Is TikTok the Next Big Thing for Social Media Marketing in Singapore?
Thanks to social media, e-commerce platforms have an alternative to paid media on search engines – social media platforms. And unless you have been away from your phone for the past year, you would know that social media isn’t just for sharing content and networking.
Today, marketers can advertise and connect with their audience. Users can even shop and make table reservations.
If you have been staying up-to-date with the latest in social media, you might have spotted another contender rapidly gaining ground.
This platform is like Vine. It was created by a Chinese developer called ByteDance.
Yes, you guessed it.
It is none other than TikTok.
With the video-sharing app speedily expanding, what does this mean for dominant platforms like Facebook and Instagram. Is TikTok the next big thing for social media marketing in Singapore?
Stick around to find out.
What Is TikTok?
TikTok might be regarded as Vine for Gen Z’s but there is a lot more to it than meets the eye.
The video-sharing app was launched in early 2017 by ByteDance and founded by Chinese entrepreneurs Luyu and Alex Zhu. The founders combined TikTok with another app, Musical.ly, a platform to share lip-syncing videos, to create a video-sharing platform with comical, artistic and informative content.
Today, TikTok is a notable contender to various video-sharing platforms and social media sites like YouTube, Instagram, Snapchat, Vine and Facebook.
How is Content on TikTok different from Other Channels?
Firstly, TikTok videos are 15-seconds long. But users who want to post lengthier content can combine the clips to create a 1-minute story.
Accounts with more than 1000 followers have the liberty to publish longer TikTok videos.
In addition, challenges are a pretty big thing amongst the TikTok community. These challenges use a #-tag name to trends and be found. Users will film themselves succeeding and sometimes failing at completing a challenge. Some popular challenges that shook the community include the #stupidboychallenge, Jimmy Fallon’s #tumbleweedchallenge, and the #balance challenge.
TikTok Stats That Will Shock You
But should marketers be worried about TikTok? Is it really the next big thing for social media marketing in Singapore?
We’ll let the numbers do the talking.
MediaKix highlighted some interesting statistics:
- TikTok has a user base of 1.5 billion users
- The average time spent on the app is 52 minutes
- The platform is ranked in the top 3 Q1 global app by download
- 66% of global users are below the age of 30
- Gross revenue from in-app buys worldwide have surprised $75 million in late 2019
Bearing in mind that TikTok only emerged in early 2017, they have managed to generate a MASSIVE user base in a span of 3 years.
And their user base is continuing to balloon.
Social Media Statistics
Surely, with Facebook purchasing platforms like Whatsapp and Instagram, one might not need to worry about advertising on TikTok for the time being, right?
Don’t be too quick to judge. Let’s take a look at how some well-known social media sites performed over a 3-year period since their founding.
- Facebook: 50 million users by 2007
- Instagram: 100 million users by 2013
- Snapchat: 40 million users by 2014
- LinkedIn: 4 million users by 2005
- Twitter: 58 million users by 2009
Compared to the aforementioned platforms, TikTok is obviously winning big.
The Next Big Thing for Social Media Marketing in Singapore
Do the stats and information above mean that TikTok is the next big thing for social media marketing in Singapore?
Maybe for the globe, but probably not for Singapore at this point in time.
1. Dominance of Facebook and Instagram
No word has been published on the exact number of Singaporeans on TikTok. But an article in May 2019 highlighted that Singaporean users only accounted for 0.1% of global downloads.
On the other hand, there are as many as 3.5 million active Facebook users and 1.9 million on Instagram in Singapore.
2. Functionality and Cost-Effectiveness of Competitors
Thanks to functions like Instagram shopping, Facebook’s “Book Now” button and LinkedIn lead generation forms, it is a lot easier for marketers to drive traffic to their website with social media platforms.
While it is possible for users to advertise on TikTok, their ads are still relatively new. Social Media Examiner highlighted that a CPM could cost $10. Campaigns also need to have a minimum investment of $500.
Whereas a short campaign on Facebook could cost just a few dollars.
3. Demographic Issues
There’s a reason why TikTok is known as Vine for Gen Z.
Oberlo pointed out that 41% of TikTok users are aged between 16-24. Unless you are targeting people of within that age group, you might be better off placing your ads elsewhere.
4. Security Flaws
Ah privacy. It is a privilege to many users take for granted.
Unfortunately, TikTok’s mammoth user base is not safe from hacking.
Earlier this year, CNBC reported that TikTok had “multiple” security issues which allowed hackers to take control of accounts and manipulate content.
Nevertheless, the TikTok team is taking action to minimize such security issues and stated that they are “committed to protecting user data.”
Are You Advertising on the Right Channels?
Numbers talk. Obviously, no other channel has had such success like TikTok over a couple of years.
Then again, it’s clear that Facebook and Instagram still reign in the lion city. Perhaps it will be awhile before TikTok becomes the next big thing for social media marketing in Singapore.
But when TikTok does find its place in the lion city’s digital space, it will force marketers to pay more attention to video-marketing based on short, catchy and exciting content. Finally, content creators will also be forced to channel more creativity and out-of-the-box thinking to make their content stand out from the others.
TikTok isn’t the only thing is that steadily gaining ground. Micro-influencers made it big last year but it looks like pet influencers and kid influencers are also rapidly growing in numbers. How can organizations capitalize on these trends to grow their brand awareness? Click the links to find out.
Do you think TikTok will be featured in the next season of Netflix’s Black Mirror? This series shows how technology can be used and abused. Click here to find out how.