TikTok took advantage of the viral, short video market that musical.ly uncovered in a way that has competitors racing to catch up. But as TikTok continues to grow, do these competitors have much of chance?
With a video-focused approach, TikTok is the app to beat. Recently, Instagram released Reels, and there’s also Triller and Byte – and they’re all coming for TikTok. We’ll explore the landscape, including:
- What social media listening can reveal about different brands and their share of voice – who is talking loudest?
- Video shorts are all the rage right now, and social media tools are vying to make theirs the top contender.
- Consumer sentiment is fickle, monitoring conversation using social listening what what’s keeping brands ahead of the game.
And these stats help illuminate why the video space is so important to brands right now:
- Online videos will make up 82% of all consumer traffic by 2022
- Only 41% of consumers trust social media-making brand transparency, which is vital for success
- Triller – a short video platform, recently hit No.1 in all categories in the App store in 50 countries
Share of Voice Revealed with Social Media Listening
Understanding where your brand is being mentioned and how it’s being talked about can help a savvy company sail consumer waters smoothly. And when it comes to social media tools there’s no lack of conversation as our clusters reveal. From Google to Instagram, TikTok to Facebook – it’s all there.
Diving in reveals interesting facts and stats which come into play that help us see where the conversation is currently. Our Top Company view reveals Facebook as number one in mentions, and TikTok coming in fourth:
And even though research shows Facebook as the most downloaded app in the last decade, it seems to be losing speed. It is starting to become viewed as dispensable. Only 21% of US citizens consider the app essential, whereas in the UK it was 23%.
Our competitor briefing capability does an excellent job of revealing top players sharing the social platform room.
Twitter has the largest share of voice, with Instagram in second but both show a decrease in share over the past twelve months. TikTok is coming in third, showing an impressive 500% increase. And seemingly confirming that Facebook is losing steam, we see it placing fifth. Triller and Byte aren’t rating a whisper – but let’s not discount them yet.
As of April 2020, TikTok had 315 million downloads, so they’re doing something right. But with talk of TikTok being banned in the US, there’s a huge potential for competitors to swoop in and capture consumer interest.
And some are gearing up to do just that.
Social Media Tools Offering Video Shorts
User friendly, TikTok rose to the top with its video shorts by attracting Gen Z. This group makes up 60% of their consumers. The site melds perfectly with generation Z’s desire for entrepreneurship and being a creator. Additionally, they are technological beings, having been born and raised in an era where much of life is lived online. 80% of Gen Z say they aspire to work with technology. And they spent an average of seven hours per day online in 2019, three of which were spent on social media.
If TikTok disappears, other platforms will need to be ready for an influx of Gen Z and other demographics. And understanding the sentiment around each one will show ways to improve their standing to increase the odds that consumers choose them.
The sentiment chart above reveals Triller capturing lots of positive sentiment. It hit No.1 in all categories in the App store in 50 countries, including the United States and UK. Could this signal a promising option for those jumping the TikTok boat? They need to explore that love, and why consumers are flocking to the App and share it widely to attract others and keep the momentum going.
Social listening reveals an early Triller success, as it’s captured previous TikTok star Noah Beck. And we can see a fan noting that he’s already hit 1 million followers:
Instagram Reels as the Real Threat
Instagram Reels is no slouch though either. It has a good bit of goodwill in our sentiment chart above as well. And though it’s too early to tell how Reels will do and how many consumers will adopt this new TikTok look-a-like, using social media listening reveals it’s receiving favorable mentions already.
And then we have Byte. Although Byte had no share of mentions, they are obviously viewed in a positive light by their consumers – not a negative mention to be seen – but will that be enough to draw in those looking for a new video hosting platform?
These three contenders all offer the same basic thing – 15 second videos that can be clipped and run through filters and add effects. But, each is a little different from the other on their approach. To see how they measure up, we turn to our Brand Passion Index which measures share of voice along with passion and sentiment.
Here we see that Triller and Reels are sharing about the same size of conversation, however Triller is beating out Reels in passion and sentiment. And poor Byte just doesn’t have enough of anything right now – which leaves room for growth or fading away all together.
Social Media Listening Reveals Consumer Shifts
Social media is seen differently by each person. Studies have shown that 91% believe that it connects people. And it is estimated that by 2022, online videos will make up 82% of all consumer traffic. That’s good news for Instagram Reels, Triller and Byte regardless of what happens with TikTok. But, it also means they need to get really good at understanding how to differentiate and capture their slice of the market.
Knowing how consumers feel about videos and social medias’ role in their lives can help a brand navigate safely – if they know how to listen. Social media apps are well-loved tools that are being used, but not necessarily trusted.
And trust in social media overall is declining. This is something brands will want to pay extra attention to. In 2018 only 41% of people globally trusted social media, and in UK 70% of people said they ‘don’t trust’ what they see on social platforms, including posts from brands. This means brands need to be sure that they come across as genuine, making the most of social media listening for any consumer shift, so they can act accordingly. And relevantly. That part is key.
The most trustworthy app may win in the end, and TikTok is certainly at a deficit there of late. Will it matter? Monitor sentiment to find out!
Be sure to reach out for a demo, and we can show you how to track both big and small emerging trends that will impact your market, and ways you can build consumer interest and trust.