Do you want to add a little laughter and fun to your day? If so, you will undoubtedly end up on TikTok at some point. With millions of users already connecting and sharing, this platform is on track to becoming the next big social media giant.
Seriously, what’s not to love about TikTok? The new cure for boredom. And we mean that in a good way! It plays all your favorite music, shows you exciting videos, and introduces you to the funniest content. Now, everyone can be their own star and create their own videos.
So after listening to all the buzz about TikTok, we decided to conduct a TikTok SWOT analysis. This article looks at the strategic analysis of TikTok, as it highlights strengths and weaknesses, opportunities and threats ahead of it in the future.
In the world of social media, digital platforms are constantly emerging to disrupt existing ecosystems. This includes TikTok, a mobile app that offers a variety of features. TikTok uses music and memes to create user engagement and develop a loyal following.
TikTok was launched way back in 2016 in China. It is a social media app that lets you create short videos to share with your family and friends. As the saying goes, the best camera is the one that’s with you. TikTok allows you to connect with family and friends in an authentic way using only what you have on hand.
Although people use TikTok for entertainment purposes, it also provides a great platform to the skillful “TikTokers” who are full of potential but don’t have any platform to showcase their abilities. Through TikTok, Tiktokers always find new ways to show off their creative skills and make videos that resonate with other users.
TikTok has no national or cultural boundaries, and it is free to download on any device, anywhere in the world. At present, roughly 1 billion people use TikTok monthly worldwide. Furthermore, it was recorded that in 2021, TikTok generated revenue of $4.6 billion.
Before we move forward, let me explain a bit about SWOT analysis to you. A SWOT analysis represents personal perceptions about competitors, market trends, and industry demands published by organizations or individuals with a certain amount of expertise.
Each letter in the word SWOT represents a category. Strengths represent internal qualities such as resources, capabilities, and competencies. Weaknesses represent internal weaknesses such as deficiencies, problems, or restraints. Opportunities represent external opportunities that can be used to the organization’s advantage to win market share from competitors or control new markets. Finally, threats represent external threats that may create obstacles to the organization’s development.
A SWOT template describes the strengths, weaknesses, opportunities, and threats that affect your project or business. Using this tool during strategic thinking can help you focus on the most critical factors. To get a better understanding, you should have a look at some of the examples of SWOT analysis before you progress further.
Strengths separate you from your competition or what you do well. Strength represents things that make people choose your product over the other products in the market.
Easy to use
TikTok has many strengths, but its easy-to-use nature is one of the most notable strengths. You can easily make content on TikTok. Unlike the chore of creating a blog post, video-making on TikTok is painless and straightforward. All you have to do is point your phone at your face while you sing along with a popular song! It doesn’t get any simpler than that.
Free to use
We know everyone likes the App so much, but why? The answer is simple: it is free to use. TikTok provides a platform that inspires social media users of any age, gender, and race to share innovative short-form videos and express themselves with the community they have created for free of cost. Trust me; it can’t get any better than this!
Users’ security and privacy
Are you hesitant to join a social network? TikTok could be one to consider. With every new development in technology, there come security concerns. TikTok deserves valuable points in the privacy protection area. For instance, the App allows users to erase their data upon request. It also provides options like reporting an account or commenting and blocking an account. In addition, TikTok provides several customised options to secure your account in the settings section.
Large customer base
TikTok is one of the fastest-growing mobile apps in the world. This is mainly because my generation is always looking for new and exciting ways to stay updated. If there’s one thing TikTok users love, it’s consuming content. On average, an android user spends 19.6 hours using TikTok; this makes TikTok among the top five most consumed apps.
TikTok looks like a pretty cool platform that people use to watch funny videos and listen to music, but it has a weaker side. Tiktok is a great app for connecting with friends and making viral videos. But despite being highly successful, there are some areas it can improve.
In this section, we highlight some of the weaknesses of TikTok on which work should be done to grow and dominate the market in the future.
TikTok’s weakest point is inappropriate content. Although many users post their own videos, the App also allows access to a vast range of clips provided by several creators around the globe. Unfortunately, these clips do not comply with the rules published by big brands whose products are frequently exposed to children.
People on the App use inappropriate language and post just explicit images. Also, some promote the use of drugs, alcohol, and other harmful substances which can cause harm to the minds of children.
Tiktok is heavily used in today’s society to pass the time or just to enrapture at a monotonous life. TikTok is very addictive; 83% of TikTok users engage with and create content on the platform. And that’s its weakness because it is very time-consuming. Even if you are using it to watch videos, you’re doing so in a passive manner.
Poor response time
TikTok’s response time is poor, one of its most significant weaknesses. While competitors may or may not be better than TikTok, we know that customers want fast and responsive apps.
TikTok initially took two days to respond to privacy issues about their App, which is a long time in the internet era. This could be due to a lack of experienced staff or the absence of the marketing strategy needed for crisis management.
Opportunities account for the chances available for an organization to grow in the future. There are many opportunities for TikTok to become a worldwide phenomenon. However, these opportunities need to be exploited properly. It will be an uphill battle, but it is bound to significantly impact the media if it does succeed.
Marketing is essential for a company and can be helpful in many different ways. For example, TikTok could be the most popular social media platform in the next few years if they hire the top influencers with millions of followers to promote them. Moreover, TikTok could use more print and social media for advertising to improve brand awareness and recognition in the market.
You know what they say, “If you can’t beat them, join them.” Well, TikTok seems to have taken that approach to heart. The App has spent a considerable amount of cash on technology, which will hopefully allow it to compete for a longer time. For example, TikTok invested $4 billion by acquiring a gaming studio. Such investments in the tech industry can multiply TikTok’s profits and help it dominate the market in the future.
Improve its reputation
TikTok has recently been criticized for frivolous content. A lot of criticism has been made by people claiming how it harms society. Despite being criticized so much, it is still trendy across the globe.
TikTok has an opportunity to take advantage of its popularity and large user base to help small businesses grow. In addition, TikTok could use the App’s popularity for charity work, which would improve the status of the company in the eyes of its users and help TikTok grow.
Getting unbanned soon from some countries
TikTok, at the moment, is living the life of a global social network. It may not be an official thing yet since its access is being restricted in some countries but looking at the growth of TikTok, we can predict that soon countries will lift the ban on TikTok. This would increase the profits of TikTok as now its operations would be spread in more countries.
TikTok is one of the fastest-growing platforms in the world. With over a billion users on the platform, it’s a great place to make an impact on your audience and reach your target niche. However, it’s not without its challenges. Like any other successful organization, TikTok also faces great threats.
TikTok, like other apps out there, has to face the prospect of battling against veteran social media players like Facebook and Instagram. In addition, the App also has a fair share of competitors within its industry, such as Facebook, Instagram, Snapchat, etc.
Due to such tough competition, there is a constant threat to TikTok that it would lose its market share and observe diminishing returns in the future.
Technological evolution is a double-edged sword. On the one hand, technology has given us the wonders of TikTok, which has created a new genre of entertainment and gained broad acceptance among the masses. But, on the other hand, technological advancements can damage TikTok.
Looking at technological growth, it can be anticipated that technological advancement in the future may push existing technology out of the market. Therefore, to stay relevant, TikTok has to innovate with time.
Change in government policies
TikTok has always been controversial, ever since it was launched. Although TikTok is still used by more than a billion users daily in 154 countries, it still faces a significant threat of getting banned. Governments worldwide have been looking at this App with suspicion and questioning whether or not it should be allowed to run on their turf. A change in government policy could ban TikTok, which means losing millions of users. This could be damaging to the App.
This article gave you a little insight into one of the most famous social media app TikTok. Moreover, with the help of a SWOT Matrix, we tried to analyze the strengths, weaknesses, opportunities, and threats that TikTok faces.
TikTok has many strengths which could take TikTok to the heights of fame. But unfortunately, it also possesses some weaknesses that can keep the App from achieving its true potential. To succeed, TikTok should work on its weaknesses and convert them into their strengths.
We further discussed some of the opportunities that are available to TikTok. TikTok should avail of these opportunities to capitalize on its market share and grow further. However, we also shed light on some of the threats that shouldn’t be ignored and addressed immediately. After reading this article, now you are aware of the internal and external factors that would play a significant role in the growth of TikTok in the future. Other than that, I am sure that this article has provided you with insight into TikTok. It has also made you aware of SWOT analysis and how to conduct a SWOT analysis.