The 2020 is not a year most people will gladly recall and it’s not hard to guess why. But, it brought us some good things, too – a rise of a new social media network and revolution of the digital world as we know it.
The following year was praised as a year of hope and optimism in which we will enjoy all the good sides of something we named a new normal. And while the year comes close to the end, we can all agree that everything is pretty much the same compared to 2020. But, again, there is something that we can say worked out pretty well.
And, of course, we are talking about TikTok. The social media giant continued to follow a course they set in 2020 and chart new boundaries in terms of its popularity among all generations. But, what really made a difference for the Chinese-based start-up is the change of focus on influencers, marketers, companies and their interests within the app. The efforts TikTok made in terms of creating opportunities for monetization and boosting revenue on its platform was a crucial step in securing the long-term growth of this app in the future. And this is a perfect moment to take a look back and see what 2021 brought to life on our favorite social media network!
Rise of the e-commerce
Perhaps this may be old news, but the announcement of a partnership with shopping platform Shopify was a major breakthrough in the field of e-commerce on TikTok. The deal made by the end of October in 2020 gave a chance to merchants to create, run and optimize campaigns on TikTok a lot easier than before. Numerous tools now allow merchants to produce native content in order to promote their products and all this is available from their Shopify dashboards. This partnership opened up the gates of TikTok and its enormous audience to businesses of all sizes. The platform recently announced an expansion in terms of its partners and now companies like Square, Ecwid and PrestaShop are all joining the party. How well TikTok videos get alongs with e-commerce shows a fact that TikTok users are 1.7 times more likely to purchase products through the app compared to its competitors. More importantly, TikTok continued to ramp up its tools, ad formats and shopping features aiming to create even more monetization opportunities for its user.
New toys in store for marketers and businesses
What started as a simple product link, firstly introduced alongside TikTok’s partnership with Shopify now evolved into a plethora of options. What really made a difference is the introduction of in-feed ad formats for online shopping: Collection Ads, Dynamic Product Ads and Lead Generation.
Collection Ads set in motion a format that allows creating custom, swipeable cards within in-feed videos which comes extremely handy for things like seasonal sales, new collections and limited offers for various brands and industries.
When it comes to Dynamic Product Ads, it’s all about personalization. Brands can now promote an endless number of different products using personalized video ads. These ads are generated based on the interests and activities of specific users, such as adding items to a cart or viewing a product on the website of the brand. This feature is a game-changer when it comes to conversion rates for all kinds of advertisers.
Last, but not least, Lead Generation opened up a chance for brands to easily collect information from TikTok users through online forms available in the app. There’s no longer a need for potential buyers to leave the app and fill forms on those boring landing pages. All information collected in forms is stored on TikTok and available for dowload at any time, making the whole process easier for both users and marketers.
These are just highlights of all-new options 2021 brought to us and we are excited to see what TikTok is preparing for us in the upcoming months!
Being “TikTok famous“ now can make you money
The top stars and the most popular profiles on TikTok are the leading force of the platform’s popularity. Almost every new challenge, a new viral song or a campaign of a big brand must start with the help of those guys.
No wonder why TikTok decided to make the time they spend on their app more lucrative and, thus, maybe distract them from other, maybe more profitable options at their disposal.
The first attempt in this direction was a Creator Marketplace, a place where marketers and creators can find each other and create a perfect match for their collaboration and promotion of their brands. The latest features and new API now allows companies to get real-life campaign reports for the first time.
The latest add-on, the Tipping feature, aims to improve revenue possibilities for their top creators in a more direct way. Now, fans can fund and reward their favorite profiles through the Tip option. Gifting was previously available when users were live streaming, but this new feature will definitely make influencers think twice about where they will put their focus and content on!
Let’s wrap it up!
Also, don’t forget that you can always reach out and ask our team at GrowMojo all of your questions regarding TikTok. If you are making New Year’s resolutions for your business, maybe a new partner for TikTok performance can be one, too? Contact us for a free TikTok Marketing plan today!