Always Be Testing: Episode #82 - Building Long-Term Value in Fintech Affiliate Marketing with Lawrence Sarpong

Release Date: April 29, 2025
Host: Ty DeGrange
Guest: Lawrence Sarpong, Affiliate Marketing Lead at Truist

Introduction

In Episode #82 of the Always Be Testing podcast, host Ty DeGrange sits down with Lawrence Sarpong, a seasoned affiliate marketing expert currently leading the affiliate initiatives at Truist. Lawrence brings a wealth of experience from his tenure with fintech giants like SoFi and LendingTree, offering listeners invaluable insights into building long-term value within the highly specialized realm of fintech affiliate marketing.

Understanding Fintech Affiliate Marketing

Lawrence begins by distinguishing fintech affiliate marketing from other sectors. While affiliate marketing can span a myriad of industries—from clothing to electronics—fintech is notably more niche, targeting customers with specific financial needs such as mobile banking, robo-advisors, and crypto exchanges.

Lawrence Sarpong [01:27]: "Fintech and banking is very specific. They're very specific people with very specific needs. And nine times out of 10 they're doing the research ahead of time just for best rates, best APRs and things of that nature."

He emphasizes that fintech customers often engage in pre-research to find the best financial products, making the educational aspect of affiliate marketing crucial in this sector.

The Educational Edge in Fintech

A significant portion of the conversation centers around the importance of education in fintech marketing. Lawrence notes that consumers are not only seeking products but also information to make informed financial decisions.

Lawrence Sarpong [02:38]: "A lot of times, yes, definitely. The education is there and people are looking to understand more."

He shares his personal strategy of maintaining multiple bank accounts, each serving different purposes, to maximize benefits like high APYs or extensive ATM networks. This multifaceted approach underscores the necessity for affiliate marketers to educate consumers on how varying financial products can complement each other.

Best Practices for Affiliate Marketing in Fintech

When discussing best practices, Lawrence highlights that successful brands focus on solving specific problems, often ones consumers may not even realize they have. In fintech, this means ensuring that financial tools genuinely enhance the user’s financial health.

Lawrence Sarpong [04:55]: "The best brands solve a problem. In most cases, it might be a problem that you don't even know that you have."

He also stresses the importance of building trust by educating consumers about new financial products and technologies while addressing concerns about data security and privacy.

Lawrence Sarpong [06:07]: "Companies that do their best to show that their information is secure and still private, I think those are the ones that really capture the key audience attention."

Setting Up Affiliate Programs for Success

Lawrence offers critical advice for establishing robust affiliate programs, especially within the fintech sector. During his time at Havas Media, he developed a comprehensive checklist to evaluate affiliate networks based on factors like account management, tracking capabilities, and compliance tools.

Lawrence Sarpong [06:41]: "I would just do an affiliate marketing 101 and let them know all the different things to look for as far as tracking and compliance tools."

He underscores the necessity of education, both for clients unfamiliar with affiliate marketing and for adapting to evolving regulations like GDPR. Lawrence recounts how affiliate marketing has evolved from being a neglected channel to a mainstream powerhouse, largely due to better education and integration within broader marketing strategies.

Common Pitfalls in Affiliate Marketing

One of the key takeaways from the episode is Lawrence’s identification of prevalent pitfalls in affiliate marketing. He warns against:

1. Poor Partner Selection: Not thoroughly vetting partners can lead to misaligned goals and ineffective campaigns.

   Lawrence Sarpong [09:51]: "The biggest pitfall is not knowing who your partner is, not really doing the research behind them."

2. Lack of Communication: Viewing affiliate marketing as a "set it and forget it" channel can stunt growth. Continuous dialogue with partners ensures alignment and adaptability.

   Lawrence Sarpong [11:07]: "Communication, communication is very, very, very important."

Lawrence advises maintaining regular updates and open channels of communication to adapt to shifting KPIs and market conditions.

Partnering with Authentic Influencers

When discussing partner types, Lawrence emphasizes the value of authentic influencers—those who genuinely use and believe in the products they promote. He differentiates these from generic influencers by highlighting their educational role and authenticity.

Lawrence Sarpong [14:39]: "Educational vloggers... people that not only talk about a product but you can tell that they're authentic in it."

He cites examples like SoFi’s “Rich BFF,” who provides genuine financial advice, enhancing credibility and trust among consumers.

Lawrence Sarpong [16:07]: "Authentic influencing educators."

Lawrence further shares his admiration for influencers who align with his personal interests, such as travel and real estate, reinforcing the importance of relevance and authenticity in partnerships.

Innovative Experiments and Learnings

Lawrence recounts a successful experiment he conducted during the pandemic with an auto parts client. By integrating offline and online strategies using QR codes, he significantly boosted affiliate-driven sales.

Lawrence Sarpong [18:11]: "I developed a test with the client... using a QR code... we were doing between $150 to $250,000 per month just straight from affiliates."

This experiment not only demonstrated the effectiveness of innovative affiliate strategies but also underscored the potential for substantial ROI when leveraging creative solutions.

Emerging Macro Trends in Affiliate Marketing

Looking ahead, Lawrence identifies the rise of social shopping as a transformative trend in affiliate marketing. With platforms like TikTok, Instagram, and Pinterest integrating seamless shopping experiences, affiliate links are becoming more ubiquitous and frictionless.

Lawrence Sarpong [21:54]: "You can affiliate marketing anything... it's instant... it'll just bring it up and I'll click it and he'll make some money from it."

He observes that the ease of integrating affiliate links into everyday social interactions is driving explosive growth and democratizing the affiliate landscape.

Lawrence Sarpong [22:50]: "It's just an easy one for people to fall into... partners and the publishers and the content sites and the various affiliates are really a huge part of the ecosystem."

Quickfire Round: Personal Insights

The episode concludes with a quickfire round where Lawrence shares personal recommendations and insights:

• Book Recommendations:

  1. An Open Contempt by Irving Weathersby – A nonfiction exploration of confronting white supremacy in art and public spaces.
  2. Earthseed by Octavia Butler – A dystopian novel exploring societal collapse and survival.

• Top Travel Destinations:

  1. Cape Town, South Africa: Lawrence praises its blend of Honolulu, Louisiana, and Miami, highlighting its vibrant culture and favorable exchange rates.

     Lawrence Sarpong [29:13]: "If you could mash up, let's say Honolulu, Louisiana, and Miami and put them all together in one. That's Cape Town."

  2. Marrakech, Morocco: Celebrated for its rich cultural tapestry.

  3. Istanbul, Dubai, and Qatar: Lawrence shares his excitement about an upcoming trip, emphasizing the diverse experiences each destination offers.

• Personal Tidbits: Lawrence describes himself as an "introverted extrovert," someone who is naturally shy but can engage comfortably once common ground is found. This trait has helped him build enduring relationships in the affiliate marketing industry.

Lawrence Sarpong [30:57]: "I think that's one of those things where you've got a friend for life essentially."

Conclusion

Ty DeGrange wraps up the episode by expressing enthusiasm for Lawrence’s insights and upcoming adventures. Lawrence shares his social media handles for listeners to connect, emphasizing his active presence on LinkedIn and Instagram (@Globetrippin).

Lawrence Sarpong [32:29]: "You can find me on LinkedIn and Instagram. My IG handle is Globetrippin."

This episode offers a comprehensive look into the intricacies of fintech affiliate marketing, enriched by Lawrence’s extensive experience and personal anecdotes. Listeners gain valuable strategies, cautionary advice, and a glimpse into the evolving landscape of affiliate marketing.

Connect with Lawrence Sarpong:

• LinkedIn: Lawrence Sarpong
• Instagram: @Globetrippin

Always Be Testing continues to be your go-to source for growth, performance marketing, customer acquisition, paid media, and affiliate marketing insights. Stay tuned for more expert conversations and data-driven strategies to elevate your marketing efforts.