TikTok is the fastest growing social media platform in the world, and as a dealership owner, you can't afford to ignore it. With over 2 billion downloads worldwide and over 1 billion active users, TikTok has become the go-to platform for businesses looking to reach a broader audience and stand out from the competition.
One of the main reasons for TikTok's rapid growth is its unique format. Unlike other social media platforms, TikTok is all about short-form videos, typically lasting from 15 seconds to one minute. This format allows users to quickly consume content and keeps them engaged for longer periods of time. According to a study by Hootsuite, 63% of TikTok users say they use the platform to discover new products and services. Additionally, a survey by the New York Times found that TikTok users spend an average of 52 minutes per day on the app.
As a dealership, this presents a huge opportunity to showcase your inventory in a creative and engaging way. You can create a "day in the life" video of a car salesman, create a dance challenge featuring your cars, or show off the features of your latest models in a fun and engaging way. By doing so, you can attract new customers and stand out from the competition. A survey by the New York Times also found that TikTok users are more likely to make a purchase after seeing a product or service on the app.
But TikTok isn't just about fun and games, it's also a powerful marketing tool. According to a study by Sprout Social, businesses that use TikTok for marketing saw a return on investment of $3 for every $1 spent. This makes TikTok an affordable option for dealerships looking to stretch their marketing budget. Additionally, a survey by the New York Times found that TikTok users are more likely to make a purchase after seeing a product or service on the app.
TikTok has traditionally been associated with younger audiences, but it's now attracting older users as well. According to a study by eMarketer, the number of TikTok users over the age of 40 in the US is expected to increase by 28.3% in 2021, reaching over 23 million users. Additionally, a survey by the Pew Research Center found that the percentage of US adults who use TikTok increased from 8% in November 2019 to 27% in January 2021, indicating a growing older audience on the platform. Additionally, a survey by the New York Times found that TikTok users over the age of 30 are the fastest-growing demographic on the app.
Additionally, A study by Business of Apps projected that TikTok is expected to generate $22 billion in ad revenue by 2023. TikTok influencers have a higher engagement rate than those on other social media platforms, with an average engagement rate of 8.5% according to a survey by Influencer.co. A study by MediaKix found that 60% of TikTok users have reported using the app to research products before making a purchase. A survey by Business Insider found that TikTok is the most popular social media platform among US teens, with 41% saying they use it regularly.
As a dealership owner, it's important to recognize the growing older audience on TikTok and the potential it holds for your business. By creating engaging and creative content, you can reach a wider audience and stand out from the competition.
In conclusion, TikTok is the fastest growing social media platform and as a dealership, you can't afford to ignore it. By creating creative, engaging content and tapping into TikTok's massive audience, you can attract new customers and beat out the competition. With older audiences increasingly using TikTok, it's a great way to showcase your dealership and reach a wider audience in a cost-effective way. The studies i referenced are based on US statistics, but it's quite similar in other countries as well, TikTok is a powerful marketing tool with a large and engaged audience, and the potential to reach both younger and older demographics.
