TikTok is rapidly growing its user base and implementing a content strategy for this platform should be a growing priority for all financial brands. Many industries (and your competitors) are racing to keep up with this growth and pivot their content strategies.
We’ll be reviewing the latest TikTok user report, highlighting which findings are relevant for you, and guiding your brand to build a TikTok content strategy. However, if TikTok doesn’t make sense for your brand right now, we’ll provide guidance on how you can shift your content strategy to be more future-oriented.
What is in the TikTok User Trend Report?
In TikTok’s latest trend user report, rightfully titled “Time Well Spent”, the platform breaks down how users utilize the platform. The sample size included 7,000 users and this report was conducted in partnership with Kantar taking place in March of 2021.
“Users around the world agree that the time they spend on TikTok is ‘time well spent.’”– TIk Tok
First, let’s look at how users are shifting their free time from other activities to use TikTok more frequently:
- 35% of users said that they spend less time watching TV or streaming services since they started using TikTok.
With more than a third of TikTok users claiming that they spend less time on other video services, it’s clear that TikTok isn’t willing to share any screen time with its competitors. Users are giving up other entertainment venues to spend more time on the app.
Because of users giving more of their time to TikTok, we could start to see a possible shift of advertising dollars from other platforms (traditional advertising, and OTT (over the top), streaming, and even possibly YouTube advertising) to invest more in TikTok. Although, we recommend more of a holistic paid ads strategy rather than an “all in” approach.
- 46% of users engage with TikTok’s content without any other distractions.
The problem with other video commercial advertising like OTT and traditional TV? The possibility that your audience is distracted while your ad is playing. Many things stand in their way: phones and other mobile devices, tidying up, conversation with others around them. A TiVo survey found that 56% of respondents multitask during commercial breaks. 46% of users are looking at TikTok and only TikTok content.
- 81% of users say they plan to spend the same amount or more time on TikTok.
Most TikTok users say they have no intentions of straying away from the app anytime soon. In fact, they plan to allocate even more of their time to the platform in the near future. Don’t be under the impression that TikTok is just a short trend; its mark is here to stay.
Now, let’s take a look at how users interact with content on TikTok:
- 66% will participate in a hashtag challenge.
- 65% will participate in a trend or prank.
- 67% share TikToks with friends and family.
Users will find ways to recreate or engage in your content – if you make it engaging enough. The key is being innovative with your video content, track trending topics and shift them to suite your brand in an authentic way.
A majority of users will share TikToks if they are informative, humorous, or engaging. Financial brands can leverage the informative category easily, maybe sprinkling in some humor here or there. Some content creators to look into are @thepariibafna, @pricelessstay, and @thatmortgageguy.
- 92% of users say that after watching a TikTok they will take action (like, comment, share, follow, etc.)
Almost all users will interact with content on TikTok, anything from a like to a simple follow. These are impressive metrics for a social platform and could justify your financial brand’s launch into this sphere.
- 25% of users say that they research or purchase a product after watching a TikTok.
A quarter of users will research a product more or even purchase a product after seeing it in a TikTok. When promoting products or services, it’s important to make them easily accessible so that there are very little barriers for users to take action.
“The results show that TikTok users are increasingly getting enjoyment and connection from the app.”– Social Media Today
How do I create a TikTok content strategy?
The user report may be enough to convince you to jump on TikTok and start leveraging the platform for your own brand. Even if you find yourself with limited resources to create and execute a TikTok content strategy, you can still leverage video within your strategy.
If committing to creating a TikTok profile and consistently posting content seems out of reach right now or even a little intimidating, opt for running paid ads on TikTok instead. Implementing a paid advertising strategy allows you to quickly reach an audience while you build out your brand awareness organically in the background.
Consider testing some advertising dollars on this platform and track how performance is for at least three months. Create a social selling strategy that includes TikTok. TikToks biggest advice for advertisers? Don’t create ads; create TikToks. Be creative and create value for your audience.
Create Video Content Instead
Other social platforms are piggybacking off of TikTok’s lead and implementing their own version of video spaces. Instagram launch Reels as a response to the rise of TikTok. Instead of investing resources into launching on a completely new social platform, leverage the use of Instagram Reels instead and start creating an Instagram Reels content strategy.
By 2022, video content will account for 82% of traffic on the internet, according to the Cisco Annual Internet Report. Video and audio are the future of content, it’s important to acknowledge this shift and start incorporating it into your brand’s content strategy. Pull out your phone and start filming things that your brand is doing. Don’t worry about it being perfect – audiences are craving authenticity more than ever. Including employees in content will personify your brand and give your employees more stake in the brand.
TikTok has taken over the content world in a short period of time. It has changed the way we consume content today and tomorrow – even making the traditional social media giants respond to its growth.
If launching on TikTok and creating a TikTok content strategy is not right for your team right now, focus on developing a paid ads strategy that focuses on social selling and includes TikTok. On other social platforms, like Instagram, start to shift to incorporate more video content within your overall content strategy and remember, get your employees involved as much as possible.
The most important part of any content strategy, TikTok or otherwise, is using that content to build relationships with your audience. In our webinar with Susan Bell, Co-Founder and EVP of Sales for Vertical IQ, we explore why leveraging content is a critical component of your sales and marketing process. Get access to the webinar here.