The global fintech industry was worth $110.57 billion in 2020 and is expected to grow at a CAGR of 20.3% between 2021-30 to reach $698.48 billion. Although the industry is relatively young and still gaining ground in various markets, brands that are currently operating in the niche need to come up with solid marketing plans to fully capitalize on their first-mover advantage.
Fintech brands need to come up with ideas that can help them benefit from different marketing channels like these three fintech brands did with their TikTok marketing campaigns.
1. BukuWarung
With over 6.5 million registered merchants across 750 Indonesian cities, the local fintech brand BukuWarung seeks to help its country’s merchant sector go wholly digital.
Their Objective
BukuWarung wanted to increase its number of users while keeping its CPA low and reaching out to the masses innovatively and seamlessly.
Approach & Solution
While using TikTok Ads Manager’s App Install objective helped BukuWarung drive people to install its app, shifting to App Event Optimization allowed the fintech brand to target users who had a higher chance of subscribing to its services. This helped BukuWarung boost its conversions and reduce its CPA by 77%.
To boost its campaign’s performance, BukuWarung used audience lists from its Mobile Measurement Partner, Appsflyer, to effectively identify existing installers and apply audience exclusion across all active ad groups. By narrowing down on the target audience, BukuWarung also maximized its ads cost-effectively.
The Result
The TikTok campaign was a success for BukuWarung and helped it increase its customer acquisition by 57 times. Moreover, this significant hike was achieved at a 77% lower CPA.
2. Ma French Bank
Ma French Bank is a mobile-first bank that is completely accessible through its dedicated smartphone banking app.
Their Objective
Ma French Bank was about to start its WeStart teen account and wanted to create a buzz around its launch.
Approach & Solution
Ma French Bank came up with the #WeStartChallenge to invite Gen Z users to share their creative use of a unique Gamified Branded Effect and included a brand-new PlayStation 5 as the reward for users with the highest score.
Ma French Bank kicked off their challenge by enlisting the help of some of the most popular French creators, including @enzotaistoi, @powerpoussin, @yofunders_, @claradquis, and @lenyflg. Together, they demonstrated to other users how it was supposed to be done.
The Result
The Branded Hashtag Challenge ran for seven days and was a massive success for Ma French Bank. The campaign saw over 300 million video views. Also, it led to the creation of 10,000 videos using the #WeStartChallenge hashtag.
3. Bibit
Bibit is an Indonesian Automatic Mutual Fund Investment app that helps young retail investors spend their money wisely on investments.
Their Objective
Bibit wanted to drive its brand awareness and new app installations for its app in Indonesia at a lower cost at scale.
Approach & Solution
As Bibit wanted to cement its position as a leading brand in retail investment, it started with a Cost Per Install User Acquisition campaign on TikTok to test the platform’s performance and ensure that its budget was wholly optimized.
After a month of testing a CPI optimization campaign, Bibit moved towards running Registration Optimization ads that would help it scale up and further optimize its budget by reducing the cost per registration.
The Result
The TikTok campaign proved quite fruitful for Bibit as the investment brand managed to increase the number of registrations on its app by 414% when they transitioned to using Registration Optimization ads. Moreover, it brought down its cost per registration by 10.51%.
Bottom Line
Although TikTok is a relatively new marketing channel, its ability to help brands gain necessary exposure is secondary to none. It offers various features like in-feed adverts, sponsored hashtag challenges, and banner ads that can help brands engage with their target audience in a fun way. But like every other marketing avenue, TikTok also requires you to have a good strategy that you can implement properly. If you manage to get that right, there’s no limit to what a well-executed TikTok campaign can do for your brand.