TikTok – Global short video sensation TikTok, widely known as Douyin in mainland China, has recorded more than US$78 million in user spending in April.
With the latest revenue generated for ByteDance, TikTok is expected to turn ByteDance into one of the world’s most valuable start-up with the valuation up to US$100 billion. This achievement has moved TikTok ahead of YouTube to become the world’s highest earning non-game app.
TikTok has proved itself to be a unicorn in mobile app development industry, therefore inspires and draws such valuable lesson for businesses in various industries when It comes to innovating to survive in this inconstant world. In this article, we have covered key values for business development that we have learn from TikTok.
The Power of Advanced AI Algorithms
TikTok is using advanced AI algorithms for marketing strategy, which might include business models, sales processes, customer service options and customer behavior. AI algorithm is well applied by many industry leaders such as Facebook and Google to learn user preferences and then provide customized feeds to their users.
Research shows that consumer packaged goods, retail, banking and travel industries are highly effected by AI on marketing. Due to having the large number of customers, It takes great effort for these industries to produce customer transaction data and attribute data, as well as handle a vast amount of information from external sources like social media. With the great support of AI, businesses can easily analyze all these data and therefore deliver more personalized and relevant content to their customers.
Unique Value Proposition Tells Who You Are
When we talk about TikTok, we would talk about short comedy video clips with fun twists and catchy music that lend itself to new trends, meme and challenges. This has made TikTok unique among other of its competitors.
In fact, not every business can have effective value proposition. It’s essential that your value proposition includes a unique selling point or feature that sets your company apart.
Great Partner – Instagram
TikTok has created huge brand awareness through Instagram stories and posts shared by influencers around the world. In other words, TikTok has successfully picked up the right partner to help them significantly increase download or usage rates.
TikTok and Instagram so far have similar target audience who are Gen Z, who spends most of their time on mobile phone and are in great need of entertaining themselves.
Relevancy & Creativity - A Perfect Symphony
People love TikTok for funny twists and steady stream of new catchy songs constantly being released. This is because TikTok understands their customers are looking for an outlet and option for them to express, and connect with their friends/ followers.
The company learns about their customer interest with the help from AI algorithm and uses their creativity to make catchy advertisements and content for people across the globe. So far, by this way TikTok has successfully gather their audience attention in less than 10 seconds.
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