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Crypto TikTok is Here. Is Your Brand Ready?
TikTok is the best social media platform right now. But the nature of the app provides a new challenge for marketers.
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By now you’ve probably heard of TikTok, the Chinese social media app that has taken the US by storm. This app single-handedly brought back short-form video from the dead.
The real power of TikTok is the algorithm. Unlike platforms like Instagram and Twitter, the algo is designed in such a way that you will always be discovering new content. Instead of just showing you accounts you engage with the most, the “For You” feed will almost always show you something from an account you haven’t seen before. But for the accounts you want to see again, there is a dedicated “Following” playlist for the accounts you follow.
The nature of the TikTok algorithm for creators is also interesting. New creators are given a significant amount of impressions off the bat, delivering a sample of users to engage with the content. If the content gets good engagement, it’ll keep circulating the video until people get bored.
The algorithm does and has changed over time, mostly so that people like -- well -- me don’t gamify it for marketing purposes.
But if you did want to gamify it, what metrics should you focus on?
Views — this is the north-star metric, down-funnel from all other engagements
Likes — this is the core metric that helps your video get more distribution by the algo, increasing your impressions
Shares — this metric is very important and is an indicator to the algorithm that people not only like your content, but think it’s good enough to send to their friends. This is key.
Comments — users can also comment, like, and engage with each other in the comments of your video. If the algorithm senses that your video generates engagements through conversations, you’re also likely to be promoted further in the algo.
One of the most interesting things about TikTok is that because of how the algorithm works, it’s very difficult for brands to break in. Putting my marketing hat on, let’s consider intent for a second.
Why do people use TikTok?
For funny or informative video content.
But who do they want to hear it from?
Individuals, almost exclusively. But there are exceptions.
Today we’re going to focus on the different ways companies and influencers have been able to grow audiences on TikTok.
Brands Can Do TikTok, If They’re Good at TikTok
The classic low-hanging fruit social media strategy is to create content once and recut for different platforms. Make a YouTube video. Cut it into smaller clips for Instagram. Do a teaser video for Facebook. Farm the engagement across channels.
The thing about TikTok is that the content that works on that platform is just… different. Remember Vine? Well, Vine walked so TikTok could run.
Brands never really figured out how to make Vine work, but that’s slowly changing on TikTok. Here’s a good example from my favorite brand account, Ryanair Airlines:
Ryanair is known for cheap fairs, no-frills flying, and questionable piloting. Users love making fun of the negative experiences they had flying with the airline. The Ryanair account’s whole shtick is that they lean into the joke. It’s great.
Ok, but what about crypto brands?
Well, I’m going to flex a bit here -- my team at eToro has been cranking out crypto-related TikTok content since the end of March. About two weeks ago we had our first video go semi-viral, gaining over 450,000 views, 16,000 likes, and 200 comments. This single video also doubled our follower count:
Shout out to Danny Vega for the fantastic work he’s put into making us the best crypto brand to follow on TikTok.
Influencers Are Still King
At the end of the day, individual content creators are always going to win. They’re the bread and butter of all social apps, and TikTok is no different.
One of the best things about TikTok is that there are “areas” of the platform, just like on Twitter, where you can look for and engage with the kinds of content you’re interested in. Crypto included.
And crypto isn’t even a small niche on the app anymore. I mean, BitBoy has 2.7 MILLION followers. Wild.
CryptoWendyO has also found some huge growth after expanding her content onto TikTok, landing her a Washington Post profile last week.
There are even accounts, like theblockchainboy, who built their 289K following from scratch on TikTok, without the help of existing audiences on Crypto Twitter or YouTube.
The through-line in these accounts seems kind of obvious: they’re informative, they’re non-formal financial advice-y, and most of all, they’re personal.
What’s so cool about TikTok is that anyone can grow a following just for having a unique hobby, a cool talent, or just having something funny to say.
It’s awesome.
Is TikTok Right for My Brand?
Well, like most things, that’s a complicated question. Before launching your brand’s TikTok strategy, I’d consider the following:
1) Do you or your team use TikTok?
If the primary content creator isn’t already immersed in the culture of the app, it’s going to be a challenge to catch up. Make sure you spend the time getting to know the kinds of things that work. Understanding trending sounds is a great place to start.
2) Do you or your team have the bandwidth to create, edit, and post content consistently?
Like most marketing channels, posting frequently and often is the name of the game. It’s how you get more views, likes, and shares. Your users come to expect more content from you over time.
At the end of the day, social channels like this are about brand recognition. Finding the way to best position yourself to capture those “free” impressions is key.
3) Do you have something to say worth watching?
This is kind of the most important element. Remember, the content you’re creating has to be 1) on-brand, 2) entertaining, and 3) worth watching. I’m not saying checking all three boxes is easy, but it’s necessary to succeed on TikTok. You need to create the kind of content you would want to watch.
If you’re curious about how other areas of personal finance work on TikTok, I highly recommend digging into FinTok. It’s pretty awesome.
Who are your favorite TikTok creators? Reply to this email, I’d love to see who you’re watching.
Who’s Hiring Marketers in Crypto?
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