In episode #1128, we discuss whether TikTok is the next big thing. Tune in to hear if you should be investing in this social platform.
TIME-STAMPED SHOW NOTES:
- [00:25] Today’s topic is whether TikTok is the next big thing.
- [00:30] TikTok is a social network that’s very popular in Asia and is climbing in the rankings on App Annie, which does metrics on revenue and other stats.
- [00:50] TikTok is on its way to making over $100 million and their valuation is in the billions of dollars.
- [01:00] The app does short videos, and people are creating funny content including music videos.
- [01:20] Their typical user drops off after 30 days, which is a problem.
- [01:34] One of the biggest Chinese tech conglomerates owns it and has put over $1 billion into it.
- [01:49] Platforms that aren’t sticky and aren’t retaining users tend to end up as fads.
- [01:56] Neil points out that marketers are always wondering if they should adopt the newest social media platform for their business.
- [02:05] It’s probably only worth the time and effort if a platform has continued to prove its popularity.
- [02:25] Even if your business isn’t using Instagram yet, it’s not too late because you don’t have to be the first to adopt a social media platform.
- [02:40] You should wait to leverage a platform until it hits the mainstream and you know it will work for you, and TikTok is not at that level yet.
- [02:56] Their user count is growing but they don’t have the reach that Facebook has.
- [03:03] With poor user retention, TikTok’s user count will probably stagnate and then start to drop.
- [03:30] Neil and Eric don’t think TikTok is the next big thing, but maybe it could be bigger one day.
- [03:38] A great social media network to leverage right now is WhatsApp.
- [03:49] That’s it for today!
- [03:55] To stay updated with events and learn more about our mastermind, go to the Marketing School site for more information.
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