MarketingWeek unlocks the power of Tik Tok for social strategy
By Abimbola Mohammed
In the just concluded webinar held by MarketingWeek in collaboration with NetBase Quid, Mike Baglietto, Global Head of Market Insights, NetBase Quid, pointed out the need for brands, agencies and marketers to leverage the power of Tik Tok for social strategy. He noted that Tik Tok is influencing a whole new generation of social media users and consumers. Tik Tok’s over 800 million people are active users worldwide.
The webinar explained how content and influencers drive engagement, influence consumer behaviour and how to measure competitive share of voice, engage consumers, and drive revenue growth for your business.
According to Baglietto, Tik Tok is one of the channels that everyone is interested in and it is very entertaining and gets a lot of traffic. It is really a fascinating place to play as a consumer, as a brand or as an agency.
His words: “One of the challenges faced by marketers is the old ways of understanding consumer demand and the evolution of the market is dynamic. What is happening in the market is changing really quickly and the pandemic certainly even makes things crazier. Here are a few statistics I like to throw at you. 61% of consumers swift business from one brand or provider to another just in last year which is a huge shift, while 77% have a likelihood of shifting to unknown competitors which pose a greatest risk to our business, rather than the existing ones: this are businesses that are incubating right now or businesses that are trying to build their following.”
According to the expert, there is a need to keep an eye out on those companies as there are 30,000 new consumer product launches each year, so one of the challenges is not only that consumers are switching to unknown competitors but these new competitors are bringing new prices to the market.”
He continued: “So, be aware of what is going on in the market but how do you stay in touch with your consumers in order to make sure that you don’t lose the market share and then the new product is successful. Using a data driven approach, looking at data, multidimensional data and analytics to drive means of information that can help your organization become much more pragmatic when it comes to understanding shifts in the market and your consumers.”
Speaking on the need for Tik Tok to be part of social strategy, Baglietto, said: “Because it has the highest social media engagement per post than any other social media platform, micro influencers have a nearly five times higher rate than Instagram, and nearly ten times more than YouTube. A mega influencer has a nearly five times higher rate than Instagram and more than thirteen times higher than YouTube. So we are starting to see a shift where consumers are getting their information and how they are entertained.
“So if you think about an entertainment platform that informs and influences your consumers, Tik Tok is the channel you can’t ignore. Even if you are not on it today you need to get on there because the content is fun, it’s entertaining, it’s informative, but it has a certain tone around it.”
He further said user engagement is through the roof as Tik Tok users spend more than 850 minutes per month on the app, have one billion monthly active users, 167 millions videos are watched on the internet in minutes and it continues to grow. If someone is on other platforms like Facebook, Twitter or even Instagram, they start to see some of these Tik Tok videos as it sort of filters its way through into some of the other channels.
So, 25% of users say they purchase or research a product after they watching Tik Tok and so it’s really interesting to see the kinds of content that people are being influenced to purchase when they see videos in touch with 59% learn about trends on Tik Tok and 60% learn recipes or DIY projects there.
He added that there’s money to be made on Tik Tok as, most importantly, marketers are looking for channels they can engage their consumers and influence them to explore new products and new services and ultimately, by bringing that demand.
Concluding his presentation on how to create that moment that informs consumers about your product and excited about your product or brands, Baglietto advised: “With continuous intelligence, staying ahead of consumers needs in shifting market, having a monitoring and discovering platform where to discovered trends in the given narrative of media and other sources can help track over time to see whether this themes are growing or subsiding, this can also help you to modify imagine trends faster than your competitor do and allows you to put strategy in place in other to take advantage of those changing consumers in the market.” You can load your data yourself, if you got data from surveys or product reviews for any data you have in your systems can be analyzed through.”
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