Growing Enterprises (SURGE)
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TikTok is a Chinese creative social media app primarily driven by short-form video content. It puts forward different types of challenges to unleash the creativity of the users and create engaging (if not addicting) content accessible via an infinite feed. The primary mode through which TikTok makes money is via advertising, thus making it an attention-based business model.
Created by a China-based Internet technology company ByteDance, it is an international equivalent to an already existing video-sharing app called Douyin.
The success of TikTok as a social media platform could be attributed to its innovative usage of Artificial Intelligence and machine learning to push user-specific content to the viewers and also its divisive strategies created through the use of advanced business analytics.
Recently, it has launched the Pro feature which allows the user to get insights into their account based on user engagement and give detailed analysis to drive even more users to engage with their account. India is the second biggest user base of the app after China with 323 million downloads in the year 2019. This makes it one of the most sought after platforms for marketing and advertising and is rapidly becoming one of the most important modes adopted by a business to drive sales.
Business analytics is a field of study which aims to make data-driven and practical changes in a business. It focuses on providing actionable recommendations by creating a practical model of implementing the statistical data derived through different methods.
Data speaks louder than any other mode of communication and it is always right. One only needs to devise methods to interpret in a way that can provide concrete and implementable insights and if done right it goes a long way to boost the sales and increase the consumer base of the business.
TikTok uses advanced algorithms and cutting edge AI tools to gather data and provide insights that allow content creators to have a greater reach It also enables creators to access details regarding what content goes well with a particular group of audiences. Brands can use these insights to curate necessary information and design content according to the same.
Before the advent of the analytics tools, users and brands were uncertain as to the effectiveness of using the platform for online marketing advertising. As there were no in-app analytics tools, brands couldn't calculate platform’s outcomes from the resources they were allocating. The lack also meant that the brands which were partnering with the influences were unable to measure the effectiveness of these collaborations.
After the launch of the business analytics tool for the TikTok pro account, the company saw an unprecedented surge in companies trying to make use of the platform. This also gave users an incentive to be on the platform as it was now easier to monetize their content.
This new analytics dashboard became an effective way to recognize insights about the kind of audiences who were interacting with the content and the performance of the published content. It allowed the business to recognize the user base and potential consumers and push forward specific ads that catered to the tastes and preconceived choices of the consumers.
Being the most downloaded app with more than 1.5 billion downloads and with an estimated value of more than $75 billion it can be easily said that TikTok is the No.1 social media platform right now leaving behind even the long-established giants of the industry such as Facebook, Twitter, and Snapchat. The more astonishing fact is that it achieved this feat in only three years. It was the innovative use of Artificial Intelligence and extensive deployment of business analytics which seemed to have helped TikTok in becoming what it is today.
Now, you can also become an expert in Business Analytics by enrolling in the Executive program in Business Analytics offered by IIM Calcutta. The 12 months program delivered via live online sessions focuses on building competence in analytics. It is about quantitative analysis and predictive modeling for data-driven competitive strategies. The program trains the managers to recognize their best customers, offer the right price, innovate products, make the supply chain efficient, and identify the core drivers of financial performance. The course is taught by a team of experts on the subject to build in more rigor & quality into the program.
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