Influencer marketing refers to the promotion of goods and services by individuals who have influence or power to affect the buying decisions of potential customers. A recent American study has recently found that Social Media Influencers are also impacting financial decisions.
According to the research, fifty-eight percent (58%) of Americans follow some type of social media influencer – 37% have made a purchase, and 19% have made a financial decision based on a social media influencer. Furthermore, gender also comes into play with the amount of financial power an influencer has. Men are more likely than women to have made a financial decision because of a social media influencer (24% vs. 15% of women).
Other insights include:
|●||Younger generations, both Gen Z (88%) and Millennials (73%) are more likely to follow a social media influencer than older generations (Gen X 63%; Boomers 41%).|
|●||Americans are most likely to follow social media influencers on Facebook (42%), YouTube (36%), or Instagram (28%).|
Click here to read more about the research.
It is therefore important for financial advisers to understand how they can leverage the world of digital in their marketing campaigns.