By the end of 2019, Generation Z will have overtaken Millennials in numbers and will make up 32% of the global population. As Gen Z become more prominent consumers, holding an incredible $100 billion in buying power, it is essential for brands to be able to reach and engage with this age group. This means constantly updating your marketing strategies to ensure brands are remaining present on the most relevant places in the digital sphere.
Unlike customer groups that came before them, Generation Z have grown up in a world entirely internet dependent, leading to their significantly different online behaviour. They are consistently active online on more than one device, stream on average 23 hours of video every week, are more receptive to personalisation, and have been able to monetise their creativity more efficiently than generations before them. This is a different type of user with a different type of demand and they are driving innovation in the social space with companies all fighting for their attention.
One such platform is TikTok – a social short-form video app from China. Having only launched in 2016, TikTok had a quick adoption and swiftly became the world’s most valuable start-up. Having recently surpassed 1 billion downloads from both the Apple App Store and Google Play Store combined and boasting near 800 million monthly active users, TikTok is showing no signs of slowing down.
Industry giants are already sensing the threat and are beginning to build TikTok clones of their own. Facebook launched its own version called ‘Lasso’ quietly in the USA, just before Christmas, to attract more Gen Z’s to its platform.
The app allows users to watch and create videos up to 15 seconds long using a host of creatives tools, typically to background music. At its core, it’s a basic app, however younger generations have leveraged it to create a melting pot of fresh, viral, personalised content. From drastic makeovers to singing gummy bears, most of the internet trends and social challenges you see online now likely came from a #hashtag on TikTok. With one platform not only captivating the Gen Z audience but redefining how they act online, it is no surprise that it has become an attractive opportunity for advertisers.
Marketing on TikTok has previously been limited to advertisement on the app through direct insertion order. However, Tik Tok has recently made biddable ads available in beta mode and to everyone by the summer, giving advertisers access to a platform with a bigger potential audience than Snapchat, Pinterest, Twitter, and Reddit. With users spending an average of 52 minutes a day engaging with the app, TikTok could become an efficient and effective platform in reaching Generation Z.
If you want to hear more about how our cross-platform strategy reaches your key consumers at the right place and the right time, get in touch.