Is TikTok Right for Your Business?
TikTok is one of the fastest-growing social media apps in the world. As more businesses are joining the platform to engage with their audiences, it makes sense for you to join TikTok too ... or does it?
As popular as it may be, TikTok isn't for everyone! Is it right for your business? How can you know if TikTok is the best choice for you?
There are a few factors you should consider before marketing on TikTok. Lets break it down!
First up - does your audience use TikTok?
As we all know, the platform is quite popular among Gen Z and some Millennials ... but If your target audience is mainly Gen X (41 to 56 years old) or Boomers (57 to 75), maybe your efforts would be better used elsewhere. Why? Because they are less likely to use TikTok. A February 2021 survey by Fortune magazine shows that 81 percent of people in the Gen X age group are unlikely to use TikTok, and the same is true of 92 percent of Boomers.
Business and Content Type
Whether TikTok is a good choice also depends on your brand. While it works great for fashion and luxury brands, for example, it might not be the right choice if your core business operates in the human resource and staffing niche.
Some of the popular content categories on TikTok (by the number of hashtag views) are:
- Sports and fitness
- Home renovation and DIY
- Beauty and skincare
Marketers often say that TikTok’s algorithms are unpredictable and it’s hard to tell if their content will go viral on the platform. While it’s true that algorithms are tricky, some basic knowledge about how they operate will improve your chances of going viral on TikTok.
As mentioned earlier, TikTok is continually working to improve content suggestions for its For You and Discover pages. A few things that shape content suggestions for you are:
- Device and account settings, including your country and language.
- Content-related information, such as hashtags, captions, and sounds.
- User engagement.
- Less repetitive and more diverse content.
While it’s true that TikTok ads are relatively new and there is no cutthroat competition, the overall ad spend can be higher than Facebook and Instagram. It is because of the mandatory minimum charges you have to pay for running ads.
Normal TikTok ad pricing starts at $10 per CPM (1000 views) and you’ll have to commit at least $500 per campaign.
Another popular ad type, Brand Takeover which allows you to create full-screen ads that immediately appear when a user opens the app, requires a flat fee of $50,000 a day. While hashtag challenges start at $150,000 per week. That's a pretty hefty fee!
So if you are looking for a low-cost ad platform, TikTok might not be the ideal option for you.
TikTok is the second most popular platform for influencer marketing. According to an Influencer Marketing Hub report, 45 percent of businesses are already using TikTok for influencer marketing.
Also worth noting is that the engagement rate on TikTok is also higher than on Instagram and Facebook.
So we say if you are planning to invest in influencer marketing at some point, TikTok can be a great choice for you.
One piece of advice, though: Before collaborating with an influencer, make sure they share the same values as your business as well as have an engaged audience.
Consider Your Brand and Make a Final Call
Looking at the stats and data, we have reasons to be optimistic about TikTok marketing, but don't let that stop you from doing your own research. As social media is ever-evolving, it's smart to keep an eye on the latest trends and decide whether TikTok (or any platform) is a good fit for your business and your overall bradn image.
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