The fear of missing out, or FOMO, affects nearly everybody. FOMO is a powerful social force that compels people to join in on popular trends and experiences. While FOMO as a concept predates social media, feelings associated with it have grown more intense with the rise of these platforms. Whether it’s about a party you didn’t get invited to or the latest industry trend, FOMO can manifest in personal and professional matters. Lately, the hottest trend in communications and marketing is TikTok, the fastest-growing social media network in the world. While many companies are eager to capitalize on this growth, others wonder if TikTok is right for them.
Before taking the plunge, TikTok has some remarkable characteristics to consider. Much of the discussion about TikTok’s popularity centers on its younger, particularly Gen Z, users. Certainly, TikTok is popular among young people, but a study by Brian Dean of Backlinko suggests that young people aren’t the only people on TikTok in large numbers. Nearly half of all users in the U.S. (42%) are between ages 30-49, and an additional 11% are above 50 years old. There’s a good chance that your target audience – decision-makers in financial services – are scrolling through this app.
USA Today reported in September 2021 that TikTok surpassed one billion users. This meteoric growth has been at the center of much discussion in the communications and marketing industries, and many businesses seek to harness this lightning in a bottle. However, those businesses are presented with the same problem: Is TikTok right for me?
Before engaging with any new media, it is important to analyze your audiences and messaging. Think about who your publics are. This is most likely contingent on the industry you work in, but your company’s unique qualities and idiosyncrasies may also affect your audiences.
Consider the literal content of your message. What are you trying to say? What do you want your audience to come away with after engaging with your message? Determine the tone you wish to use. This is oftentimes the most difficult element to land. Multiple factors like audience and content go into choosing tone, and something as indefinite as tone requires some finesse to get it just right. Additionally, it’s important to note that TikTok is characterized by its short, snappy videos. While most users can post a video with a maximum length of 60 seconds, expert consensus contends that the optimal video should be around 15 seconds long.
So how can TikTok enhance your fintech’s communication strategy? We already established that there is a strong chance your target audience is scrolling through the app. If your message relies on quick points and visual media, TikTok could be a great way to increase awareness for your brand. However, if your message requires lots of detailed descriptions, this medium might not be the best fit.
The video-focused app also allows for collaboration between users. Users and respond to hashtags and "duet" each other’s posts. Businesses that wish to use a conversational tone can use TikTok to reach their audiences and let them respond.
Plenty of influencers and companies have made a name for themselves on TikTok already. While it may seem that B2C businesses are a natural fit, B2B companies have achieved success too. One notable example of a successful B2B marketing campaign on TikTok is Sage Accounting Software’s #BOSSIT2021 campaign.
The #BOSSIT2021 campaign targeted small- to medium-sized business (SMB) owners across the U.K. and encouraged them to discuss how their businesses are flourishing amid the pandemic. Sage selected the most creative submission and rewarded them with a £5,000 home office renovation. Within the campaign’s first week, the #BOSSIT2021 tag received 5.2 billion views and over a million entries. The promo video alone received 27.7 million views. Sage Accounting Software used TikTok’s collaborative and interactive qualities to reach and engage SMB owners while promoting its own brand.
It’s clear that there is great potential in using TikTok for your business, but every case is different. Executing a successful campaign through any medium requires careful consideration and planning. Before engaging with any media, be sure to take multiple factors into account: audience, content and tone. If these factors don’t line up with TikTok’s strengths, don’t worry! Your time and resources will be better served using a different strategy, as opposed to a hasty, ill-advised TikTok campaign. However, if TikTok checks off all the boxes for your messaging, it can be a great way to reach new audiences.
Interested in working with our social media experts to maximize your fintech’s brand strategy? Contact us today.