The TikTok phenomenon
How credit unions can take advantage of short-form video to connect with Gen Z
TikTok, the video-sharing app that allows users to create and share 15- to 60-second videos on any subject, is quickly becoming the preferred platform for financial brands targeting Gen Z and Millennials who engage with short-form video content apps.
To effectively use TikTok, it's important to understand the TikTok statistics that tell you what types of users are on the platform and how they interact with the app. Worldwide, TikTok has over 1 billion monthly active users. Though it does not have as many users as Facebook, Instagram or YouTube, TikTok's recent 45% growth has garnered attention, plus it is extremely popular with kids.
Some quick TikTok stats to ponder:
43% of Canadian and 47% of American TikTok users are between the ages of 10 and 29.
TikTok users watch around 24 hours of content per month.
TikTok is watched by children aged 4 to 15 for 87 minutes per day.
37% of TikTok users have a household income of over $100,000.
Contrastingly, 9.6% of users have an income of less than $25,000.
34% of Gen Z turn to TikTok for financial advice.
Just 24% of Gen Z seek advice from a financial advisor.
And finally, a short sales pitch...
If you are wondering where you’re going to find more time in your day to source and produce short-form video content, you’re not alone. According to Wyzowl:
23% of non-video marketers say they don’t have the time to make videos.
16% of non-video marketers say they don’t know where to start with creating videos.
At Currency Marketing, our very existence is built on helping credit unions connect with their members and communities in ways that add value and meaning. Our new Shorts Bundle of 18 fast-paced short videos that are perfect for Facebook, Twitter, Instagram and TikTok is a great example.
We created 18 short, financially informative and entertaining videos in horizontal and square formats with suggested social media post copy. It’s an exciting bundle that can be licensed on its own or added to any of our It’s a Money Thing membership plans.
Tim McAlpine is the Founder & CEO of Currency Marketing. He is best known for developing the It's a Money Thing Financial Education Program that credit unions from around North America are using to connect with new young adult members. He is also a driving force behind CUES Emerge, an emerging leader program that combines online learning, peer collaboration and an exciting competition component.
