Test with TikTok: A Fruitful Investment for Finance Advertisers
27 June 2022
TikTok For Business
TrendsInsightsBest Practices
Test With TikTok is all about inspiring advertisers across Southeast Asia (SEA) to achieve more with TikTok for Business solutions. This way, you can focus on designing and developing campaigns exactly the way you want, while TikTok helps improve campaign performance. Our solutions deliver leading returns on investment, and they even prime audiences for your advertising on other platforms too. So, we'll be offering tips and tricks for boosting your brand, driving sales, and growing your business on TikTok.
Most brands are not aware how relevant finance content is on TikTok. Actually, TikTok is the ideal platform for finance businesses seeking to educate their audiences and acquire new users.
We have seen 2.7x growth in video views of finance-related content on the platform from 2020 to end 2021, which indicates both TikTok users and creators are increasingly interested in finance-related content.
What's more, a recent survey found that 54% of people are more likely to turn to TikTok for finance-related content than other platforms, and 1 in 2 have purchased a financial product they saw on TikTok.
Clearly, TikTok is finance-friendly platform. Not only does advertising on the platform drive discovery, it also results in action among a highly engaged audience.
User acquisition is usually the main objective for advertisers in the finance industry. To achieve that, they need to find the right TikTok solutions to boost the performance of their ad campaigns. Below, we share four success stories from across Southeast Asia, to show how these finance brands used TikTok's innovative mix of ad products to drive impactful results.
Objective
Thai Commercial bank KTC wanted to acquire new users for its credit card offering, with the approval rating of new users being a key campaign metric.
Solution
The brand turned to TikTok's In-Feed ads and chose the Lead Generation advertising objective. This approach cultivates prospects and engages new leads. When users tap the call-to-action button on a lead ad, they open an Instant Form where they can learn about the advertiser's business, leave their contact information, and signal their interest in the product or service.
Results
By leveraging Lead Generation ads' Instant Form page, KTC achieved a competitive approval rate of 4% among the target user base, as well as a 14% lower cost per lead than originally expected.
Krungsri: 70% lower cost per action with conversion objective
Objective
Thai financial institution Krungsri aimed to tap into new market segments to widen its sources of personal loan submissions. While doing so, the company wanted to minimize cost per action.
Solution
The financial institution used In-Feed ads set to the conversion objective, while also using website pixel tracking. In addition, Krungsri used Lookalike targeting to reach audience segments with similar characteristics to its existing customer base.
Results
For its TikTok campaign, Krungsri saw a 70% reduction in cost per conversion compared to its internal KPI. It also achieved a 14% lower cost per action when using Lookalike targeting compared to the industry benchmark.
BillEase: 640 successful loan applications in one week with an Instant Page
Objective
BillEase is a Buy Now, Pay Later mobile app serving consumers in the Philippines. The company wanted to expand its user base by driving mobile app downloads, as well as lower-funnel conversions such as loan applications.
Solution
BillEase leveraged TikTok’s newly released Instant Page format for a light-fast loading speed experience to capture user attention with their own design and branding elements. The Instant Page drove users to download the app via a clear call to action.
It also used the lowest cost bidding function to maximize the volume of conversions and tapped onto lookalike audiences to reach higher intent audiences.
Results
The mobile app saw more than 640 in-app loan application conversions within a week of its campaign launch, with a 75% reduction in cost per in-app loan application compared to other platforms. BillEase also saw an impressive 60% conversion rate on its call-to-action button.
Bitkub: 66.4% lower cost per install with TikTok Creative Program
Objective
Thai digital currency exchange platform Bitkub sought to drive user acquisition, building on its past success with creative ad content that felt more native to TikTok.
Solution
Bitkub turned to TikTok Creative Program to develop native content that would resonate with the platform's user base. TikTok Creative Program created KOL-led content which met platform best practices such as being full-screen, sound-on, using a human model, being concise, and using text to highlight key messages.
Results
With the TikTok Creative Program content, Bitkub saw a 66.4% reduction in cost per install among Android users, and 65.5% reduction among iOS 14+ users.
Learn from these brands' success and get creative on TikTok
These success stories all have another thing in common: each of these brands used entertaining content to inform and advise their audiences. TikTok is at the forefront of this new age of creative, fun, and educational content, called edutainment. Blending education and entertainment is a combination that users are seeking out and resonating with on a mass scale.
Now is the perfect time to tap into the edutainment trend, to drive discovery and action among your target audience. Below, we explain the three pillars that are key to getting content right on TikTok. It's time to get creative!
EDUCATE AND EXCITE
This is the base pillar and is fundamental to user interaction on TikTok. Users spontaneously discover your brand via their For You feed, where your video of creator partnerships or In-Feed ads are shown. At this stage, the goal is to hook audiences who are leaning toward financial content by establishing your brand's relatability. Instead of focusing purely on creating an ad, aim instead to generate content that makes your brand's story part of users' everyday lives.
BUILD THE AUDIENCE’S TRUST IN YOUR BRAND
This next pillar is arguably the most important. TikTok plays a key role in a user's research phase, when they are looking into whether they can trust your brand, and whether your business is credible. To drive consideration, it is not enough for audiences to know a brand. They also have to trust that the brand will deliver on its promise. When building credibility as a brand, ensure that your content showcases your commitment to user safety, customer service, and transparency.
CONVERT WITH EASE
Last, but certainly not least, to drive conversions among TikTok users, your campaign must make it as easy as possible for users to engage with your brand. When you excite your audience, and they trust your brand, ensure the process of enlisting your services is as simple as possible. Sometimes this means being very clear about how to get started, or even offering rewards for engaging with your brand.
TikTok: The ideal platform for finance brands
Based on the examples and advice provided above, we have shown that TikTok is an ideal platform for finance businesses seeking to educate their audiences and acquire new users. No matter your specific objective, our platform offers a rich product mix that empowers you to deliver on your campaign goals. All that's left is to get creative on TikTok. Find out first-hand how our innovative ad products can make your next campaign a stellar success.
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