TikTok & Fintech

When we started planning the pilot launch strategy for Loop we knew that TikTok was a key channel to reach our target audience. 

TikTok is an immensely influential channel amongst Gen Z, yet many financial brands are not on the platform, and those that are on it - do it so badly. 

Many struggle to find their tone of voice, staying relevant and trendy while not appearing “cringy” and “trying too hard” in the eyes of Gen Z. 

We wanted to develop our TikTok channel to become a place where users come to learn more about the product, learn a bit about money management and in the same light have a bit of fun and make them laugh. 

Fast forward 8 months and our TikTok channel has now surpassed over 1 million views as well as achieved the Number 1 slot for the top trending videos for #finance and #fintech. 

So, how do we do it? 

1. All our videos are filmed by TikTok natives aka our interns who pretty much run our TikTok content calendar. 

They spot trends and look out for opportunities to place Loop in the middle of it in a non-cringy way. After all - they are doing their own TikTok too - so they know what is hot and what is not!

In the words of our intern, Rakshitha Nagaraj : “Spotting a trend on TikTok and recreating them as relevant to our brand does give us some reach but just hopping on to these trends does not always give us the best results, especially with the new algorithms on TikTok and other social media platforms. TikTok and Instagram generally categorize their users based on interests be it fashion, travel, food, lifestyle, finance etc. It is important to build a channel that creates content that is relevant to your brand and category to create a follower base. When you stumble across a particular trend or music it is useful to assess this trend from the perspective of your followers rather than the people you follow. The best way to do this is to view the videos made with the music and judge the possible audience for the content created. This will help you determine if the trending music is relevant to your channel and your audience. Keeping our audience's liking in mind has definitely helped us optimize our videos, that said trends change every day and so does the algorithm the best way to keep going is to create original and relevant content. In the very end, followers will always come back if they enjoy the content you put out”

 2. We speak to the target audience and try to understand their pain points

When it comes to bill splitting and money management we know what worries Gen Z - because we speak to them regularly at our student events. We fine-tune our content strategy to address issues that are really relevant for Loop users. 

What does this mean in reality - using TikTok to showcase how bill splitting works or elevating the challenges that students face when it comes to money management by showing them what they can do; all in a fun way of course!

 3. We use influencers

We searched for the right kind of content creators that could showcase Loop and elevate our brand. We ensured we selected a mix of themes, choosing lifestyle, student, and finance influencers. This gave us an opportunity to present the app from different angles. The key to success when working with influencers is that their brand partnership should look natural and authentic, so our creators were actual users of Loop. Essentially, they talked about their own first-hand experience with the app and that’s what really helped generate the engagement. 

The influencer market is huge - so make sure whomever you work with you get to meet and talk to them before. If the influencer cannot passionately talk about your brand or does not use your service then move on - find ones that really resonate with your business!

 4. We get our funnel right

Tiktok is an incredible awareness and brand-building channel, but in order to see real results from your content, you need to run ads on other channels too. Tiktok will come in at various stages of the user journey either familiarizing the audience with the concept or convincing them to finally convert, but realistically just Tiktok is still unlikely to be enough. So mix your organic strategy with clever paid campaigns!

Also, consider what you want customers to see if they happen to click on your TT video. We tested website journeys as well as TT instant pages - and guess what - building an equally exciting TT instant page won every time!

So that’s it - If you haven’t already take a look at our TikTok page and see the work in action. 

Plus let us know your thoughts!