The Power of Influencer Marketing
Social Influencers, we know them, we love them, and we can’t stop following them — which is why many companies and brands choose to partner with influencers as part of their marketing strategy.
As a billion dollar industry, influencer marketing helps bring awareness to a company or brand’s product/services through a trusted voice. It helps companies and brands expand their reach and hone in on a whole new specific target audience they may not be able to reach otherwise. When choosing an influencer to partner with, brands should stick to influencers who carry similar core values and interests as the brand and its products — the partnership should feel organic and not forced. A great way for brands to evaluate the vast array of influencers to choose from, is by utilizing the 3 R’s of Social Media Influence: relevance, reach and resonance. A successful influencer marketing campaign can lead to a huge return on investment for a company if done correctly. Therefore, it is paramount for brands to work with influencers that will keep the content engaging and authentic to not only the brand, but themselves as well.
Now let’s dive into a hypothetical collaboration, that I think would make for a successful, and on-brand influencer marketing campaign.
Who is Mrs. Down Jones?
Haley Sacks a.k.a. Mrs. Dow Jones, is a self-proclaimed “financial pop star,” professional investor and financial (mid-tier) influencer working to revolutionize financial education. On her social channels, Sacks has roughly 247 thousand followers on Instagram, 185.8 thousand followers on Tik Tok, 15.2 thousand subscribers on YouTube and 10.6 thousand followers on Twitter. On her platforms, Sacks primarily shares curated memes and video content, highlighting various financial topics and advice while helping make the information relatable and easier to understand.
Credit Karma
Credit Karma is a free credit check service that provides reports and insights based off an individual’s purchase history and use of personal credit cards. Not only does the financial service share credit scores for free, but it also offers free personalized recommendations to users to help them when making financial decisions. The company makes money off small fees from banks or lenders, such as when users sign up for suggested credit cards or loans. On social media, Credit Karma boasts 128 thousand followers on Instagram, 201.7 followers on Tik Tok, 44.4 thousand subscribers on YouTube and 45.6 followers on Twitter.
While Credit Karma does cater to older demographics, about 50 percent of Credit Karma’s members are made up of millennials. In 2021, Credit Karma identified that they wanted to target Gen Z and more millennials through their Credit Karma Visa Debit card and its Instant Karma cash back rewards program. The financial service company appears to be working hard to push out relatable content to reach their target audience by upping their Tik Tok game and curating cheeky Instagram posts that will drive engagement from the younger audience.
Mrs. Dow Jones X Credit Karma — Finance Can Be Cool
Much like Sacks, Credit Karma values the importance of financial literacy, and would greatly benefit from a partnership with the financial influencer for several reasons. Sacks is a savant when it comes to finance — her followers trust her and know that when they come to her page, they are receiving real and helpful financial tips/advice. Not only is Sacks well-versed in finance knowledge, she explains finance in a way her millennial and Gen Z followers can understand — through humor and relating many topics back to pop culture.
A potential partnership between Sacks and Credit Karma could entail a social media campaign across Tik Tok and Instagram, as research shows that Gen Z and millennials are turning to these platforms for financial advice. The campaign could consist of Sacks highlighting Credit Karma’s free services and how these services help increase your financial literacy, as well as walk followers through their site. Sacks could also share how she uses the Credit Karma Visa Debit card and discuss the Instant Karma rewards she has received just by shopping at her normal everyday retailers.
This partnership would be right on the money and could help a younger audience understand that finance can be cool!
References
Credit Karma. (n.d.). Company Info. https://www.creditkarma.com/
Credit Karma. (2021, July 13). Gen Z turns to Tik Tok and Instagram for Financial Advice and Actually Takes It, Study Finds. https://www.creditkarma.com/about/commentary/gen-z-turns-to-tiktok-and-instagram-for-financial-advice-and-actually-takes-it-study-finds
Credit Karma. (2021, April 28). How Does Insta Karma Work? https://support.creditkarma.com/s/article/How-does-Instant-Karma-work
Booth, B. (2020, April 29). How Haley Sacks, aka Mrs. Dow Jones, is Helping Young Adults Financially Survive the Coronavirus Crisis. https://www.cnbc.com/2020/04/29/haley-sacks-is-helping-young-adults-financially-survive-coronavirus.html
Geyser, W. (2022, March 2). The State of Influencer Marketing 2021: Benchmark Report. https://influencermarketinghub.com/influencer-marketing-benchmark-report-2021/
Newberry, C. (2021, August 10). Influencer Marketing Guide: How to Work with Influencers. https://blog.hootsuite.com/influencer-marketing/
Petak, T. (2021, March 23). “Financial Pop Star” Mrs. Dow Jones Says Budgeting Makes Her Nauseous. https://www.instyle.com/reviews-coverage/ladies-first-podcast-laura-brown/episode-17-mrs-dow-jones-budget-tips
PYMNTS. (2021, August 11). Credit Karma: Good Habits Will Pave The Way to Autonomous Finance. https://www.pymnts.com/personal-finance/2021/credit-karma-good-habits-will-pave-the-way-to-autonomous-finance/
Storyclash. (2021, September 22). Influencer Marketing ROI: How to Measure Your Campaigns. https://www.storyclash.com/blog/en/influencer-marketing-roi/
