Influencer marketing can unlock chances for fintechs – Capital Business
NAIROBI, Kenya, April 10 – The worldwide fintech market is valued at close to USD 7300 billion and is predicted to grow at an yearly rate of 26.87%, a 2021 report by web service company Yahoo programs. The increasing appeal of digital payments, increased financialinvestments in technology-based options, encouraging federalgovernment policy and increased adoption of smart gadgets are some of the factors pointedout for the fast development of fintechs.
As Kenya shifts into a cashless society, fintechs play a specifying function in the digital deal area. Due to competitive markets, fintech brandnames face a fight to stand out, inform audiences on the advantages of their services, endear them to their brandname, hire them as consumers and eventually transform them into brandname ambassadors.
Fintech services differ in various sectors and domains i.e., insurancecoverage, home tech, financing, payments, wealth tech, opposition banks, trading tech, digital currency/exchanges, and reg-tech. The requirement to streamline fintech options and impact audiences to take them up and browse them successfully present a difficulty to most brandnames.
With a huge variety of digital-savvy audiences who takein massive levels of details online that pieces their attention, a crucial part of fintech brandnames in their marketing toolbox is influencer marketing. Influencer marketing is not a brand-new idea. However, it is an efficient technique that satisfies various brandname and service goals.
Most fintechs in Kenya are growing brandnames. Building awareness is a core organization or interaction goal. Influencers provide a brandname seal of approval, considering it deserving for their fans to engage with and develop trust with a brandname. Influencers promoting your brandname wear’t simply supply empty talk. Their pointsout and recommendations can produce service leads and effect sales.
According to a international survey by influencer marketing business Droom Media, 85% of Gen Z usage social media to findout about brand-new items. A exposing figure is that 56% of all web users, from Millennials to GenZ, watch videos from social media websites (Facebook, Instagram, Twitter, Snapchat, Reddit). One method or another, individuals indulge in influencer associated material.
Traditional marketing needs a large quantity of financialinvestment and such expenses would not be appealing to fintechs who, regardlessof the requirement to grow their brandnames, will frequently decide to bootstrap to financing or sustain their operations. Consequently, their marketing spendingplans are constrained or slashed to assistance organization sections. Influencer-driven content, nevertheless, produces spectacular results for fintechs from a expense pointofview.
Research from influencer marketing business, TapInfluence, reveals that a single piece of influencer material can trigger 4 times return of financialinvestment, 4 months after a project and an eye-popping eleven times sales lift throughout the year. This effectiveness forces more and more business to adjust to this alternate however extremely reliable type of marketing, consuming up spendingplans that would haveactually been, in most cases, funneled to conventional/mainstream marketing.
Brand appeal is something fintechs needto thinkabout beyond crunching up sales numbers. Influencers command big numbers, upwards of one million fans or customers in a single social media platform. A international survey of customers exposes that 49% depended on influencer suggestions, while 40% bought duetothefactthat they saw an influencer promoting the brandname in concern.
Through influencer collaborations, fintechs can reach a larger audience and develop a mental and psychological connection that encourages the preferred mindsets and understandings. This is done through measuring engagement rates, the number of views, shares or likes – metrics than broadcast or print platforms battle to provide.
Moreover, while ads are hooked off TELEVISION screens or radio after some duration, fintechs can tap into the durability of the material assoonas published on social media platforms. Fintechs can enjoy the advantages of continual viewership from material that is available or repurposed for months or years, including to a brandname’s exposure and reach.
As the fintech area continues to heat up, the composing is on the wall for brandnames who fight to expose their services to a swimmingpool of up to 11 million active social media users in Kenya. Partnerships with the right influencer, when utilized properly, can supply a fintech business with both growing or developed fortress audiences and chances to impact their options more successfully.
By Tullah Stephen
The author is the Senior Social Media Manager at Chipper Cash Kenya