This week, TikTok is introducing new analytics features to its Creator Marketplace to help brands measure campaign performance, according to SocialMediaToday.
TikTok's Creator Marketplace, which launched late last year and is still only available to select brands, has primarily served as an influencer discovery tool by offering the ability to filter through different influencers (based on region, topic, and follower count) and compare their average video viewership.
With the new features, the marketplace now looks more like a traditional campaign management system — it includes key metrics like views, engagement, engagement rate, and audience breakdowns for each sponsored posts.
Brands are increasingly turning to TikTok influencers as a cost-effective means of building brand awareness among younger audiences. The video-sharing app has seen fast adoption since its 2016 launch in the US: TikTok now has an estimated 45.4 million US users, according to eMarketer estimates.
In particular, the app is beloved by US teens: As of October 2019, 45% of US consumers ages 13-17 reporting having used TikTok in the past month, per Common Sense Media data charted by eMarketer. The app's rapid uptake and popularity among young people has made it the object of considerable excitement among brands, and so far influencer marketing has proven to be an appealing route on the platform.
In particular, TikTok's sponsored hashtags have drawn billions of views for brands, and the viral success of these campaigns depends on brands hiring influencers to create content for their specific hashtag. For example, Chipotle's #boorito hashtag reportedly netted more than 3.9 billion views on TikTok, a figure that was achieved with the help of several TikTok influencers.
While TikTok influencers can help brand generate massive view counts, it's still a challenge for brands to get a handle on the ROI these campaigns offer. Previously, marketers had to either collect their own engagement data on TikTok campaigns or rely on self-reported data from influencers or the agencies that contract them.
Plus, brands previously lacked a meaningful way to gauge whether the audience who saw a given video actually aligned with their campaign's target audience. Taken together, these challenges have made it hard for marketers to both measure the overall success of a single TikTok campaign and to compare the value of individual influencers.
TikTok's new measurement tools should help brands overcome these challenges in two ways:
- Brands will have a consistent and reliable way to measure how effective a campaign is in increasing brand awareness. With the incorporation of real-time viewership data into the Creator Marketplace, a brand will have a centralized, objective location through which to determine how many people saw or are watching a sponsored video.
- Brands will have a quantitative method of comparing the value of various influencer partnerships. The new reporting tools will let brands measure if an influencer is regularly creating content that users engage with and if such users match their target demographic.
Originally posted in Business Insider
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