. They deal with money and are highly regulated and extremely important. This elevates banks to a level of importance incomparable to other industries. Financial influencers play a crucial role in informing consumers about banking products and services.

Banks have been traditional in their approach to conveying their values and product information, and they need to adapt to the changing landscape of communication channels. The rise of financial influencers has opened new channels to reach a younger audience. Banks cannot afford to rely solely on traditional media channels to communicate with consumers, as they risk missing out on important audience segments, including Gen Z and soon, Gen Alpha who now have a lot of disposable income and clear financial goals. But are also heavily influenced by what they see online.

Advertisement

This audience is not consuming historical or outdated forms of content, and that’s why banks need to embrace the role of financial influencers to stay relevant in the marketplace. By working with finfluencers, banks can tap into their expertise and influence to educate consumers about their products and services, build brand awareness and drive customer acquisition.

By leveraging channels like partner marketing, for example, and tapping into a vast network of high-quality, pre-qualified leads that are actively seeking financial solutions, banks can reach new potential members ultimately driving in deposits.

However, it is important for banks to approach finfluencer partnerships with caution. Banks need to ensure that they are partnering with finfluencers who are credible, trustworthy, and comply with relevant regulations and guidelines. Furthermore, banks can leverage technology to make the most of their partnerships with finfluencers.

By using robust journey analytics to automated marketing compliance tools like our Fintel Performance and Fintel Check products, banks can track and measure the impact of their influencer campaigns, optimizing their strategy and maximize their return on investment.

What steps can banks take to build relationships with finfluencers?

NS: For banks to leverage the power of finfluencers, they must have a strong digital presence. This includes having a robust digital product offering and being able to track and analyze data to gain insights into customer behavior. Banks must also adopt a holistic approach to digital marketing, which means they cannot solely rely on finfluencers but must communicate with their audience through various digital channels.

To effectively reach their audience, banks must be present where their customers are i.e., social media platforms. This requires a comprehensive digital strategy that includes influencer marketing and other digital marketing tactics. By taking a digital-first approach and embracing the power of finfluencers, banks can effectively reach new audiences and drive growth. In this uncertain economic climate, financial institutions are under more pressure to spend less while generating more.

Advertisement

Data-driven marketing strategy is the answer to guaranteeing ROI – what’s performing well, with whom, and through which channels. By partnering with affiliates who have a deep understanding of the audience, financial institutions can use this data to their advantage and ensure their marketing strategies are aligned with their customer needs.

Content compliance is a major concern for banks. What advice do you have for brands looking to work with influencers and what can banks do to overcome this concern?

NS: Absolutely relevant! Absolutely important! It is crucial for banks to have clear policies in place when working with finfluencers. These policies must be effectively communicated to influencers and reviewed regularly to ensure compliance. finfluencers must be aware that they will be held accountable through contractual and financial terms if they do not adhere to these policies.

Trust is a crucial element in any partnership, and building trust with influencers is no different. When there is trust between the bank and the influencer, both parties can be confident that the rules will be followed. Building trust takes time and requires ongoing communication and transparency. By establishing clear policies, effective communication, and mutual trust, banks can effectively partner with influencers to achieve their marketing goals.

It is tedious to constantly monitor if influencers are being compliant with their content and that’s why Fintel Check, Fintel Connect’s AI monitoring and compliance tool allows banks to constantly monitor content being put out by their partners and notifies them when a compliance rule isn’t met. This saves them a lot of time and energy.

Some critics argue that Finfluencers lack the expertise and knowledge to provide valuable financial advice. How do you respond to these criticisms?

NS: Most financial influencers are not financial planners, most don’t profess to be and are not regulated in the same way. The role of financial influencers is to raise awareness about financial issues rather than providing financial advice. I think all the financial influencers out there are very clear that their role is about education and awareness. They do not provide financial plans or processes.  It is key to choose a partner who is transparent about their role and is focused on education and awareness. If you have a partner that doesn’t make that clear, they’re probably not the right fit for your brand.

How do you see the landscape of social media and content creation changing in the wake of the potential TikTok shutdown, and what opportunities do you think will arise for content creators?

NS: While the potential shutdown of TikTok may be concerning, there was a world before TikTok and there will be a world after TikTok. Creative content creation and audience engagement will continue to exist, even if platforms change.

Advertisement

It is possible that audiences will migrate to other platforms like Instagram or YouTube, or a new platform may emerge that offers similar features to TikTok. I believe the reason TikTok has been successful is because it is a newer platform that offers unique features and integrations. Content creators found it easy to monetize their business on TikTok, over other platforms, because of its payment model. However, other platforms will likely emerge that offer similar advancements and integrations, even if TikTok is shut down.

Content creators looking to migrate to a different platform and continue running a sustainable content creation business should look at affiliate marketing as an option. Creators are paid fairly when a sale is made. What you get out is directly proportional to what you put in.

What advice do you have for companies looking to work with influencers in a post-TikTok world?

NS: Brands and financial institutions will continue to exist, reach new audiences and successfully market their products even without TikTok. There will be other platforms out there that may offer similar or even better features, than TikTok, for influencer marketing. As such, people will likely migrate to other platforms to engage with their favorite influencers.

However, the strategy of using influencers should remain the same regardless of the platform. The focus should be on identifying the right influencers for the target audience and communicating the brand’s message effectively. Knowing which influencers and campaigns are working for your brand is important. This means understanding the data and tracking the campaign end-to-end no matter what channel of social media you are using.

While the platform may change, the importance of influencer marketing and its ability to connect with audiences will remain consistent.

Image: tonodiaz on Freepik

Advertisement

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address

AFFILIATE MARKETING

How to Make Hard Decisions Or Run The Risk of a Hard Life

Published

on

How to Make Hard Decisions Or Run The Risk of a Hard Life

Entrepreneurship is an endless series of hard decisions. I’m sure you’re facing one right now. Sadly, I can’t give you the right answer — but I can offer you something new to consider.

To really appreciate this, I first want to tell you about someone who faced a gut-wrenching choice of his own.

I’ll call him Steve. He’d stolen things, served time in prison, and wanted to turn his life around. Finding a job was hard, but he eventually landed some freelance work for a big company. He threw himself into it, outworking everyone and getting noticed.

The rest of this article is locked.

Join Entrepreneur+ today for access.

Advertisement

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

AFFILIATE MARKETING

6 Non-Negotiables for Women in Power

Published

on

6 Non-Negotiables for Women in Power

Opinions expressed by Entrepreneur contributors are their own.

As I’ve started to reach new growth milestones in my business, I’ve had this growing realization: Knowing your non-negotiables isn’t just important; it’s essential. Not having them clear? Well, that’s a straight ticket to Discontent City, which, let me tell you, doesn’t do any favors for your success, present or future.

It’s way too easy to let things slide, isn’t it? You make excuses for others (and yourself) and turn a blind eye to signs that all’s not well because, hey, losing a client sounds like a nightmare, right? Or maybe you’re so dazzled by what could be that you compromise what is without even realizing it.

These thoughts have been swirling in my head ever since I attended the Black Women’s Power Summit. The stories I heard from these incredible women, who’ve faced and conquered massive hurdles to secure their spots in positions of power, really hit home.

Here are six non-negotiables from myself and some of the powerful women we all look up to that will help you maintain your success and help you push through to the next level.

Advertisement

Related: Stepping Into Your Power as a Female Leader

1. Have uncomfortable conversations immediately

Let’s have uncomfortable conversations. I used to dodge them like a pro. But, facing them head-on? That’s where the magic happens. More often than not, I’d find out I was missing a piece of the puzzle. Whether they changed my view or cleared the air, those talks always left me feeling lighter, ready to focus on what matters.

2. Wait 24 hours before making decisions fueled by emotion

And here’s a rule I live by now: If a decision is riding on a wave of emotion, I hit pause for 24 hours. It’s amazing what a little time can do for perspective.

3. Don’t accept less than the energy you bring

Accepting less than I’m giving? No more. That’s true for work and life. Steering clear of toxic people sounds obvious, but we’ve all been there, keeping someone around when, deep down, we know they’re just bringing drama and draining our energy.

Related: 5 Women Entrepreneurs Share Their Top Advice for Finding Your Path to Career Success

4. Don’t be afraid to ask things that enable you to show up as your best

When national talk show host and actress Sherri Shepherd was asked to be on tour with Babyface, the local glam team was not equipped to style a woman of color. The team could not style her wig, and the foundation didn’t match her skin. Can you imagine having to host a large-scale event, looking up at the monitor, and being distracted because the reflection is not of your standard?

Advertisement

As women, it’s often implied that asking for anything more than what is provided is considered “high maintenance.” Don’t be afraid to ask for what you need to show up as your best self, and don’t expect anyone to understand your request as they’re not on your path and they’re not the ones who have to show up in your shoes.

5. Understand that work-life balance is a lie

I listened to Thausandra Brown Duckett, CEO of TIAA, talk about how work-life balance is a lie. Her suggestion is to treat your life like a diversified portfolio. She said work-life balance is a lie because it never reconciles. She suggests living your life like a diversity portfolio. Write down everything that matters to you, and allocate based on your priorities. Over time, you will outperform in all areas. Do not put all your time or energy into one thing. Don’t forget to give yourself the grace to recalibrate your portfolio as needed.

6. There must be incentives to innovate

And there’s one gem I picked from Thai Randolph, who co-founded HartBeat Productions with Kevin Hart, that’s become a mantra for me: She said that in every opportunity, there must be something intrapreneurial. What that looks like is having the opportunity to build things, break things and scale things. There has to be a real incentive to innovate.

Related: 5 Trailblazing Black Women Entrepreneurs Share How They’re Breaking Barriers — And How You Can Too

Honestly, my non-negotiables aren’t groundbreaking, but ever since I’ve put them front and center, communicated them to my team and decided to live by them, the difference has been transformational. Thanks to these non-negotiables, my company, Society22 PR, made it on Inc.’s Fastest Growing Companies list, and we have been able to nurture a company culture that’s beyond what I dreamed.

So yes, these reflections on my non-negotiables have reshaped my approach to business. It’s not just about setting boundaries; it’s about creating a space where you, your team and your business can thrive. And let me tell you, the result has been pretty great.

Advertisement

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

AFFILIATE MARKETING

How to Build and Maintain Strong Agency-Client Relationships

Published

on

How to Build and Maintain Strong Agency-Client Relationships

Opinions expressed by Entrepreneur contributors are their own.

For marketing, advertising and PR firms, the relationships built between the company and clients are critical for driving repeated business, sustained growth and positive word of mouth. Maintaining these vital relationships is becoming increasingly difficult due to a fiercely competitive market where clients are looking for higher engagement, lower costs and better quality products and services.

The good news is that maintaining strong relationships with your clients is well-known to promote high retention rates and better revenue. One study found that customers who form a strong emotional connection with a brand have a 300% higher lifetime value compared to consumers who failed to build a relationship. For agency leaders, it’s important to have strategies in place to build and foster strong, long-lasting relationships with your clients.

Related: How to Make Your Clients Love Working With You

1. Set clear expectations and deliver on your promises

One of the best ways to build a relationship with your customers is by always delivering superior products and services. However, accomplishing this starts at the beginning of the relationship by setting clear expectations on what they can expect. Being transparent about the intended outcome, delivery timeframes and communication helps avoid any frustration that might come from misunderstandings or misaligned expectations.

Advertisement

For new firms, it’s especially important to impress your potential clients. Unfortunately, too many companies make big promises that they can’t successfully deliver. By overpromising, you set your customer up for potential disappointment. Instead, always offer realistic expectations with the intention of over-delivering. The customer will be impressed when you are able to deliver the marketing campaign in three weeks when you originally set an expectation of 25 business days. You might even throw in an unexpected freebie or perk that they weren’t expecting. By always keeping your promises and over-delivering when possible, you’ll build a relationship based on trust and will be recognized as a reliable business partner.

2. Focus on creating value first

Selling your services is an important part of growing revenue for your business. However, focusing solely on what you can get out of your customers could be sabotaging your ability to build strong relationships with your clients. Instead, focus on first providing them with value. This starts well before you sign your first contract. When clients see tangible value and benefits immediately from working with your business, they are more likely to reciprocate by remaining loyal customers to your company.

3. Communication, communication, communication

Sustaining an ongoing relationship with your clients requires connecting on a regular basis, even if they aren’t ready to purchase from you again. The problem is that many companies focus on connecting with their clients only when they want to make a new sale. This isn’t an effective way to build strong customer relationships because it can be perceived that you only care about them when they have something you want (i.e., their money).

Taking the time to check in with your clients on a regular basis is a great way to maintain a strong relationship. This also helps eliminate tension and remove the defenses that come up when every contact ends up being a sales pitch. These check-ins can be in-person meetings, phone calls or even a simple email.

It’s important to understand that no two clients are the same. Finding ways to tailor your communication to their preferences and needs lets the client know that you understand their needs, challenges and goals.

Related: 4 Tips to Forge Winning Client Relationships for the Long-Term

Advertisement

4. Own your mistakes

From time to time, your agency is going to make a mistake or upset a customer. That’s unavoidable. You’re going to miss a deadline, deliver an advertisement that should have never made it past the quality control process or drop the ball entirely. How your business responds to these issues can make a huge difference with your customers. Owning the mistake, being transparent about what happened and proactively working on a solution, lets them know that you care about resolving the issue.

Delivering difficult news or discussion challenges is never easy. By demonstrating your willingness to address challenges head-on and find mutually beneficial solutions, you’ll strengthen your client relationships and position yourself for long-term success.

5. Learn from failure through continuous improvement

Sometimes, you’ll lose clients no matter what your business does. This can be painful, especially if it’s a major client that generates a significant portion of your revenue. While the goal is to retain your clients, there is a silver lining to client turnover. As frustrating as it might be, always try to part ways on good terms. You never know when they might decide to come back to your business. A good way to do this is by offering them some form of value on their way out. For example, if you operate a digital marketing firm, you show good faith by supporting their transition to the next agency.

Also, taking the time to understand why they are leaving can highlight opportunities for improvement. Over time, taking action on these lessons can greatly strengthen your processes and ensure you avoid any roadblocks to building and sustaining long-term customer relationships.

Related: 5 Ways Your Agency Can Improve the Client Experience

Acquiring new customers is not only challenging, but expensive as well. It’s much more effective to spend time retaining the customers you have. By building strong customer relationships, entrepreneurs can protect their revenue and position their companies for growth and success despite operating in the competitive world of marketing, advertising and PR.

Advertisement

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

Trending

Follow by Email
RSS