TikTok, who’s there?
TikTok’s mission is to be the leading destination for short-form mobile video.
2019 is the year TikTok’s popularity exploded in the US. Whether you’re on the app or not, TikTok is changing the social media landscape. Gen Z drives TikTok usage globally but it’s not just teens using the app. In fact, 31% of global TikTok users are over the age of 25, according to a leaked pitch deck from TikTok, cited in AdAge.
How can brands embrace TikTok?
TikTok is a lens into how today’s youth interprets cultural trends. Brands can use the platform to demonstrate an understanding of their audience or reveal something new about themselves.
What does it mean for financial services?
Young people today are turning to social media more than ever to learn about personal finance. Brands that leverage social media as a financial empowerment tool are better positioned to win young people’s trust and confidence and gain loyal life-long customers. On TikTok, #finance has over 20M views and #personalfinance has over 12M.
TikTok users are creating relevant content; it’s now brands’ turn to tune in for inspiration.
- Dueling cards: TikTok Duets allow users to effectively reply to video content with their own videos, with both videos appearing side by side on screen. In this example, a user compares his Amex cards to the Apple Card. The post generated over 22k likes.
- Money hacks for the budget-conscious: #LifeHacks are commonly shared on the app; the hashtag has over 2B views.
- Financial tips in 60 seconds or less: Short-form video is an effective way to share quick tips. The account @shortmoneytips offers financial tips on a variety of topics and has over 20k followers.
What we think:
TikTok’s surging popularity reflects the use of social media as a coping mechanism – something that a lot of people, especially young people, seek. In a world where most of the content vying for our attention is fleeting, TikTok automatically creates a feed without users having to follow a single person. Unlike other social platforms, the “For You” page of curated content based on preferences is the first page of the app, rather than content generated by your friends. TikTok questions the primacy of friend networks and embraces engagement for engagement’s sake.