Nativex recently joined TikTok Unboxed: Finance 2022 for an exclusive Southeast-Asian webinar aiming to help fintech brands and marketers scale up their growth through successful TikTok campaigns. Our very own Suki Lin, Senior Regional Director of APAC, took to the Panel Discussion to share the marketing and consumer trends in the industry and some of our top-performing campaigns.
Below are some highlights and key takeaways:
Q1: Fintech solutions and the digital revolution of financial services are rapidly gaining traction in Southeast Asia. What marketing or consumer trends did you observe in the industry over the last 1-2 years?
In the last 2 years, we’ve observed that there are growing requirements for digital financial services for both individual consumers and businesses in this region.
With the COVID-19 pandemic, the consumer market has certainly accelerated their adoption of fintech solutions and decreased their use of cash significantly. And digitization of financial services already provides simple, convenient, safe, secure transactions and higher functionality applications at a lower cost.
Since 2018, companies have been moving towards providing digital financial services, for instance, microfinance for small and medium enterprises and self-employers.
Financial providers can apply big data methodology to obtain deeper insight into business earnings, customer reviews, and other data to determine the creditworthiness of the business/ individual.
In summary, Fintech has been growing at a staggering pace in the past few years. The industry is driven by innovative, mobile-first companies and attractive massive investments.
(Source: World Economic Forum, 2022)
Q2: We’ve recently seen more Fintech brands joining TikTok and a jump in finance content on the platform. What is one strategy or practice you adopted on TikTok that helped your client achieve their marketing objectives and stand out from others?
There are various strategies, and there is no one size fits all. What works for one company may not work for the other. In our view, a customer-centric marketing strategy is more impactful with:
- Valuable Content
Content with characteristics that work across social media channels, are easy to share, and tell real-life stories tends to resonate more with your audiences.
Personalization is crucial as it enables financial service providers to differentiate yourselves from others.
- Engage your audience with the TikTok ad solution
Drive awareness of your product offering and educate your audience by adopting some ad forms on TikTok, such as Spark Ads and RNF (reach and frequency) features.
Q3: In addition to brands, there is an emergence of ‘Fin-influencers’ on the platform, who focus on creating content related to personal finance, management, or investment. Can you share your experience in creating TikTok-style Ads with influencers? Any tips on how to drive results?
We first need to understand the business nature. An example of a client we have been working with – a microfinance mobile business. The marketer sets the goal of the cost-per-action model in various metrics: success registration, personal application submission, and getting approval from the service provider.
For this client, we’ve created two kinds of short-form videos – one is narrative advertising – we hired local talent to introduce product features and USP in a local language and associate with the local culture and preference by using a brighter color outfit and setting.
And the other is key opinion leader storytelling. The storytelling is based on a real-life scenario in which two influencers talk to each other about financial issues, followed by how this product can resolve these issues.
A/B testing what content works best for your campaign is important to drive a successful campaign. And optimize your business objective, including reach, video view, traffic, and conversion.
What trend are you keeping your eye on this year?
Key takeaways for audiences:
- Know your product/brand and audiences.
- Be smart about posting: grab the users’ attention through valuable videos and graphics
- Interact with audiences and follow the local trends: drive engaging content and active participant with your core audience segment
- Keep a close eye on your campaign performance. Readjust the content idea and strategy based on conversion data.
Industry trends/ new opportunities for 2022:
- Hyper-personalization and empowering your consumers
Consumers in the Southeast Asia region are becoming highly sophisticated/tech-savvy. Especially with the younger generation, who expect seamless integration of financial services into their daily lives.
To meet this demand, financial service providers need to shift from product-focused delivery and look at customer journeys; from a human-centric perspective and offer personalized experiences, including communications that show the service provider knows the audience, the right product offers at the right time, and the ability to customize the product.
(Source: The Business Times, 2022)
As an official marketing partner with TikTok in Southeast Asia, we understand localization is the key to success and truly resonates with its new targeted markets.
We can help our finance clients deliver a more holistic approach that stretches ad solutions on TikTok and different content, creative, and influencer solutions.
Contact the Nativex team today to start your business on TikTok!