Home Credit Vietnam

The objective

Promoting cash loans in the age of digital finance

Technological advancements are making headway in virtually every aspect of life. Cashless and digital payments have taken the world by storm, making financial transactions easier in several countries, including Vietnam. Digital finance companies, such as Home Credit, have made it easier for Vietnamese consumers to borrow money in times of need.

In 2024, Home Credit Vietnam launched a birthday promo for online loans and they wanted to understand how to encourage more TikTok users from Vietnam to apply for loans with their company.

Apart from driving more successful loan applications, Home Credit also wanted to launch more cost-efficient TikTok campaigns and to determine which audience targeting strategy on TikTok would drive more conversions for their brand.

The solution

Using TikTok Data Connections for more effective advertising

To maximize the impact of their campaign on the platform, Home Credit Vietnam used TikTok Data Connection which provides advanced solutions to drive desired conversions, effectively target users, and optimize campaign performance.

Home Credit Vietnam also made the most of TikTok’s Data Connections, which connect advertisers’ marketing data to TikTok’s Ads Manager to launch data-driven, effective campaigns.

To check which audience targeting strategy on TikTok was more effective, Home Credit Vietnam also used TikTok’s Split Testing tool, commonly referred to as A/B testing, where advertisers can test two different versions of an ad to determine which one performs better.

For this campaign, Home Credit Vietnam used both TikTok’s Custom Audiences or Lookalike Audiences features, and leveraged Split Testing to see which feature drove more successful loan applications among Vietnamese consumers.

Custom Audiences allow advertisers to create audiences of known or engaged users using a file upload, website or app activity, TikTok engagement, or an audience activation partner. While Custom Audiences are valuable for granular targeting of audiences, some Custom Audiences may be limited by the campaign’s scalability.

Lookalike Audiences, on the other hand, help brands reach audiences that share commonalities with their existing customers, and audiences who are likely to be interested in a given brand’s product. When creating a Lookalike Audience, advertisers select a source audience by either selecting an existing Custom Audience or creating a new Custom Audience. The data passback from using TikTok Pixel and Events API may lead to a more accurate modeling of Lookalike Audiences, which may be more beneficial than Custom Audiences for brands launching campaigns on the platform.

The campaign ran for about half a month on the platform, from June 14 to July 1, 2024.

The results

Intentional advertising brings more conversions

The findings of Home Credit’s campaign showed that TikTok Lookalike Audiences performed better than Custom Audiences in terms of both conversions and cost efficiency.

Compared to the Custom Audience, the Lookalike Audience led to 43% more successful loan applications. The efficiency of the Lookalike Audience’s impression exposure was also higher by 46% than that of the Custom Audience.

In terms of cost efficiency, the cost per registration for the Lookalike Audience was lower by 30% than that of the Custom Audience.

These key results reflect the comparison between two targeted audience groups, emphasizing the effectiveness of segmentation*