Small business owners often ask us if they should be on TikTok and if the platform can actually help their business. Well, small business owners— you might not know how you feel about TikTok, but TikTok most certainly knows how it feels about you, as evidenced by its new brand and platform, “TikTok for Business”, released by the company this June.
“What is ‘TikTok for Business’ & How Can It Boost My Brand?”
Social media company TikTok created “TikTok for Business” as a one-stop shop that houses current and upcoming marketing solutions for participating businesses. Companies who join TikTok for Business gain access to:
TikTok Ad Formats including “TopView” (aka the advertisement that comes into view when first launching the app).
- Brand Takeovers, which are 3-5 second advertisements in either image or video format.
- Branded Effects gives brands the opportunity to take a more direct role in the content creation experience. Add your product or brand into the background or foreground of a 2D, 3D or AR format video. Link up this feature with Hashtag Challenges to increase engagement with your brand.
- In-Feed Videos no longer than one-minute long, and run with sound on.
- Hashtag Challenges that inspire platform users to craft content pertaining to a hashtag of their choosing. In addition to helping businesses interact with TikTok’s user community, this feature also includes Hashtag Plus— which adds a shopping element to the mix.
- Brand Scan is an AR effect included alongside the long list of marketing features encompassed by TikTok for Business.
It’s worth noting that the majority of the products found on TikTok for Business were actually available prior to launch. However, this new platform creates a delineated space for business’ marketing purposes, and makes it easier for TikTok to feature new products as they get released.
“Should I Be Adding TikTok to My SMB Marketing Strategy in 2021?”
For businesses looking to update their strategy for the new year, TikTok is anticipated to become a frontrunning social platform worthy of sitting at the “cool kids” table alongside Facebook, Instagram, Snapchat, and Twitter. Some key statistics:
- In January of 2018, TikTok enjoyed m 54 million active monthly users worldwide. (Source)
- As of August 2020, TikTok’s active monthly users increased to 689 million worldwide. (Source)
- According to App Annie, TikTok is anticipated to surpass 1 billion average monthly active users, growing to a total of 1.2 billion active monthly users worldwide.
With such massive growth projected for 2021, TikTok is certainly worth your time—especially for small businesses looking to market services or products to today’s younger generations. As of June 2020, 62% of TikTok users in the US ranged from ages 10-29, according to Statista. That means more than half of the TikTok community is dominated by Generation Z and young Millennials. So, if these age groups fit in with your target demographic, we most definitely suggest you join the TikTok community via TikTok for Business.