The assumption can be dangerous. For example, as a co-founder of a fintech company, some might assume that I am quite tech-savvy. But really, I look to my visionary co-founder, Carolyn Rodz, for the tech stuff.
I have seen others make similar assumptions about “trivial” social media platforms like TikTok. Much more than a place for teens to share dance challenges, TikTok has become a very real magnet for small business owners looking to connect with customers. But what factors are driving this shift to new platforms and what kind of results are they seeing?
To get to the bottom of these questions, hello alice We sampled a portion of over 800,000 small business owners to see how entrepreneurs leverage digital marketing platforms for growth. Resulting Research Report Focused on major social media players including Facebook, Instagram, TikTok, YouTube and Snapchat as the primary digital marketing platforms for small businesses.
At a high level, we learned that most businesses that pursue digital marketing are younger (under the age of five) and more likely to sell products, particularly in the beauty and self-care industries. Unsurprisingly, most entrepreneurs are hedging their bets by using multiple platforms to reach their digital marketing goals.
But the most important discovery confirms what can only be called the “TikTok shift”. Despite its status as the youngest player, TikTok stands out as an emerging digital marketing leader. Our research found that this was the platform that small business owners were most excited to try. Of the small businesses already on TikTok, 78 percent said they plan to increase their investment in the platform. Clearly, something is prompting owners to shift their focus — and budget — from established players to new options.
According to our research, there are three primary trends surrounding small business digital marketing today.
Affordability is the number one factor for small business owners
When you are running a small business, every dollar counts. This is especially true because the pandemic, inflation and supply chain constraints aren’t going anywhere anytime soon. According to our research, the majority of businesses that leverage digital marketing platforms are also new or emerging businesses that are most vulnerable to cost pressures. In practice, this means that entrepreneurs favor platforms that offer the best ratio of value to results.
Market leaders such as Facebook and Instagram ranked first and second in terms of perceived value of their marketing dollars, with YouTube, TikTok and Snapchat behind. However, this is for paid efforts, and nearly half (45 percent) of owners said they are not involved in any paid marketing. When we measure the perceived value of each platform’s purely organic reach, TikTok comes in close third to Instagram and Facebook.
takeaway? Entrepreneurs are willing to invest their dollars in paid marketing that delivers proven results. However, despite giving comparatively less time to the platform, entrepreneurs are getting high chances of organic success through TikTok. Getting real results with little or no monetary investment makes TikTok a clear winner for any small business that is deciding where to focus its digital marketing efforts in the future.
Creativity Has Been a Major Differentiation in Small Business Marketing
Every business owner should be familiar with the concept of a key differentiator – the element that sets them apart from the competition. In a world of endless banner ads and Instagram posts, it’s no surprise that digital marketers are looking for easy-to-use features that enable dynamic storytelling in a variety of formats.
Our research found that almost two-thirds of small business owners believe that TikTok helps them tell stories in a creative way (67 percent), Instagram (65 percent), YouTube (58 percent), Facebook (55 per cent), beating established competitors including and Snapchat (51 percent). Whether it’s a new video filter or a viral audio clip, TikTok’s robust creator tools go beyond the usual arsenal of text and images to help entrepreneurs forge new connections between consumers and their brands.
Even better, TikTok’s creative boost comes with no learning curve, with 81 percent of TikTok users telling us the platform is easy to use and 73 percent saying it’s fun to use. These feelings cannot be underestimated; When you’re a busy entrepreneur, the fun and easy-to-use are the ones to win every time!
Marketers are following their audience on new platforms
It is only natural that Facebook and Instagram have historically received the most attention from small business digital marketers, given that they are the most popular social media platforms. After all, marketing is a game of the eyes. However, this is changing as Facebook usage is declining and TikTok usage is increasing dramatically. Entrepreneurs are adopting platform strategies to follow their customers on the platforms where they spend time.
According to the data, it has come to the fore that there is a lot of potential in Tiktok for small businessmen. Our survey showed that 43 percent of small business owners are now more likely to join TikTok because they’ve heard about positive results from fellow entrepreneurs; Only 23 percent told us the same about Facebook.
Some might assume that TikTok Shift entrepreneurs are just chasing a shiny new trend, but research has suggested otherwise: Forty-nine percent of small business owners said that TikTok helped increase revenue, 42 percent said that. TikTok helped them to secure their business against influence. coronavirus pandemic, and 32 percent said TikTok helped them raise capital.
With results like this there’s only one thing to say: Where do I sign up?