Is TikTok the New Marketing Tool for Multifamily?
With TikTok's recent rapid growth in downloads, is this social media platform here to stay?
The TikTok logo is everywhere; whether it be on Instagram, Facebook, Twitter or even the local news.
The app has seen rapid growth, especially during this pandemic, since its launch in 2017. TikTok is currently second on the App Store’s Top Free Apps downloaded list, close behind Zoom. According to Influencer Marketing Hub, TikTok had the highest social media engagement rates in 2019, beating Twitter and Instagram.
Last month, Multi-Housing News hosted a 30-minute “Snap Session” webinar with Ben Faunce, the senior customer success manager at the software company SOCi, about marketing during COVID-19. Faunce discussed TikTok and whether it should be used as a marketing tool for multifamily.
“While users are obviously flocking to this channel, the user intention behind this particular platform is so different from Facebook, Instagram, GMB, etc.,” said Faunce. “TikTok is not built to influence purchase decisions.”
Faunce recommended using TikTok as a video-creation tool because it allows you to carry the TikTok logo. Once the content is created it can be shared on other social media platforms such as Facebook and Instagram.
Although there have been statistics on the usage of TikTok, there are currently not enough showing that it will be beneficial to the multifamily industry in the long run.
“I think it is a platform that could be utilized to engage with consumers, but it’s definitely more of a if you have time for it, and the proper content for it, great,” Faunce said. “Otherwise, I don’t think it should take major resources.”
TikTok is not the first application to gain buzz quickly. When Snapchat came out in 2011, it grew rapidly but has since fallen in popularity, compared to other social media platforms.
“TikTok might be similar to Snapchat,” said Faunce. “It was powerful for brands briefly, but it will lose its allure—especially after the pandemic.”