Advertising has evolved significantly in the 21st century. Brands have moved past the traditional door-to-door sales and newspaper ads to dynamic digital marketing strategies. Today, we have Facebook ads, Google ads, and other channels that sell products and services beyond borders. 

Another game changer in the marketing industry is the rise of influencer marketing.  Influencer marketing goes beyond an advertising tool; it builds a brand image through trusted voices. When organisations partner with influencers who already have trust and attention, they gain credibility in the eyes of potential customers. Today, startups worldwide key into this marketing strategy to jumpstart their brands. Even top companies like Pepsi, Samsung and other brands, use influencers to cut across diverse audience networks. 

Why Influencer Marketing? Key Benefits of Employing Influencers for a Startup

A company is very fragile in its incubator stage. Choices made at this stage might make or mar the organisation’s image. Despite the potential risks associated with influencer marketing, however, several brands still employ this strategy. This tells us that the advantages outweigh any preconceived risk. Some key benefits of using influencers to market goods and services include: 

  1. Brands can Penetrate an Established Network: Attracting customers can be challenging at the start of a business. Even with a solid business plan and a strong support network, the first few months may roll by without selling to customers except friends and family. This is because only a few people know about that product or service, and that’s where an influencer comes in strongly. Partnering with an influencer is like borrowing a megaphone and shouting your message to the world, reaching beyond your inner circle from day one.
  1. Trust: Influencers have built a loyal audience, people who are ready to listen to what they say. So while customers may be sceptical to buy from startups because their credibility is yet to be proven, they would jump on it faster when an influencer, whom they trust, attests to the brand’s credibility by vetting their goods or services.
  1. Wider Reach, Diverse Audience: Influencers usually have followers from all walks of life and in different parts of the world. So while a brand may be based in Nairobi, it can get a growing customer base in Australia, by partnering with an influencer in that region. 

Case studies: How Influencer Marketing is Changing the Game for Fintechs in the UK

Like other industries, fintech companies employ influencer marketing to amplify their brand visibility and drive user engagement. These influencers provide a sense of familiarity, bridging the gap between complex financial concepts and everyday users. Whether it’s through educational content, product reviews, or personal testimonials, influencers help demystify fintech solutions, making them more approachable to a wider audience.

Additionally, the diverse range of influencers—from financial experts to lifestyle bloggers—allows fintech companies to target specific demographics and tailor their message accordingly. This strategy stirs meaningful engagement, as the targeted audiences can relate to the product or service. Let’s study some fintechs in the UK that have successfully employed influencer marketing to grow their brands. 

Revolut – The All-in-one App

Revolut is one of the Neobanks disrupting financial systems in the UK. Popularly referred to as a super app, Revolut provides major financial services such as cryptocurrency, virtual cards, investment options, shopping plans, donations, travel bundles, insurance and more. 

Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut saw immediate traction within its first year post-launch. In early 2019, Revolut leveraged the voices of YouTube stars, Novympia, to discuss how the Revolut App makes donations easy and less burdensome. This pulled over 18,000 views from the online community, which was more than triple what Revolut had been pulling without the voices of these influencers. In September 2019, Revolut announced that it had hit 7 million users. Although we may not attribute this growth solely to influencers’ efforts, influence greatly increased the brand’s visibility. Customers testified that they downloaded the app only after seeing the video by Novympia.

Do it with Plum 

Taglines are old but gold. They are a common marketing tactic employed by companies. When we think of Nike, we think, “Just Do It”. When we think of appliances, we think, “LG: Life’s Good”. 

Taglines stick. They’re a smart way of helping customers remember that your brand exists. Plum took a page of this playbook with their catchy tagline: “Do It With Plum.” Now, when UK residents think about saving or investing, Plum is one of the top brands that comes to mind. They successfully imprinted their names in the minds of potential customers. But it didn’t end there. Some customers still wanted to know, “Why should I do it with Plum? Why not Monzo, or Transferwise, or any of the others?” 

Plum could have easily answered these questions by blowing their trumpets, which they did, too, but they went the extra mile by partnering with influencers to assure users of Plum’s unique offerings. 

In 2021, popular home content creator Lucy Moon endorsed Plum’s smart savings features, sparking interest among her followers. That same year, public figure Charlie Craggs supported the brand by lending her voice to discussions on how Plum solves financial limitations, particularly in the LGBTQ+ world. These influencers, alongside real customer testimonials, became advocates for Plum’s unique benefits—whether it was supporting travel goals, budgeting, or other financial needs.

Today, when potential users ask why they should “Do It With Plum,” they hear compelling answers from trusted voices, boosting the app’s credibility. 

Is it Worth It? Navigating the Challenges Associated with Influencer Marketing 

Influencer marketing has revolutionised the way brands connect with their target audiences. It is a powerful tool for building credibility, driving sales, and increasing visibility. 

As with any marketing strategy, influencer marketing has some challenges. Thus, startups must carefully weigh the benefits against the potential pitfalls. 

This section explores the complexities of influencer marketing, and how brands navigate these challenges to make informed decisions.

  1. Cost V. Return: Influencer marketing can be expensive, especially when considering macro-influencers or celebrities. While these big names usually command high-level attention, their fees may be heavy on startups. So the questions most startups ask before proceeding are: 
  1. Measuring Success: Determining the success of an influencer marketing campaign can be challenging. While metrics like likes, shares, and comments can indicate engagement, they don’t always translate into tangible results such as sales or customer loyalty. For startups, tracking conversions from influencer campaigns is critical to understanding whether the investment drives actual revenue. Without clear, measurable outcomes—such as increased app downloads or product purchases—the impact on a startup’s bottom line may remain uncertain, making it harder to justify continued spending on influencer partnerships.

Conclusion 

Influencer marketing has proven a powerful tool for startups seeking traction in an increasingly competitive market. By reaching established audiences, building trust, and creating a diverse customer base, influencers help brands amplify their message in ways that traditional marketing strategies might not quickly achieve.

For startups, the partnership with influencers can bridge gaps between complex products and their potential customers, making the brand more relatable and accessible.

As the marketing landscape continues to evolve, it’s clear that influencer marketing will remain a vital strategy for businesses aiming to stand out, especially in the early stages of their journey.

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