In the last decade, video marketing has reshaped the way companies do business. From McDonald’s using Snapchat to recruit new employees to Facebook Live being a way for businesses to showcase their products, technology has created new ways to seek out profitable opportunities.

Now, TikTok, the video-sharing app, has jumped on board in the business world, being used as a streamlined and more interactive tool for companies.

TikTok became the third-most downloaded app in the first quarter of 2019 with nearly 190 million new users and is expected to see even more use in the new year/new decade, making it a viable asset for businesses.

So, it’s fair to ask: Should your business be on TikTok? Here’s a closer look at why you might want to consider it.

What is TikTok?

TikTok is a mobile video-sharing app where users can film and upload videos up to 15 seconds in length, much like the now-defunct Vine app. Users can mix in songs, sound effects, audio bites, and visual effects.

A large portion of the app’s users are based outside the United States, highlighting its global reach. It is known for its video cache of subversive humor video bits, but it is evolving into a legitimate business opportunity for companies looking to reach bigger and more widespread audiences and niches.

How TikTok Does Business

Users can make money through the app in a couple of ways, including classic social media marketing strategies, like you can see on other apps like Instagram, Snapchat, and Twitter; and through gathering “coins,” which is a virtual currency in TikTok. This allows any user to make digital purchases to send directly to their favorite TikTok creators.

While individuals are capitalizing on this function, companies are starting to as well. However, getting involved in TikTok depends on a company’s industry and the type of audience they’re looking to reach. While having a tried and true clientele is good to keep business going, it does help to think outside the box and find new ways to reach a more tech-savvy and younger audience.

One example is the Mexican fast food restaurant Chipotle, which conducted its own challenge for users to send in a dance video. Another is Uniqlo, a fashion brand, which used the app to get in touch with TikTok creators, urging them to wear the brand. This is where everything from local coffee shops to upstart co-working spaces can get creative and connect with virtually anyone in order to build a brand and start a conversation.

For now, TikTok is in its infancy as a whole, still seeing the majority of its users hop on to look at quick and funny videos. Companies are finding ways to target audiences and provide unique opportunities to get connected and stay involved online.

Once upon a time, Instagram was looked at as a way to post pictures of coffee and travel. Now, influencers are making millions off the app and businesses are using it to promote products and turn a major profit.

It’s important to keep an eye on growing trends and the possibility to be in a position to expand your market and your business through this newer yet unproven method of digital marketing.

Learn more about Bryn Mawr Trust.

Bryn Mawr Trust