Sole traders could always do with an extra day to sort their taxes – so in 2024, Xero proposed February 29,
aka Leap Year Day, as the time to make it happen.
In 2024, while Xero helped businesses tackle end of financial year challenges, the cloud-based accounting software business set itself a new challenge: signing up sole traders while building a TikTok presence from scratch.
It teamed up with Special PR, encouraging sole traders to think how great it would be to have an extra day to get their finances in shape. Using Leap Year Day and its closeness to the EOFY as inspiration, Xero dubbed Thursday February 29 Sole Trader Thursday.
There are about 425,000 sole traders in Aotearoa, but they say they have low levels of financial knowledge and confidence, especially when it comes to tax matters.
But every new (tax) year is a chance to do better, so Xero embarked on a bespoke EOFY sub-campaign to reconnect with sole traders and re-establish the company as right for them. Social platforms would be crucial in getting the message out.
Xero had a healthy following of 67K on Instagram and more than a quarter of a million each on Facebook and LinkedIn. Yet it had no presence at all on TikTok, a key channel for the target audience.
The strategy was to use the power of social influencers – especially on TikTok – to show how Xero is relevant to sole traders and drive them to a landing page with bespoke content, helpful resources and guides.
However, Xero NZ had never worked with influencers across any social media. A two-phase approach was adopted, starting with credible finance and B2B experts to establish Sole Trader Thursday as an idea. Then existing customers followed with authentic content showing how Xero is right for this group.
Content was shared across social platforms, including Instagram and TikTok, where sole traders look for information and validation, as well as LinkedIn, a place where sole traders and SMEs would expect to find business-focused information.
Radio also played a part in the week leading up to Sole Trader Thursday and on the day itself, providing valuable reach. Together with media agency MBM, Xero brokered a partnership with NZME radio brands including Newstalk ZB, Coast, The Hits and ZM.
This was Xero’s first time working with social media influencers, but it won’t be the last. The campaign resulted in a spike in the type of subscription that’s best for sole traders as well as significant growth and engagement year on year for the entire EOFY campaign.
The approach has even been adopted by Xero Australia. Now that’s a result.
Judges’ comments
“The creative was well aligned with the concept, and the idea was easy to understand: get an extra day to do all your finances. The activation and channels were strong. Good strategy, an interconnected campaign with very results-focused urgency. Well done Xero.”
This was first published in the 2024 September-October NZ Marketing Magazine issue. Subscribe here.
