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In the rapidly evolving landscape of search engines, TikTok is emerging as a formidable contender, surpassing Google in popularity among users. This shift in user behavior has important implications for asset managers seeking innovative ways to engage with investors and provide educational content.
Google's Decline in Popularity
There has been a growing concern that Google's search results are increasingly tailored to meet the interests of the company rather than providing users with the most accurate and relevant information. The shift in Google's revenue from search advertising further fuels this skepticism, with eMarketer predicting a decline from 67% in 2016 to 54% in the current year. The proliferation of advertising options offered by Google has led to a noticeable relegation of genuinely useful search results in favor of prominently displayed ads, a trend that experts attribute to the company's pursuit of greater advertising revenue. This alteration in prioritization raises questions about the integrity of the search engine's primary function—delivering accurate and unbiased information to users. Additionally, Google has encountered challenges in combating SEO spam, a disruptive force that inundates search results with content designed to manipulate the algorithm and rank high, often leading to an influx of AI-generated or low-quality information. This dual onslaught of advertising prioritization and SEO spamming has left users questioning the reliability of Google's search results and whether they truly represent the most pertinent information or are merely a reflection of the company's commercial interests.
TikTok Surpasses Google
The key player in this shift is TikTok. The platform has quickly risen to prominence, surpassing Google in popularity especially among Gen Z. With its user-friendly approach and quick access to information, TikTok has become a go-to platform, particularly for how-to and money advice searches. Its user base skyrocketed to 1.7 billion in 2022, prompting businesses to focus more on TikTok. This shift challenges marketers to rethink strategies, emphasizing the importance of attention and discoverability as valuable digital commodities. The evolving landscape urges a comprehensive search everywhere approach, acknowledging that the search journey extends beyond Google.
Why TikTok is Winning
- Personalization and Authenticity: TikTok thrives on personalization and authenticity. The app is designed to understand what you want to see, making it less work for the user to find the right content.
- Humanization and Interactivity: Unlike the faceless websites that dominate Google, TikTok provides a humanized and interactive experience. The platform's powerful algorithm personalizes videos based on user interactions, making the search process more engaging.
- Relevance and Less Bias: TikTok users often find the platform's content more relevant and less biased than Google's. This is because TikTok's algorithm is designed to provide a wider range of opinions, rather than prioritizing optimized ads and websites.
- Convenience and Easy Information Access: TikTok is also more convenient than Google. With its short videos and easy-to-navigate interface, finding information on TikTok is a breeze.
Understanding the Shift in User Behavior
Understanding this shift in user behavior is key for asset managers looking to leverage TikTok. The platform's unique features and functionalities make it an ideal place to engage with potential investors and provide educational content.
- Tailoring Your Content for TikTok: Creating content for TikTok requires a different approach than traditional search engines. The focus should be on creating lo-fi interactive, engaging, and authentic content that resonates with the TikTok audience.
- Building Trust and Credibility on the Platform: Building trust and credibility on the platform is essential. This can be achieved by consistently providing reliable and relevant content to your audience.
- Engaging with Your Audience and Establishing Connections: Engaging with your audience and establishing connections is another crucial aspect of leveraging TikTok. This can be done by actively participating in discussions, responding to comments, and creating content that encourages interaction.
Using TikTok for Investor Education
TikTok's potential for education and investor engagement is immense. With its personalized content delivery and interactive features, asset managers can connect with their audience on a deeper level, educate them about the financial world, and ultimately, drive more investment.
The platform's format allows for the delivery of complex information in an easy-to-understand and engaging manner.
- Showcasing Expertise and Thought Leadership: TikTok is also a great platform for showcasing your expertise and establishing yourself as a thought leader in your industry.
- Building Brand Awareness and Attracting Investors: TikTok can also be used to build brand awareness and attract new investors. With its wide reach and personalized content delivery, the platform is perfectly suited for this purpose.
- Leveraging TikTok's Algorithm for Enhanced Reach: Finally, asset managers can leverage TikTok's powerful algorithm to enhance their reach. By understanding how the algorithm works and tailoring their content accordingly, asset managers can ensure that their content is seen by the right audience.
Embracing the TikTok Opportunity
The rise of TikTok as a search engine presents a unique opportunity for asset managers. By embracing the platform and its unique features, asset managers can engage with their audience in a more meaningful and effective way.
Related: 5 Key Social Media Trends Shaping Asset Management in 2024