Any TikTok user would tell you that time melts away while using it. As you scroll through an infinite reel of content that has been so carefully crafted to suit your specific interests, one video quickly multiplies to 5, 10, and then innumerable others as you try to kill boredom.
Today, with its addictive traits and broad reach especially among Gen Z, TikTok is becoming a stronger rival against the pioneer social media platforms like Instagram.
According to Bernstein Research and Statista, the average time each American spent monthly is more than 850 minutes with a growth of 67% between 2018 to 2021, meanwhile, other apps observed a growth that is only less than 10% within that same timeframe.
Image Source: Wired
Why Should Luxury Fashion Care?
“Tiktok is the new IT-GIRL among apps.”
As Stacey McCormick, VPM of AERIE has stated: TikTok is where trends start.
Today, other popular Apps such as Instagram, and YouTube are in a process that is coined as “Tiktok-ification” which means they are following TikTok’s features and trends, adapting them to their platforms. Thus, being on TikTok means having a broader perspective to analyze what is coming next for social media and its relative strategies.
The Audience
TikTok is most associated with Gen Z which makes 70% of its 1.2 billion active user population.
However, the latest statistics suggest that TikTok’s user base is aging with the app: users do not think they are outgrown or too old to keep them away from using it. Millennials are increasing in number within the platform as well.
Both age groups intersect with fashion’s target audience. Gen Z currently has $143 billion in overall spending power, and by 2025, it is expected that Millennials and Gen Z will contribute 130% of the growth in the personal luxury goods market.
Increased Brand Awareness
Thanks to its unique algorithm, TikTok is a perfect social tool especially for emerging, young brands to increase their brand awareness and reach their target audience, using related hashtags, advanced analytics, and TikTok’s personalized suggestions.
The platform also allows marketers to implement brand and marketing strategies that focus on Word of Mouth – which is a cost-effective way to promote any brand.
Sincere Brand Persona
A brand persona is a combination of personality characteristics and values that brands illustrate regularly to engage with their target audience. For brands, TikTok is a great platform to showcase their persona, as its viral content draws on sincere, humane traits and has humorous sides of it. Fashion brands have the opportunity to show the audience a different and more genuine side of themselves.
Creativity
The success of TikTok comes from finding disruptive ideas that are not traditional and not based on overly used marketing methods. Fashion brands have the full asset of their unique creative aesthetics, and approaches and they could embed it towards their TikTok growth strategy.
Aerie and Ray-Ban’s successful TikTok campaigns could be considered business cases while developing a decent strategy based on given opportunities.
Given the opportunities in this rising platform, let’s take a deeper dive into the cons and pros of using TikTok as a new channel for your brand.
Although having a presence on TikTok is a do-or-die trouble for the brands, marketing returns from TikTok are not performing very well yet and we can summarize the ROI problem in 3 main points:
1. The app is still new: They are still developing their ad features for brands to generate financial growth from them. They need more advanced tools for promotions to especially facilitate in-purchasing.
2. Scrolling-based system: Experts see TikTok as the new TV. The app has its own “zapping” method, thus it gives users the opportunity to pass a given video quickly.
3. Brands are still discovering the App: They need to find a solution to become catchy as possible to reach the audience in a second.
On the other hand, the following treats make the App still valuable:
Constant Development
As TikTok's emerging environment is already been considered the ultimate challenge, it is also an opportunity for brands to think outside the box. While creating new forms of strategies, brands are planning alternative routes to reach shoppers constantly through the platform. Thus, TikTok could also be viewed as a digital creative canvas for brands to exercise their creative skills.
Adding a New Dimension to the Marketing Mix
With its unique format, TikTok offers fashion brands a new perspective to illustrate their strengths and identity in a more sincere context that could help them to establish a deeper emotional bond with their target segment.
Engaging with Other Brands in a Variety of Industries
If you have ever scrolled through TikTok before, you must have seen that the comment section is thriving, and also used for content generation and engagements. Many brands realized and are involved in it as well, you may even witness Mcdonald's and Duolingo chatting under a random video. The advantage of it is that you can engage with other brands and eventually increase your reach among your target audience.
Fashion Aesthetic
TikTok fashion trends are shaping the industry and consumption habits and #fashiontiktok is one of the main objectives of why consumers are within the platform. This creates a headstart for fashion companies.
Overall, in order to be successful on social media, luxury fashion brands must understand how to create new content, format, and approach to reach the audience present on TikTok in the most sincere way, while showcasing their personality to have full coverage of strategies in various platforms.
Image Source: Who What Wear
To summarize, brands could focus on the following factors below to see growth on TikTok:
Innovative Thinking
Hooks users with an engaging content
Focus on your Brand Persona
Detect your target audience
Benefit from the comment section
It is undeniable that TikTok has swiftly become one of the most popular social media networks which hold various opportunities for brands and businesses. It may appear to be just another social media network, but it’s actually a performance-driven entertainment platform with over 1 billion users worldwide which requires a brand-new strategy from the brands in order to succeed.
If you are considering TikTok as a new channel for your marketing mix but are not sure where to start or how to invest your resources into this opportunity, we are here to help.
You know where to find us.
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