The Objective
Ualá is one of Latin America's top fintech companies. Its mission is to allow more people to use, transfer and invest their money in a truly digital way.
In the quest to reach more people, Ualá needed to scale its user acquisition strategy in Argentina and Mexico. It was already advertising on other social platforms, but it was not enough. To scale, they needed to find users on new media channels.
The Solution
With its fast growth in Argentina and Mexico, TikTok looked like an attractive channel for Ualá to find and engage with new users. However, advertising in TikTok requires a whole different media expertise than other social channels. To adopt a truly TikTok mindset and create performing ads in this platform, Ualá worked with official TikTok Marketing Partner Winclap Creative Studio . Together they designed, implemented and optimized a creative strategy focused on performance.
This full funnel strategy consisted of a mix of branding and performance campaigns. A Reach & Frequency campaign used In-Feed Ads to increase awareness in new territories while performance campaigns were launched optimizing towards user acquisition, retargeting and deep funnel events such as first deposit.
Ualá needed to target a broad range of potential new users in Argentina and Mexico. Broad and lookalike audiences were used to find users with greater engagement with the brand.
Speaking to multiple audiences means carrying multiple voices. To increase its reach and conversion, Ualá and Winclap leveraged TikTok's creator community. The Winclap Creative Studio team first analyzed TikTok trends and creators that best aligned with Ualá's personality.
Multiple TikTok videos were produced communicating Ualá's message combining hot trends and relevant creators. Niche and mainstream creators' performance was compared. The team could find which message, audience and creator carried the highest engagement for the brand.
The Results
Ualá achieved its goal of raising its brand awareness and acquiring new users at a larger scale and with a smaller cost. Its Reach & Frequency campaign reached 2.7 million people.
Using TikTok-specific content the brand's app install campaign received more than 750,000 views at a 100% view through rate. Its performance campaigns brought a 62% increase in installs in the last quarter, together with a 57% growth in registrations. Customer acquisition cost was reduced by 50% in Argentina and by 4x in Mexico in the first 3 weeks. By discovering how to combine creativity and performance in TikTok to scale growth, TikTok has become one of its most important acquisition channels. Ualá is changing how we consume and enjoy financial services. It is spreading its financial freedom mission across Latin America. One TikTok at a time.
You may also like: Finance case studies
Sign up to start advertising on TikTok within minutes
Learn more about TikTok Ads Manager
