No social media platform has stormed the scene in recent years quite like TikTok…
But, what started as predominantly a GenZ dance app, has morphed into a powerhouse.
Even self-proclaimed “serious” businesses are jumping on the TikTok trend, and it’s not surprising, really… after all, it is an app driven by short-form video. Perfect for the ever-decreasing attention span that marketers and businesses are constantly challenged by.
In the battle of capturing attention, TikTok is winning, with users now dedicating more time there than on any other social media app.
TikTok is fun, addictive, business-changing, and…banned?
Wait, what?
You’ve probably heard whisperings of a potential TikTok ban in the US. The rumours aren’t new, but it’s in overdrive now as this is the first time it’s being signed into law in the US.
Understandably, this has sparked concerns among businesses relying on it for reach, engagement, and revenue.
So, what does the potential ban mean for your business (if anything), and more importantly, what can you do to minimise the impact and continue to grow your business?
How much business is TikTok generating?
TikTok began as an entertainment hub, creating captivating, engaging content that was enough to keep users locked into a never-ending scroll – with an average individual use time of around 23 hours and 28 minutes per month.
But over time, TikTok emerged as a marketplace with built-in shopping features and the ability to drive people away from the app to business websites.
Over 71.2% of TikTok shoppers said they’ve made a purchase on TikTok, and 58% of the app’s users used it as a source of shopping inspiration.
Last year, TikTok shop made 1.1 billion in revenue, and it’s quickly growing due to its ability to transform viewers into buyers.
TikToks popularity is in part due to its ability to satisfy both B2C and B2B.
Potential customers can buy directly in the app. But it’s also a place for B2B businesses to build connection, authority and relationships – increasing awareness, leads and ultimately revenue.
So, the ban could potentially impact some of the estimated 7 million US businesses using the app to connect with their customers.
What’s happening with TikTok in the US?
In case you missed the news, here’s a brief update…
President Biden has signed a bill into law that gives the social media platform’s Chinese owner, ByteDance, nine months to divest from the app, or it will be blocked in the US.
Essentially, they need to sell the platform, or they will be banned in the US.
Why?
The party line is that there are concerns that TikTok might share user data with the Chinese government—claims that have always been denied.
The vote to ban was won by a landslide, with 79 senators voting in favour and 18 against, and was part of a bill to deliver a foreign aid package for Ukraine, Israel and Taiwan.
How likely is it that it’ll be banned?
So, will the TikTok ban go ahead?
Firstly, it’s important to note that they have nine months, so right now, TikTok is not going anywhere.
And TikTok isn’t going down without a fight!
Shortly after the bill was signed, CEO Shou Zi Chew posted a video letting users know that they “aren’t going anywhere” – and are planning on challenging the legislation in court. They have no plans to sell TikTok.
But what should you as a business owner do?
When you don’t own the platform, you can’t rely on it…
Almost every year, Facebook or Instagram crashes, and the business world scrambles to communicate with its customer base.
We’ve lost track of the number of times we see posts on LinkedIn panicking about social platforms being down (ironic on another social platform).
But every single year, we make the same point….
“Don’t build your house on borrowed land”
It’s a HUGE mistake that so many businesses make if you ask us…and this is another example of how it can backfire.
Yes, social media is amazing, but it should not be the only thing you rely on, and if you do, it’s likely you’ll find yourself scrambling to contact customers any time social media goes down, is deleted or is banned.
You don’t own social platforms.
Whether it’s new legislation, hacking, or a platform closing down (remember MySpace?), nothing guarantees that your account and followers will be there tomorrow.
That’s why we’re adamant that you should use your short-form video and social media to drive people back to your website and get them on an email list.
An email list is something you own. It’s an asset, and the data can be backed up and saved. Even if social platforms fail, you still have access directly to your customers’ inboxes.
Should you jump platform?
Long story short – no, not just now.
The first thing to note is that TikTok is only (potentially) being banned in the US – not the rest of the world. So, if your audience isn’t in the USA, it will probably not impact your business.
We still don’t know if it will be banned in the US. But even if it is, it’s likely not going to be until the end of the year. So, if TikTok is working for you and driving leads and sales, there is no reason you can’t continue to use it (and build up your email list in the process!).
But (and this is a big caveat), make sure that ANY content you create is also being repurposed and shared across multiple platforms. Turn those TikToks into reels, shorts, and LinkedIn videos, and turn them into blogs, podcasts, or long-form videos.
Use the content you are creating in the most efficient way to amplify the message and share it as far and wide as possible.
Should you only focus on TikTok?
Certainly not…
Despite what might happen just now, it doesn’t guarantee that things won’t change in the future – with TikTok or other platforms.
So, regardless of how this decision affects you, you still need to start thinking about how to build your audience on a platform you own (a.k.a. An email list).
You cannot rely solely on social media to build your business, and if you do, you’ll be setting yourself up for major challenges in the long run.
Should you stop investing in short-form video content?
The short answer is…no!
Firstly, short-form video as a format is not going anywhere, in fact, it’s arguably growing, and even platforms that did not traditionally rely on it (such as LinkedIn) are seeing an uptick in consumption. In fact, LinkedIn is even exploring the introduction of a TikTok-inspired short-from video feed.
The fact is, people love TikTok. There is a reason it is so popular. The content resonates, and if people can’t watch it there, they are going to be looking for somewhere to consume it.
So, don’t stop creating short-form content. Just make sure you invest time in other platforms where your customer is and use those platforms to get people to buy or onto your email list.
That is how you will secure them as an asset and grow your business.
How do you prevent things like this from impacting the future?
Business is ever-evolving!
It’s likely that those in business ten years ago barely recognise the landscape these days – and in another ten (or two with AI), it will look completely different again. So, it’s worth remembering that nothing is ever 100% guaranteed in business.
But, in our opinion, the best way to mitigate the risk of change in general, especially the unpredictable nature of social media, is to grow your email list.
Yes, short-form video content can help build awareness, and drive leads and revenue – but you should aim to use this to capture data so that you can communicate with them if and when you please – without relying on an external platform.
If you need help with short-form video, we can help you create and repurpose it with strategy across multiple platforms.
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