TikTok is everywhere you turn. Maybe the breakfast you made this morning was courtesy of a TikTok recipe. Perhaps you found the workout you did before breakfast on there too.
Believe it or not, there’s even heaps of valuable expert advice for business owners on the platform if you’re looking in the right places.
Even if you’re not a TikTok user yourself, it’s easy to see that the popular social media platform has some serious traction so it’s completely understandable if you’re worried about missing out if your business isn’t on there.
The truth is though, TikTok isn’t suitable for every business or audience. Plus, you don’t need to be on every social media platform to run a solid marketing strategy – it’s about finding the ones that will work for you.
Let’s put TikTok under the spotlight and discuss whether or not it’s right for you, your business and your target audiences.
How does TikTok work?
TikTok is predominantly a video-based social media platform. Although Blake Chandlee, president of global business solutions for Bytedance, would say TikTok is “an entertainment platform” not a social media app.
Images can be posted but the vast majority of its content consists of short-form videos between 3 seconds and 30 minutes long, although not all video lengths are available to everyone everywhere.
The app is made up of a home feed, which features content from users you follow and a ‘For You’ page showing other content you might like based on an intuitive algorithm and sophisticated engagement metrics. There is also a user profile page, a direct message inbox and a search function with trending topics.
TikTok offers users the ability to upload videos or film and edit videos in-app with a whole host of different tools and features such as sounds, filters, stickers, subtitles, transitions, and beyond. The platform also offers users live streaming and paid content features (TikTok ads).
Is your target audience on TikTok?
Any social media platform you use for your business will require time and effort to maintain and grow. That’s why it’s important to understand if a particular platform is going to be worth the investment.
One of the most critical things to consider is whether or not your target audience is actually on TikTok. If they’re not, you’ll simply be sharing content with an audience who aren’t interested in your brand or offering and almost certainly won’t convert into paying customers.
Do some research into your target demographics to find out what their preferred social media platforms are. If that’s TikTok, great, but if not, you might struggle to get the results you want.
It could also help to see if your competitors are using TikTok and getting good engagement or not. Peek at the types of content they’re making and assess what seems to be the most popular.
Creating tip-top TikTok content
When considering whether you want your business to be on TikTok or not, it’s important to think about what kind of content you imagine creating and sharing. Below are three key things to keep in mind.
Is short-form, short-lived content your thing?
TikTok isn’t about creating long, evergreen videos that will have value for months or years. It’s all about short content that is engaging but will typically have a short shelf life.
Is this the kind of content you’re willing or able to produce? Some business owners will hire professional content creators or video editors to support them in generating a bank of rapid-fire videos.
If you’d prefer to take your time and create long videos that viewers will come back to time and time again, YouTube might be a more suitable video-based platform for you.
TikTok users love to laugh
Research by GWI found that 60% of TikTok users want to see humorous content, i.e. videos that are going to make them laugh.
Creative content (45%) and relaxing content (37%) made up the other categories in the top three.
Does your business lend itself to this kind of content? If so, TikTok could be the perfect place to flaunt your brand’s funny, creative or laidback side.
Some businesses will develop a kind of alter ego to explore their more light-hearted, humorous side on the platform (M&S does a great job of this). However, humour, creativity and relaxed content won’t compliment every business, product or service.
Are you willing to collaborate?
Many businesses that use TikTok as a promotional tool to market their product or service will work with influencers to produce sponsored content. This is where a TikTok user with a large following advertises something to their audience for a fee.
Is this something you’d be willing to do? Are influencer collaborations something you could afford to add to your marketing budget? If so, TikTok could be the perfect place to get started.
Selling on TikTok
If you have physical products to sell, you could consider selling them through TikTok Shop. This is an integrated ecommerce platform within the app that enables anybody (over the age of 18) to purchase products.
There are multiple ways you can direct customers to click through to purchase your products but whichever they choose, it means they don’t have to leave TikTok. This means they’re more likely to complete the checkout process than if they had to go to another website.
Is TikTok Shop right for you?
The basic logic is that the more places you sell products, the more money you make and to an extent, this is true. To sell enough products on TikTok shop, you need to invest enough time, energy, money and creativity to cut through the noise.
If you’re willing to dedicate yourself to the platform then it could certainly become a lucrative income stream for you.
Will you need a TikTok business account?
When you create a TikTok account, there are two different types you’ll need to choose from—a personal account or a business account.
As a casual user just looking for laughs or recipe ideas, a personal account is perfect. However, if you want to use the platform to support your professional goals or your marketing strategy, a business account could be beneficial.
TikTok business accounts are designed for users who want to:
- Promote a business, product or service.
- Grow their audience and raise awareness of a brand.
- Use commercial tools such as paid ads, branded hashtags, sponsored content or those in the Business Creative Hub (users with a large following who get paid for sharing content).
So, while you could try drumming up organic engagement with a personal TikTok account, a business account is the best bet if you really want to maximise the platform’s marketing potential.
If you already have a personal account and want to transition to a business account, all you need to do is go to Settings and Privacy, click ‘Manage account’ and then select ‘Switch to Business Account’.
How much do paid ads cost on TikTok?
How much you can expect to pay to advertise on TikTok really depends on what budget you’ve got to spend. As with any other paid media platform, the more you spend, the better chance you have of seeing ROI.
Advertising successfully on social media isn’t cheap, especially if you’re in a competitive industry like cosmetics or fashion. That’s why it’s so important to plan paid content strategically and be cautious with your budget.
Don’t forget, if you’re paying for marketing and advertising, you should check to see if any of the costs qualify as allowable expenses that you could be claiming tax relief for.
Check out our accounting support hub for help with your business finances, or to ask a tax question!
