How Loanz Increased Site Traffic by +209% With TikTok Ads

Key Takeaways

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In October 2021, 53 Financial Services TikTok ads were running in Canada. Loanz was the top advertiser with 20 ads in one month while EQ Bank and Assiniboine Credit Union were the only financial institutions who ran TikTok ads. Best practices for TikTok ads include:

• Swipe Left CTAs: The “swipe left” CTA was the most valuable frame for all Loanz advertisements as it received the highest CTR. At the end of a TikTok ad, Loanz included a text overlay that said “Swipe left and apply today!” to encourage viewers to download the app.
  
• Show a Demo of the Product: Video ads that show a demo of the Loanz app & website for the entire duration of the advertisement saw spikes in CTR during multiple points of the video. On the other hand, ads that did not have a demo of the mobile app or website did not see any spikes in CTR throughout the video until the end when a “swipe left” CTA appeared. App demos are an effective way to get the attention of your target audience.
  
• Create Organic Content: Use popular TikTok features (i.e: stitch videos, comment responses, trending TikTok sounds, text overlay) to make your ad appear more native so that it blends in with all the other videos that appear in a user’s FYP (For You Page).
  
• Collaborate with Influencers: Every ad that Loanz ran featured an influencer rather than hiring a paid professional actor to appear in the advertisement. Partnering up with influencers for your ads can increase view through rates as viewers recognize popular TikTokers.

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In October 2021, 53 Financial Services TikTok ads were running in Canada. Loanz was the top advertiser with 20 ads in one month while EQ Bank and Assiniboine Credit Union were the only financial institutions who ran TikTok ads.

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EQ Bank

EQ Bank’s TikTok campaign had a reach objective and consisted of three ads which generated 4.1K engagements in total (avg. video duration: 12s). 

Concept & Tactics: 

The campaign aimed to advertise EQ Bank’s unique value propositions such as no monthly fees, high interest rates, and no minimum balance required.

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Creative #1:

What would make you give a buck about banking? This ad highlights EQ Bank’s main points of differentiation such as high interest rates, and zero monthly fees. The ad aims to engage the audience by starting off with a question: “What would make you give a buck about banking?”

Tactics Used:

• Easily digestible 15 second ad that gets the main point across in a matter of a few seconds
• Use of TikTok’s green screen video effect
  

Areas of Improvement:

• Consider making your TikTok ads appear more organic by not using professional background images so that it blends in with the user’s FYP (For You Page).

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Creative #2:

Tell Me You’re Good at Banking... This ad partakes in an extremely popular TikTok trend where a creator says “Tell me you’re good at _____ without telling me you’re good at ______”. 

Tactics Used:

• Shows EQ Bank’s mobile app
• Participated in a viral TikTok trend
  

Areas of Improvement:

• Although EQ Bank tried to participate in a popular TikTok trend, the execution could be more effective. Rather than simply showing a screen of the mobile app, the brand could have been more specific about some of their mobile app features and offers to show off some of their main benefits.

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Creative #3:

No Minimum Balance Required. This ad is using a very popular TikTok sound where Justin Bieber is saying “immediately no” multiple times. This sound indicates that the preceding clip is being played in an ironic or sarcastic context. 

Tactics Used:

• Ad appears organic, as if it was just shot with an iPhone
• Use of text overlay to convey a message
  

Areas of Improvement:

• The brand could have introduced a variety of different shots to make the ad appear more visually interesting  

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Assiniboine Credit Union’s

Assiniboine Credit Union’s TikTok campaign had a traffic objective and consisted of only one ad which generated 399 engagements in total (avg. video duration: 11s).

Concept & Tactics: 

The campaign aimed to highlight the credit union’s involvement in helping the community, and saving the planet.

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Creative #1:

Make the switch, for good. Assiniboine ran a TikTok ad in the form of a slideshow of various images. At the end of the ad, Assiniboine includes the Certified B Corporation logo which highlights their commitment to corporate social responsibility and their environmental and social investments.

Tactics Used:

• Clear CTA at the very end of the ad (“Join ACU Today”)
• Use of intrinsic motivation tactics through highlighting community and environmental initiatives 
  

Areas of Improvement:

• Since TikTok is a video platform, the advertisement could have received higher engagement if it was a video rather than a slideshow of images

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Loanz’s

Loanz’s TikTok campaign had a conversion objective and consisted of 20 ads which generated 13K engagements in total and drove +209% Monthly Site Visits (vs. prev. month).

Concept & Tactics: 

Every ad that Loanz ran on TikTok was a collaboration with an influencer. 

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Creative #1:

How did you get $15,000?!? A popular TikTok trend is to respond to a user’s comment with a video response. The comment appears as a sticker which is embedded into the video in a Q&A style format.

Tactics Used:

• Comment response feature
• Text overlay with CTA at the end of the ad (“swipe left and apply today”)
• Use of trending TikTok sounds
• Highlights the ease of applying for a loan online (60 seconds) 
• Influencer collaboration

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Creative #2:

App Demo. In this TikTok ad, Loanz partnered up with a TikTok influencer to show a demo of the app and highlighted how users can receive money on the same day they qualify for the loan.

Tactics Used:

• Use of the TikTok “stitch” feature which allows a creator to embed the first few seconds of another person’s video into their own
• Creator shows a demo of the app and gives a preview of the type of questions viewers must answer to qualify for a loan
• Text overlay is used throughout the video to convey additional information that was not communicated through the original audio recording

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Creative #3:

Text Notifications. To get viewer’s attention, Loanz worked with an influencer to provide proof of how she received a $15K loan by showing her audience a screenshot of her texts showing an INTERAC e-Transfer.

Tactics Used:

• Let the text do the talking: the influencer did not say anything throughout the video, she just conveyed her thoughts through actions and text which is a popular technique on TikTok
• Tell a story: although the ad was quite short (11s) it did a good job of telling a story. The video starts off with a fun fact (listen to this song three times money will come to you..) and then at the end the creator reveals how she received $15K from Loanz

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The video frame featuring the “swipe left” CTA at the end of the TikTok advertisement received the highest CTR.

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Video ads that show a demo of the Loanz app & website for the entire duration of the advertisement saw spikes in CTR during multiple points of the video. Ads that did not feature a demo typically saw a spike in CTR only at the end of the video when a call-to-action appeared.