Similarly to how COVID-19 changed the way society interacts with each other, so has TikTok, the social networking application that billions of users have flocked to while confined to their homes. Even with the world opening back up, TikTok has not lost any popularity- in fact, it beat out Google as the most popular site of 2021! Not only has TikTok changed our interpersonal interactions, but it has also changed the way businesses choose to market their products and services.
The Rise of Social Commerce
With social networking platforms becoming an integral part of daily life, it’s no wonder that social commerce is booming. In 2022, United States social commerce sales are expected to reach $45.7 billion, and it is estimated that over half of American adults will use social media to make a purchase. While many social media applications like Instagram and Facebook are both great tools to use in order to capitalize on this social media marketing phenomenon, neither one can compare to the power that TikTok holds. According to Hootesuite’s Digital 2022 report, TikTok is the most engaging application, with users spending an average of 10.85 minutes per session. This is over double the time users spend on the second-most engaging application, which is Pinterest.
In a survey conducted by Adweek-Morning Consult, 49% of TikTok users have made a purchase after learning about the service or product through the application. In a different survey conducted by Accenture, 59% of the 10,000 people interviewed said they were more likely to buy from a smaller brand while scrolling through social media versus regular online browsing and shopping. Additionally, 44% of the same respondents indicated that they are more inclined to purchase from a brand they had never heard of if it was through social media.
TikTok Marketing for Everyone
Unlike other social networking platforms, TikTok gives everyone the same shot at virality, independent of the poster’s following. The unique algorithm used to generate personalized content that is then viewable on a user’s “For You Page” is what sets TikTok apart from other platforms. TikTok purposely prioritizes videos from users you do not follow, which allows businesses to reach a larger audience even if they do not already have one.
TikTok has seen how influential their social networking platform is, which has led them to try and capitalize on this through its Creative Center. TikTok designed this feature in order to help advertisers better understand the current landscape of the social networking application. Through this feature, brands are able to check out top-performing advertisements and view details on the latest trending hashtags and songs.
TikTok Commerce: The Proof is in the Pudding
If you need further proof that TikTok is your new best friend when it comes to social network marketing and social commerce, even the hashtag #TikTokMadeMeBuyIt currently has over 8 billion views and counting.
A great example of TikTok’s influence is Dunkin Donuts’ collaboration with uber-famous TikTok influencer Charli D’Amelio. With her partnership, the Dunkin Donuts application saw a 57% spike in downloads and 20% boost in sales for all cold brew coffee products.
TikTok believes so much in their ability to sell products that they are aiming to triple their advertising revenue (from $4 billion to $12 billion). The social networking platform has also almost doubled the size of its advertising teams.
TikTok: Social Networking’s Cash Cow
If your business isn’t taking advantage of TikTok’s free publicity, what are you waiting for? Average users spend a total of 14 hours scrolling aimlessly through the application each month- just think about how many potential customers that is! TikTok was found to be the number one social networking platform that propels consumer spending.
In 2021 alone, consumer spending on TikTok saw an immense increase of 77%. This totals to around $2.3 billion being spent annually by users. TikTok even inspires users to shop when that wasn’t even their original plan. 29% of users have actually tried to buy something through the application, only to find out it has already sold out. TikTok is so influential that at one point, it actually caused a feta cheese shortage due to the virality of a pasta dish that featured it.
With its easy-to-use interface specifically designed with businesses and brands in mind, it would be foolish not to try TikTok marketing through the application.