1. Draw your own model diagram according to the evaluation criteria of TikTok’s five-force model
Product power, brand power, traffic power, operation power, content power
After reading the first five sections, please refer to this five-force model diagram, mark your own scores in the corresponding positions, and connect them to form a new pentagon. The area of this new pentagon is your current comprehensive strength in TikTok. This diagram can give you a clear understanding of your own strengths. I believe that after reading the first five sections, you can also clearly know your strengths and weaknesses, as well as the corresponding improvement methods. This five-force model diagram has another use: to help us set the next goal. You can set the subdivision goals of the five-force model for your TikTok project in units of years. For example:
The innermost circle below is your current situation. You hope to increase the overall strength of this project to the middle line in the next year (the growth rate needs to be determined by the strength of your team). Then the shaded part in between is the direction you need to work hard in the next year. Split it into each specific force and assign it to the corresponding person in charge, and then split the tasks more finely according to the content of the first five sections. In this way, you can make a very suitable and specific growth plan for yourself.
Second, TikTok Five Forces Model Case Analysis
Below, I will use a real TikTok account as an example to take you through a complete five-force model analysis. This is an account that makes fiber lamps, with many fans and popular videos. Let’s take a look at how many points this account can get (because the team doing cross-border projects is very concerned about revealing their account names and independent website URLs, so I did mosaic processing).
The first is product strength. The products displayed by this account are very simple, that is, fiber lamps, fiber lamps of different colors and sizes. This product is very good. It meets the following characteristics I mentioned in the product strength: (1) strong display, good video effect, and can quickly catch the user’s attention; (2) large product price difference, sufficient profit margin; (3) small size, low shipping cost; (4) product has use value and emotional value.
Click on the independent website of this TikTok homepage and you will see that the price of this product is $79.99, and the “discount price” after a 50% discount is $35.99. Let’s take a look at the basic price of this category on Alibaba in China.
If you want to find a better quality source, the cost should be higher than this, but we can roughly anchor a cost range through this price.
Combined with the above situation, according to my scoring rules for product strength, this product can get 3.5 points, which is a very good score.
The second is content strength. The content of this account is very simple. Each video shows the effect of fiber lights in the dark, and the duration is about 10 seconds. A heart shape will appear on the top of the fiber, which is very amazing. Even if only this feature is shown repeatedly, it has gained a lot of playback and fans.
This is to make the “product content library” in the content library bigger, stronger, and richer, and to operate it continuously. By changing different scenes and colors to show products, such content can impress users. When product power and content power are combined, even if only one content library is done well, the effect is very good.
Their content power is good, but I didn’t see them distributing it on the photo wall and other social media at the same time, and the content library is relatively simple, so I give this account 3 points in the content power section, which is a relatively high score.
The third is the ability to gain traffic. From the above two pictures, it can be seen that this account has a strong ability to gain traffic with short videos, and has won a lot of exposure for itself with content, which is very impressive. However, without the awareness of settling private domains, there will be some waste of huge public domain traffic. So I give this account 3 points for traffic acquisition, and the traffic result is indeed good.
The fourth is operational power. This account has established a transaction model and hung the independent website on the link of the homepage. However, due to the lack of many operational transaction actions, the conversion rate is relatively low in the face of huge traffic. There is no action to guide attention or homepage links in the short video, nor is there any activity used as a “hook” to let users continue to follow the transaction link they designed. So I give this account 2 points for operational power.
The fifth is brand power. The nickname and avatar of this account are the category names of the products, not their own brand names and logos. The entire account does not reflect any brand elements. Even if users like and follow, or even complete the purchase behavior, they will not have an impression of the name of the merchant. If the received product is satisfactory, the user will only think that the fiber lamp category is good, and will not have an impression of which account or brand it is. When he wants to buy this product again to give to his friend, he will only go to Amazon or TikTok to search for this category word again, not the brand word. So I give this account a score of 1 for brand power.
Now let’s take a look at the five-force model score of this account.
Even for an account with a lot of traffic like this, there is still a lot of room for improvement. I spent a lot of time in Chapter 2 talking about TikTok’s five-force model, hoping that you can have a systematic judgment at the beginning: how to formulate your own strategy in the TikTok project, and what role each section plays. Don’t wait until the traffic is up before worrying about monetization.
I believe you have now fully mastered the evaluation method of the five-force model. Please test your TikTok account now and draw a five-force model diagram. If you haven’t set up your own TikTok account yet, choose an account you want to analyze and do a five-force model analysis for it.