As 2023 comes to a close, TikTok takes a moment to look back at the platform’s vital role in promoting brand success and creating new trends throughout the year. The platform has evolved into a dynamic tool where brands have narrated their stories and experienced tangible growth and deeper audience engagement. This year is a testament to TikTok’s unique ability to blend creativity, community, and culture that drive memorable experiences and substantial outcomes for brands in Thailand and beyond.
A Year of Creative Campaigns and Cultural Impact
Over the past year, TikTok has been at the forefront of creating impactful trends, with campaigns that resonate and engage between brands and their target consumers. By harnessing the power of TikTok’s unique formats, brands have successfully brought their storytelling to life through trends, challenges, and immersive experiences.
2023 At A Glance
- TikTok Works: TikTok Works is a new series exploring how TikTok drives real results for brands and goes beyond just measuring results and media efficiency. It showcased the platform’s ability to create tangible business outcomes. Based on extensive research from various sources including Kantar, Nielsen, Adjust, and others, it demonstrates that TikTok excels not only in product discovery and brand building but also in delivering real returns. TikTok Works has proven that every dollar spent on TikTok leads to increased revenue, with a Total Return on Advertising Spend (ROAS) of approximately $2.60 (~91 THB) and 1.6X higher ROAS compared to other platforms. In collaboration with WARC, TikTok produced the report “When Entertainment Meets Effectiveness,” emphasizing the impactful and measurable success of TikTok Works in effectively blending entertainment with advertising. The report is available for download today here.
- The Next Creative Renaissance: Acknowledging the critical role of creativity in campaign success, with creative excellence accounting for 50% of a campaign’s impact, TikTok introduced the ‘Storytelling in the Next Creative Renaissance’ whitepaper. This provides an easy-to-follow 3R framework – Recut, Remix, Reimagine – offering guidance to help businesses amplify their creative content. Integrating these steps has led to storytelling magic and transformative campaign results on TikTok. Examples of success cases include how Netflix Thailand effectively utilized TikTok’s 3R framework for their ‘Delete Series,’ starting with a ‘Recut’ teaser to spark interest. They then ‘Remixed’ content to match TikTok’s style and engage users with a ‘Delete or Keep’ game featuring the series actors. Finally, ‘Reimagining’ the campaign with TikTok’s technology, they launched a Branded Effect that led to over 3,000 user-generated videos, showcasing the platform’s power to amplify creative storytelling.
- TikTok’s Thriving Ecosystem: The diverse community has witnessed exponential growth, driving live, beauty, and entertainment content to new heights, reaching billions of views. The engagement rates have skyrocketed, with 97% of TikTok users taking action during sale season after watching ads on TikTok and an astonishing 77% of consumers’ purchase decisions were influenced by entertaining content
- The Rise of Shoppertainment: TikTok has revolutionized the shopping experience by seamlessly integrating entertainment, creating a vibrant, interactive space where users not only watch but participate and purchase. The hashtag #TikTokMadeMeBuyit has amassed 83.2 billion views globally, while its Thai counterpart #TikTokป้ายยา has recorded 6.7 billion views, demonstrating the significant impact of TikTok’s content in shaping purchase behaviors. Over 70% of consumers trust the content they watch on TikTok to make a purchase decision.
- Brand Safety Commitment: TikTok has consistently dedicated itself to brand safety, leading to the establishment of the TikTok Brand Safety Center to deliver advanced brand safety and suitability solutions that are built specifically for TikTok. This initiative reflects the platform’s efforts to create a positive, safe, and suitable environment for businesses that utilize modern solutions and collaborate with leading technology partners and various organizations in the industry. A robust suite of solutions is designed to provide brands with more control over the advertising experience on the platform with even more confidence that your ads will show up in a trusted environment that’s aligned with unique brand values.
- Content Explosion: Diving deep into niche content, TikTok has seen a surge in travel, beauty, and entertainment content, amassing billions of views and establishing the platform as a content juggernaut in Thailand.
- Captivating Campaigns: Collaborations with top-tier partners have a supercharged brand presence, with the ‘ForYou’ summit highlighting the limitless possibilities of brand storytelling on TikTok.
TikTok Unboxed: Unbox Trends and Insights, Enhancing Opportunities Across Industries
In 2023, TikTok not only revolutionized the shopping and entertainment landscapes but also significantly influenced the automotive and financial sectors. ‘Automotive Unboxed’ showcased TikTok’s transformative role in the automotive industry, with its platform driving unprecedented engagement and influencing consumer decisions in vehicle purchases. Alongside a 48% year-over-year growth in video views related to automotive content in Thailand that underscores the category’s rapid expansion. The insights also revealed that over 40% of TikTok users, including those over 35, are actively engaged with automotive content, many of whom are potential new vehicle buyers influenced by TikTok content.
TikTok’s influence extends across the consumer journey, with 81% of users discovering new brands or products, 77% showing increased interest after seeing automotive content, and close to 30% visiting automotive dealers or workshops post-engagement. These insights highlight TikTok’s significant impact on potential new vehicle buyers and their decision-making process.
Similarly, the ‘Finance Unboxed’ demonstrated TikTok’s burgeoning influence in the financial services sector. The platform emerged as a key source for financial advice and information, with content views in the finance category growing by 132% year-over-year. Additional insights revealed that 96% of TikTok users took action after seeing financial ads or content. TikTok users are actively seeking advice on managing expenses, increasing income, comparing financial products, and navigating inflation’s impact. A significant shift was observed in user behavior, with a 112% increase in search volume for financial topics from September 2022 to September 2023, reflecting a strong interest in financial literacy and decision-making.
Financial brands achieved outstanding results by adopting full-funnel marketing approaches and creative strategies, resonating deeply with TikTok’s diverse user base in Thailand. These insights reinforce TikTok for Business Thailand’s pivotal role in shaping consumer behavior across diverse sectors, contributing to a vibrant, informed, and engaged community.
“We are thrilled by the incredible achievements of the past year and are fully charged to propel this momentum into 2024,” stated Sirinit Virayasiri, Head of Business Marketing – Thailand TikTok. “We extend our heartfelt thanks to our community, partners, and everyone who has been part of this journey. Let’s make 2024 even greater!”
TikTok is committed to driving business success by providing a platform where brands can significantly create impact and consumer reach. As we step into 2024, TikTok continues to be ready to enhance its business potential with innovative tools and insightful data that are essential for achieving new milestones in digital marketing and commercial success. Let’s #DriveImpactwithTikTokin2024!
