The rise and staying power of TikTok are significant given how video-based apps before it like Vine came and went before establishing a real footing. If you haven’t yet been caught in an hours-long doom-scroll of short-form videos on TikTok, then you might not realize just how popular the app is now. But consider that TikTok has emerged as the most engaging social media platform by a substantial margin, with users spending an average of nearly 11 minutes per session on it. For comparison, Pinterest is the second-most engaging platform, holding users captive for an average of slightly more than five minutes per session. Instagram is in third place, with an average of only about three minutes per session.
Why does this matter to the financial services industry?
TikTok can be a tool to reach the next generation of wealth and influence. Over one-third of TikTok’s 1 billion active users a month have an annual household income above $100K and 36% of users are between 35 and 54 years old. TikTok represents the new frontier of social media, and consumer-facing companies that aren’t adopting a strategy to establish a presence on the platform will be left behind.
TikTokers are setting a precedent for historical social media leaders, such as Instagram, which changed their algorithms to favor video content following TikTok’s quick rise in popularity. This means companies that have so far been solely focused on posting still images on Facebook and Instagram need to pivot to a more diverse marketing strategy to avoid being lost in users’ feeds.
What does success look like to you?
There are countless ways a strategic content plan across social media platforms can support a company’s goals and objectives. The questions you need to ask are: What focus will your campaign have and what do you want it to accomplish? A few possible answers include:
- Campaign Focus: Showcase the company culture, job opportunities, benefits, etc.
- Goal: Expand your team.
- Campaign Focus: Educational and informative videos discussing relevant topics.
- Goal: Establish credibility for the leadership team.
- Campaign Focus: Intentional and informative videos offering resources; interactive with users; tailored to desired demographic.
- Goal: Reach new clients or customers.
When is the right time to jump in?
Immediately. TikTok is growing. The hashtag “moneytok” has over 12.3 billion views as of April 2022. Financial advisors like @herfirst100k and @curtisray have turned simple explanation videos into millions of followers. Companies and organizations including the British Red Cross are using humor to draw attention to menial tasks like hand washing. These are all examples of the potential that TikTok can offer large and small companies in an ever-changing digital world.
How do you get started?
If accidentally opening the selfie camera on your phone evokes discomfort, that doesn’t eliminate your TikTok potential. There are other options ranging from digital voiceover to on-screen text and even hired talent. Depending on the goal, a campaign can be designed and produced around almost any limitation.
Talk to Gregory FCA about how we can help you grow your TikTok presence. We launched our own TikTok account in the summer of 2021 and you can find a few examples of our posts below: