Is TikTok Right for Your Credit Union?
Marketing teams in every industry have been taking a swing at using TikTok to advertise their products and services, including finance. With more than 1 billion active users monthly, it’s no wonder why teams feel like they should get in on the action. Where else can you have access to 30.25% of the world’s internet users? Your marketing team may be wondering if TikTok is the right platform to advertise your credit union.
As with any fast-paced trending platform, it can be hard to find the right time and reason to dedicate your resources toward a new strategy with no guarantee of return, but TikTok isn’t going anywhere anytime soon. Let’s explore whether your credit union should finally take the leap.
The first question your team should be asking is purely logistics: do you have the time and resources to divert toward this social platform? While Facebook and Instagram are great for translating the same content with minimal edits, TikTok requires some degree of video production. Most teams will want to brainstorm ideas ahead of time, write a script rather than going off the cuff when shooting, and do some required editing in post to make sure your content is polished. Maintaining a consistent presence can be time-consuming, and ensuring you have the resources to keep up on the platform is a vital key in considering whether to start your profile.
Who is your audience? While it seems like everyone and their mom has a TikTok account– literally– if your audience skews older and less apt to adapt to trending technology, will the return even be worth it? The good news is that most credit unions are looking to increase their younger membership, so targeting TikTok users, which is typically on the younger side, could be in your best interest!
An important barrier with the potential to pump the breaks on starting up your TikTok account is compliance. Many institutions, including the U.S. government, are limiting or banning the use of the TikTok app on company phones due to data concerns. With information as sensitive as financial security, you’ll definitely want to meet with your compliance team early in the process to make sure all risks are addressed and you have the green light to proceed.
If you’re planning to try your hand at the platform, we have some advice on how to make sure your credit union stands the test of time on the app. Creating intentional content is key, meaning putting in the real effort is your best chance to be seen. #FinTok users– people that use the app to follow financial tips and education– tend to best interact with accounts that don’t rely on filters and trends, present videos centering around sage advice, and read as sincere and trustworthy. Choose a “spokesperson” for your brand that audience members feel is engaging, reliable, and informed. Most of all, remain personable! While your company is an entity, your spokesperson should be able to connect and give a face to your credit union.
If your credit union is exploring if TikTok is the right fit or other new marketing strategies, consult with our experts! We can help you grow your brand and market smarter.