TikTok is an ideal social platform for finance brands wanting to connect with a younger demographic. In fact, TikTok has over one billion monthly active users, with 60% of them being Gen Z. Creating targeted content that’s tailored to this younger demographic can build brand awareness and help your finance brand create lifelong relationships with users. So, why should you be producing financial marketing content and what type should you create?
TikTok for finance brands
TikTok is known for its memes and dance videos, but is it a good place for finance brands? That depends. If your finance brand wants to connect with interested Gen Zers and also can produce quality content fast, then yes it’s perfect for you. It’s not the perfect fit for every finance brand though.
Undecided? TikTok can reap large rewards if your finance brand does it right and integrates it successfully into your financial content program. Staying on top of trends, understanding your target audience’s interests, and producing value-driven content are all requirements for success.
Wells Fargo & Co asked kids where they learned to handle money, and 35% said social media. Not being on popular platforms like TikTok means you’re not gaining engagement or brand awareness from younger generations. Be where Gen Z is and create content on TikTok.
“ Wells Fargo & Co asked kids where they learned to handle money, and 35% said social media.”
For Kelly Lannan, Fidelity’s senior vice president for emerging customers, “TikTok has been great, because we know that’s where the next generation of customers is. So many individuals, especially younger audiences, go there for information – even before they go to their own family members.”
What content should your finance brand create?
TikTok is a simple app to understand – short-form video content that lasts for one to three minutes. However, its confusing trends and rapidly evolving content can sometimes be too much for finance brands to wrap their heads around.
When done right, TikTok can gain much greater engagement than other social media. The key to creating great content is to understand your audience. With the rise in popularity of financial content on TikTok, much of the content is rife with errors and poor financial advice. Producing educational content that fills information gaps Gen Z has, can help your finance brand to build trust as you create rapport with users seeking accurate information.
Here are three topics Gen Z engages with the most on TikTok:
- Investing and micro-investing
- Saving and how to reduce debt
- Wealth generation