How Brands and Entrepreneurs are Crushing it with TikTok
If you pay attention to any kind of media or news outlet then you’ve probably at least heard of TikTok, the new social media platform taking the world by storm. Its rise to fame seemingly happened overnight and it has continued to dominate in app downloads and monthly users. But what has led to the meteoric rise of TikTok over the countless others in this oversaturated industry? The secret lies within the quick and easily-digestible content TikTok has to offer.
Most of the videos on TikTok are no longer than 15 seconds. While videos can go longer, 15 seconds seem to be the perfect amount of time for views to consume and then move on. This easily consumed content has made it an attractive offering in a time where the attention span of the average person continues to dwindle.The duration seems to line up quite well with a
Microsoft study that has shown the average human attention span is 8 seconds long, down from the 12 seconds found in a study conducted in 2000.
The Business Impact
So what does this trendy social media platform have to do with big brands and business? Marketing and outreach are a huge part of any successful business. Cultivating a positive image and building trust with customers is more important than ever as consumers become more research intensive and thoughtful of their purchasing habits. Mission statements and purpose are equally important as young people begin basing their shopping decisions on company policies such as utilising green energy and carbon neutral manufacturing processes.
TikTok provides an excellent medium for big brands and small businesses to utilise as a way to connect with current and potential customers. With a quick and simple 15 second video it doesn’t take much in the way of equipment or editing to generate some content. The minimal requirements should especially appeal to small business owners, entrepreneurs, and freelancers looking to get their name out there and expand their business.
Whether you are a small manufacturer looking to expand into a new market, or a craft artisan that works on a platform like Etsy, TikTok offers a cheap and simple way to get your name out there and engage new customers.
If managing and running a company TikTok account isn’t a road you would like to pursue, there are always hundreds of thousands of influencers out there willing to show off your product or services for a small fee.
The Power of the Influencers
The word “influencer” gets thrown around a lot when it comes to social media platforms like Instagram, Youtube, and now TikTok.
But what does it really mean?
Many people seem to call themselves influencer, but there can be a pretty big difference between the wannabes and quality influencers.
A quality influencer has a dedicated following that consistently consumes their content and will oftentimes take their opinions into account when purchasing goods or services. Quality influencers have begun to take the place of brand spokespeople, and offer businesses a direct line to the consumer.
The Demand for TikTok Influencers
With the average video being around 15 seconds, TikTok users can consume hundreds of videos a day without much effort.
In fact, the average user spends 46 minutes on the app every day, in that time they’ve consumed over 150 videos during that time.
That means that there is an incredible demand for content on the social media platform. TikTok spent millions of dollars paying influencers and ordinary people to create content for the platform, and this was in 2020 alone. As the audience expands and grows more diverse, the demand for new and unique content is higher than ever.
While TikTok originally appealed to a younger generation, throughout 2020 and into 2021 there has been a large uptick in all age ranges. The wide discrepancy in age generates additional demand for all sorts of content on the platform, and paves the way for influencers who might not necessarily fit the “typical” mould.
While the demand for content is high, TikTok doesn’t pay everyone equally. While some of the largest social media influencers are making over $5 million, most influencers make considerably less. Most small time influencers monetising their followings are making pretty minimal cash from TikTok, the social media giant typically charges around $.01 per view if you’re lucky.
However, that doesn’t mean that there isn’t money to be made as an influencer. Brand deals and sponsored posts are the main way the majority of medium to large influencers are making their money. Working out deals with a company to pitch or showcase their product can net someone anywhere from $20-$10,000 per video depending on the size of their following.
The money you can make with a brand deal is really dependent on the following size and how much value a company feels you can offer. If you are looking to establish yourself as an influencer then generating high quality content and growing a dedicated following should be your primary focus. Blasting sponsored videos right off the bat can send a bad signal and more reputable brands will tend to stay away.
Tik Tok Competition
Youtube is by far the most similar platform on the market today, but they deal with very different content. Youtube tends to reward much longer videos and puts a high value on longer watch times. Youtube videos tend to take a lot more time and resources as a large amount of editing can go into creating a high quality video.
Consumers on Youtube are typically looking for something specific and will spend several minutes searching for the right video to suit their needs. Juxtapose this with TikTok where you can simply scroll through a number of videos within minutes.
Youtube channels take a lot of time and work to establish and build a following.
It takes a lot of time and effort to create unique videos that can also compete with the massive amount of other creators on the platform.
TikTok is still relatively new and fresh which makes it much easier to compete and establish yourself. TikTok’s algorithms behave similarly to Facebook and Instagram so it can be much easier to target specific niches and content rather than the complex system Youtube takes you through before ranking on the site.
If you’re looking to get into the space as an influencer, TikTok may be a good option for you as it’s still new and provides an easier opportunity to establish yourself. While Youtube can also provide a good opportunity, the resources and upfront time you will be required to put in is considerably more than what TikTok demands.
