One of the most vital components of online marketing – or any marketing - is that you are targeting the types of people that you hope will ultimately become your customers. Over the past decade, influencer marketing initiatives on platforms like Instagram and TikTok have become a key part of company marketing mixes for businesses eager to reach younger demographics. For TikTok marketers, these campaigns revolve around influencers creating and sharing videos that will in some way promote a specific business to their followers in exchange for payment or discounted services. This has proven to be especially effective in the past few years, but in highly regulated industries, the greater the reward, the greater the risk. Visit www.tiktok.com to create an account.
To avoid risks and reap benefits on TikTok, there are a few things to keep in mind.
TikTok is a popular social media app that allows users to create, watch, and share short videos shot primarily on users’ smartphones. When the app was first launched, TikTok videos were capped at one minute, but now can be up to 3 minutes long. With its personalized feeds of quirky, easily digestible content set to trending music and sound effects, the app is notable for its addictive quality and high levels of engagement. Amateur and professional creators alike can add effects like filters, background music, and stickers to their videos, and can easily collaborate with other creators from all over the world.
On TikTok, users can select to have a Personal Account or a Business Account, though most users use Personal Accounts. This type of account is a good choice for general TikTok users, content creators, and most public figures. These account types are a good choice for those who want to watch and interact with other people’s content or create their own content for others to enjoy. Business Accounts are public profiles that allow brands and businesses to use marketing tools to build a cohesive marketing strategy on TikTok. They're a good choice for anyone whose primary goal on TikTok is to promote their business (either products or services).
For loan officers interested in promoting their services on TikTok, a Business Account is the ideal choice for multiple reasons. With a Business Account, users have access to advanced business tools that Personal Accounts do not, like:
Tools like this help businesses create a comprehensive marketing strategy. For those not willing to give up the personal TikTok they have already invested time in, have no fear – the TikTok Business Account is simply a setting toggle option. See TikTok’s Business Account Center for more information on how to make the best use of a Business Account.
Switching to a Business Account on TikTok is a fairly easy process. To switch your account type, follow the below steps when on your mobile device:
There are generally two categories for social media platforms:
It can be difficult to comply with all federal and state-by-state licensing disclosure guidelines on Limited-bio social media given the character count restrictions. As a best practice, key information should be included on Limited-bio social media accounts in the About/Bio sections, and other relevant disclosures should be included on individual advertisements themselves and one click away with a website link. The following fields are available for use for TikTok Business Accounts:
TikTok currently offers a Business Registration option to incorporate a clickable website link on the profile. The Business Registration process will require various pieces of information & documentation be submitted, including but not limited to legal business name, country, address, business license ID, website, DUNS code, etc. Subsequent review of the application and approval by TikTok will grant access to additional business information fields, such as a business phone number or website.
TikTok has become a go-to source for creating or watching short-form videos, but just because this concept is simple does not mean the app is simple to use. Each piece of content posted allows for up to 4,000 (previously 2,200) characters of text to be included. With this much room, it’s easy to add any relevant disclosures and licensing information based on the content within the video advertisement.
Some users have considered including key disclosures in a script for video content. Scripting disclosures on social media can be problematic for a few reasons, including:
The good part? TikTok offers additional features that other social media platforms do not. TikTok is known in part for its ability to add text overlays to captured video content – this can be a simple way to include information like calls-to-action for a company website licensing page. TikTok is also one of the most ADA-compliant social media platforms out there with the ability to generate closed captions on a creator’s video content in real-time. Closed captions can be generated for multiple languages, including English, Spanish, and French, for those licensees or institutions who have dedicated resources towards LEP initiatives.
TikTok is certainly one of the fastest-rising platforms of use within the mortgage industry, with many loan officer influencers having 6-digit followings. Videos with the #mortgageadvice hashtag on TikTok have been viewed over 47 million times, as cutting-edge mortgage professionals have begun reaching out with largely unsolicited advice to this vast and untapped generation of future customers. But while TikTok does have vast potential for a loan officer or other mortgage professional to build a reputation as a go-to educational source, it can also be a minefield of regulatory pitfalls. While short pieces of video content are easy for consumers to digest, it’s difficult to ensure that they include all the necessary information and disclosures for consumers to have a full picture of the offerings. In addition, TikTok video recordings are improvised with no script for compliance and marketing teams to review ahead of time. Additionally, with limitations on the profile bio section, it can be difficult to achieve state-by-state disclosure requirements for licensees who carry multiple state licenses.
Our advice? Proceed with caution and partner with compliance and marketing teams to feel confident that TikTok will not pose an issue on the company’s next regulatory examination. See our article TikTok - The Newest Platform With Compliance Concerns for more insight.
With Instagram's most recent updates, account owners can now convert their pages...
Social media has emerged as one of the most powerful tools in digital marketers’ toolbox. However,...