TikTok Comes For Google
Don’t be fooled. Gen Zers aren’t the only demographic using TikTok as their search engine.
TikTok has evolved from a platform for Gen Z to a cross-generational app that gives brands access to audiences from all age groups.
And fintech companies have a lot to gain. Brand awareness of fintech applications is still in the early stages.
So if users search for the best way to bank, invest, or manage their wealth via TikTok instead of Google, will you let yourself get left behind?
And for my B2B fintech fam out there, I already know you’re thinking: “But Nicole, my target audience – decision-makers in fintech/financial services – aren’t scrolling through this app.”
42% of all TikTok users in the U.S. are between the ages of 30-49, and 11% are above 50 years old.
TikTok’s user base is aging up. So, there is a good chance your B2B and B2C audience hangs out with their partner in bed watching TikTok instead of cable TV.
Fintech companies focused on SMBs have an edge. Take the marketing campaign on TikTok by UK-based Sage Accounting Software.
The company created a #BOSSIT2021 campaign contest targeted at SMB owners across the U.K., getting them to share how their businesses survived throughout the pandemic with a bonus: The most creative submission was rewarded with a home office renovation.
Within the first week, the unique hashtag received 5.2 billion views. The promo video alone received 27.7 million views.
Imagine getting billions of eyes on your fintech company? Holy sh*t.
Another U.K. fintech company, Tally, reported that TikTok ads are over 300% more effective than Instagram for gaining new users.
Dollars in the Demographics
Not convinced TikTok is for you yet? Follow the money (aka the data):
– 37% of TikTok users have a household income of $100k+(likely due to TikToker’s aging).
– 61% of all TikTok users are female (!) Essential for female-focused platforms.
– 24 hours: The time spent watching content on TikTok each month. This is more than the average time spent watching YouTube
User preferences when looking at branded content:
– 68% remember a brand better if they feature a song they like.
– 56% of users and 67% of creators feel closer to brands that publish unfiltered content.
– 45% of users feel more connected to brands that offer value on the platform (Example: videos about #inflation saw a nearly 1900% increase, as people came to the platform to learn about what’s causing inflation and its impact on them).
– 50% of users said the platform helped them decide what to buy after seeing the product advertised or promoted on TikTok. (Source).
Fintech on TikTok Gathering more fintech-specific insights, I went down a TikTok rabbit hole consuming all the fintech-specific content I could.
Videos with the #Fintech have garnered 121.7 million views. Nothing compared with other hashtags like #Finance with 7.5 billion views.
This tells me that there is a significant opportunity to increase industry awareness.
(As a fintech content creator, I plan on doing this, but so should fintech operators, founders, and investors).
Currently, #fintech content on TikTok is more about how to transition into working in fintech, what it’s like once you do, and people working in fintech joking about how much jargon they don’t understand.
And while the content created on TikTok by fintech companies themselves is engaging, they aren’t actually about the fintech industry per se.
But if you want a few fintech companies to emulate or inspire the future of your TikTok strategy, a handful are crushing it.
The reigning king of TikTok content is digital bank Current, with over 604.5K followers and nearly 4 million video likes.
I’ve previously broken down Current’s marketing strategy that’s definitely worth paying attention to, but on TikTok, Current thrives on sharing authentic human content.
And remember that stat above? Most consumers and creators feel closer to brands that publish unfiltered content.
Other established fintech companies like Klarna (138K followers) showcase funny skits to make their product point. Ellevest (32.6K followers) focuses on its niche by providing information about how the world could change when women have more money.
And then here’s a funny TikTok from Comedy Cellar making fun of fintech to give you a laugh.
Ways to Get Ready:
So you’ve accepted that TikTok is coming for Google’s throne and that you must pay attention.
It’s best to start thinking about how this will affect your content strategy now.
Here are some tips and actions you can take to get ahead, courtesy of Tommy Clark of Social Files, a Workweek friend (and give him a follow!)
– You don’t need to overhaul your entire strategy right this second. But it would help if you started thinking about how to include more searchable content — and what that looks like over time for your brand.
– Create content that directly answers customer questions, overcomes objections, and addresses pain points — and do it in a format that customers trust.
3 tips for creating searchable content:
1. Solve the problem users are searching for with storytelling
2. Use keywords in your caption and the text on the screen
3. Address audience pain points and give solutions
And if you want a thorough breakdown of what type of TikTok content (educational, controversy, storytelling,) induces specific actions (sharing, commenting, liking, following), check out this video for details.
Stay tuned for Part 2 of my Fintech x Creator Economy analysis.