Last week, on 3 February 2022, it was announced that Facebook saw its daily active users decline for the first time in its 18-year history, resulting in a $200bn share hit.
Along with Meta facing issues, Twitter, Snap and even Spotify are reportedly facing struggles with users and not reaching forecasts.
However, it’s the big news that reaches the headlines, and last year Meta still had a 37% revenue increase, but will this continue in 2022 with TikTok revenue growing by 70% in 2021 and their daily active users still on the rise?
In 2020, it was predicted that TikTok would have 13.3 million users in 2021, but with lockdown in full swing around the world and the boredom of being at home kicking in, TikTok passed 17 million users in 2021.
On 27 September 2021, TikTok Newsroom announced it reached over 1 billion users, and App Annie predicts TikTok may surpass 1.5 billion total users in 2022. That’s an additional five hundred million users!
With all this in mind, is it time you considered TikTok as your next marketing channel?
“TikTok’s ad proposition has come so far in so little time and covers many of the bases that Meta does when it comes to targeting and ad formats.
It’s clear that it’s no longer a fad and now a major player in the game due to its high active user rate. It will however require brands to be more creative in their content execution in order to maximise the platform’s full potential”, says Jack Harrington, Paid Social Lead, Honchō.
With a huge array of people of almost all demographics now spending time on TikTok, your audience is probably on there, potentially buying from your competitors.
According to TikTok Shopping Behaviour Research, 74% of users say that TikTok has inspired them to find out more about a product or brand online. Can you really miss this opportunity?
Since TikTok first introduced on-platform advertising, its capabilities and interface have come a long way.
You can, ‘Reach your customers with target lookalikes and custom audiences, install pixels on your site and track your performance with a real-time data dashboard.’
Advertising on TikTok also ensures you’re leading with creative-first content. Basic image ads just won’t cut it on TikTok and this pushes you to put your best foot forward to reach your customers.
So whether you’re a huge brand with an established customer base, or a small business looking to find your place in the world, TikTok should be on your 2022 radar.
Currently, according to Statista, the UK has over 9m monthly active users, and is forecasted to reach almost 15 million users in 2025.
There are many brands taking advantage of TikTok in the UK right now including Nike, ASOS, Natwest, a number of universities, BirdsEye, BMW and so many more. You can be inspired by their success stories here.
Along with advertising for awareness, many brands also create challenges and campaigns to inspire TikTokers to get involved in their community. From ASOS’ Fashion week campaign #ASOSFashunWeek to the Too Faced Born This Way challenge, TikTokers love to be inspired and get involved with their favourite brands.
This can result in thousands, if not millions of additional organic views for your campaign.
So with all this in mind, if TikTok advertising is something you want to consider as part of your omnichannel marketing strategy, reach out to the Honcho Paid Social team today.