The market size for global financial services was expected to grow at a CAGR of 9.9% from $20.4 trillion in 2020 to $22.5 trillion in 2021. This is further expected to hit $28.5 trillion in 2025 at a CAGR of 6%.
Although these statistics seem positive, brands offering financial services have to consistently reinvent themselves to stay relevant and avoid being faded out. This is where marketing avenues like TikTok can play a key role as it can help financial services brands market themselves more effectively, just like it helped these three financial services brands drive awareness and revenue.
1. TIDLOR
TIDLOR is one of the most popular non-bank financial providers in Thailand and is known for its strong presence in traditional media.
Their Objective
TIDLOR wanted to leverage TikTok’s reach and engagement to further scale its brand awareness in Thailand.
Solution & Approach
TIDLOR ran auction ads with Traffic (clicks) and Conversion (insurance application submissions) as its primary objectives. They launched the campaign by simply cropping a pre-existing TV commercial to fit TikTok’s vertical video format. This video that was specifically adapted for TikTok outperformed the original TV commercial in terms of ROI.
Instead of dishing out an adapted TV commercial, TIDLOR featured its employees and shot a native TikTok video format. It used a voiceover from an existing TV commercial, which talked about the product’s USPs, including 0% interest installments. TIDLOR’s staff then shot a TikTok optimal video, which vertically filmed the video and delivered the key message early with a strong and concise CTA at the end of the video. It also ensured to add catchy branded tunes along with text overlays to capture the viewers’ attention.
The Result
TIDLOR’s TikTok campaign performed outstandingly well and the native creative drove down the CPA by 78%. Also, it led to 23% higher page views than the TV creative.
2. Jenius
Jenius is a digital banking app that was facing problems in refreshing its campaign creatives, which had led it to lose its luster over time.
Their Objective
Jenius sought to rejuvenate interest in its app from new users by revitalizing its ad creatives.
Solution & Approach
Jenius thought of participating in the TikTok Creative Program (TCP) to come up with more engaging videos for their performance campaigns. The TCP is a solution-based one-month creative initiative to help advertisers scale further and drive their reach with data-assisted creative content production.
Working with the TCP helped the brand learn and hone in on the creatives that would drive new installs. Additionally, the program also provided direct guidance through its program participants on creating engaging videos for performance creatives. With TCP’s help, Jenius managed to uncover important creative insights such as featuring influencers and embedding education content into the video.
The Result
Participation in TCP helped Jenius receive high-quality creatives that drove a 45% increase in conversions and a 15% boost in registrations. The fresh creative also reduced the CPA by 21%.
3. WeMoney
WeMoney is a personal finance app that has empowered thousands of Australians to take control of their financial health.
Their Objective
WeMoney sought to establish a strong brand presence and appeal to a broad audience of young adults to enhance their management of personal funds.
Solution & Approach
WeMoney joined hands with TikTok to reach as many people as they could within their target audience and maximize app downloads. It ran several In-Feed Ads, which appear natively within the target audience’s ‘For You’ feed where they discover new content on TikTok. This series of videos, which aligned with the look and feel of organic TikTok videos, helped the company build a high engagement rate with users and convince them to download the WeMoney app.
WeMoney brought onboard official TikTok Creators who spoke directly to the camera and deliver a personalized message. This lent the videos a sense of authenticity and helped the company build trust with viewers. They also used a strong call-to-action in the ad creative, thereby, further encouraging users to download the app.
The Result
The TikTok campaign was quite successful for WeMoney and led to 1.9 million impressions. It helped WeMoney achieve a 5.87% conversion rate at a highly cost-effective cost per click of $0.37.
Bottom Line
TikTok has quickly cemented its place as a highly reliable marketing platform for brands looking to drive maximum engagement. Through its plethora of features such as In-Feed Ads, video editing, social sharing, filters & effects, etc., TikTok helps brands reach a diverse audience.
A solid marketing plan, excellent content, and an awesome marketing platform like TikTok- that’s all you need to achieve all your marketing goals today.
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