How Chime used Social Media Contesting and Influencer Marketing to Grow its Instagram Audience

Influencer Marketing
June 24, 2020
Financial Services

Many brands focus on growing their Instagram audience, here's how the youth-focused financial institution did just that.

In January 2020, Chime Bank saw a +1599% increase in new monthly Instagram followers compared to the 2019 average, followed by a +1319% increase in April 2020.

These major spikes in monthly follower growth can be attributed to Chime’s acquisition strategy of running cash giveaways, which require users to follow their account, post using branded hashtags, and if selected, to open a Chime Spending Account.

Aside from contest and giveaway posts, the top-performing organic content buckets on Chime’s Instagram account are…

To further appeal to Gen Z, Chime began an influencer partnership in July with rap sensation 21Savage, which aimed to promote financial literacy for elementary, middle and high school students – which contributed to a +2.7K rise in followers.

Key Findings

Chime is driving significant audience growth on Instagram using cash giveaways: the Chime account has seen dramatic increases in monthly follower growth as a result of engagement-focused giveaway contests.

Chime built a large millennial following on Instagram by portraying a youthful brand voice via memes, cultural references, and working with relevant influencers.

What Brands Should Be Thinking About

Run giveaway contests on Instagram: Contests that have minimal barriers to entry (ie. details and time spent to enter) generate significant engagement when users are prompted to engage/follow when incentivized with a prize - this provides a pipeline to new followers, where they can then be converted into customers through additional incentives.

If you want to reach millennials and Gen Z, speak their language: Convey a youthful tone of voice with casual slangs and trending hashtags or use humour to resonate with a younger audience through the use of memes.

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