Case Study: How TikTok is powering BFSI brands’ strategies
BFSI brands Khatabook, Angel Broking and Money View have launched campaigns on TikTok for the first time. The high volume of user generated content created by users on the platform has helped these brands generate brand advocacy.
These brands have leveraged TikTok to:
- Reach a wider and diverse set of audiences
- Target a younger demographic and create awareness of their financial products/ solutions
- Acquire new users at a low CPI
Here’s a case by case study of how brands executed their campaigns on the platform.
Khatabook’s value proposition is to support merchants in their digitisation journey from traditional ledgers to bookkeeping using a mobile app. In India, there are still many merchants who are yet to go digital. With the widespread availability of low-cost Internet plans and smartphones, their objective was to leverage this trend by becoming the most-preferred business accounting software that merchants use in efforts to streamline their accounting practices.
Short-form video advertising is a powerful tool to stimulate the interest of the consumers with limited attention span. Majority of Khatabook customers own a smartphone and consume content through various social media platforms. Hence, it was crucial for the brand to advertise on short format video platforms such as TikTok, which allowed them the freedom to create relatable videos to showcase their app use cases in different situations for their target audience. The platform’s in-feed ad offering and its vibrant 200 million community made it the ideal content platform for Khatabook to effectively engage with their target audience.
Speaking about the results of the campaign, the spokesperson from Khatabook, said, “Our focus has been to build financial solutions for a billion Indians. In order to achieve that, we have been investing in credible partners to help us build that capacity in our journey to fulfill this goal. TikTok has been an excellent growth partner, who has helped us reach our relevant target audience and scale our app downloads in a very short period. By using lookalike audience and experimenting with campaign bidding strategies, we have been able to acquire users effectively at a low CPI. We hope to implement for our learning for continued growth on TikTok.”
With the recent change in user behaviour on the Internet, the scarcest resource in marketing today is attention. The millennials are on the rise and they are looking for their financial independence. More and more urban and rural audiences, now equipped with the power of mobile data, are getting themselves accustomed to new ways of the world. Video viewing is preferred more than any other form of medium by users on the Internet. TikTok has a diverse user base, both geographically and linguistically, which helped Angel Broking reach a new audience across cities.
Angel Broking launched a campaign, called ‘Smart Sauda’, which leveraged creator-led content on TikTok and helped them scale up the campaign and reach a wider audience really quickly. Angel Broking was the first stock broking platform to execute such a campaign on the platform.
Prabhakar Tiwari, CMO, Angel Broking, remarked, “The ‘Jhoom Utho’ and ‘Smart Sauda’ campaigns on the platform gave us positive results and lots of learning about genres, formats and influencer-led content for these platforms. Our collaboration with the TikTok team is great and the joint efforts helped us achieve our objectives very efficiently.”
Money View is a personal loan provider that offers instant loans to customers in the range of Rs 10,000 to Rs 5 lakh. The brand’s objective was to tap in to TikTok’s large user base and create a healthy pool of lead-generation for their business. TikTok has a vast bouquet of ad solutions that can be customised on the basis of the business need, which in this case was to drive app installs.
Money View leveraged TikTok’s in-feed ad solution to create a visual teaser video that showcased their product capabilities effectively through simple use cases for their target audience.
Nikhil Arora, Head of Marketing, Money View, said, “We have received an incredible response from the TikTok community in a short span. Our focus was to highlight the convenience and benefits of using Money View Loans app. Our partnership has significantly contributed to our customer growth and has created a healthier lead generation ecosystem. Using lookalike audiences has helped us broaden our scales with lower acquisition cost.”
On TikTok’s partnering with brands, Sameer Singh, Vice-President, Monetization, ByteDance India, commented, “TikTok’s diverse demographics are attracting a slew of brands from across categories, including BFSI. Apart from the opportunity to engage with 200 million users on the platform, TikTok offers a whole new way to engage with Gen-Z and millennial consumers as BFSI brands look to embrace newer digital touchpoints. In the last few months, we have successfully partnered with brands ranging from banks, financial service providers, fintech to digital banking platforms – enabling them to implement creative content marketing campaigns with our tailor-made and unique ad solutions.”