A new study claims that 75% UK consumers discover small businesses first on TikTok. As findings go, it’s likely to be the source of considerable debate, but the underlining message – the key role of social media marketing – is undeniable. So, how can firms afford to invest?

“But TikTok isn’t for businesses” is the likely reply from many small businesses and understandably so, but given the platform’s ultra-fast growth and the sheer scale of its popularity, its push into the business space shouldn’t be surprising, with it mirroring the growth of similar communities, such as Facebook and Instagram. Notably, TikTok has recently launched its “Follow Me” tool, which provides advice to entrepreneurs and businesses.

Businesses may argue about the relevance of TikTok to their operations and audience, and they are entirely valid in doing so, but at the same time, the study reinforces the wider importance of social media marketing, whether it’s TikTok, Facebook, Instagram or Twitter.

Social media marketing is already a key communication strategy and it will only become more important going forward as people become more and more reliant on these platforms for news, entertainment, information, etc. If businesses aren’t communicating through these platforms, they are missing out on a lot of engagement.

Interestingly, the TikTok-related research shows that almost 75% of SME marketers believe that the platform has helped them reach new customers, while over a third claim that they have increased sales as a direct result of advertising on TikTok. Definitely data to chew on.

Funding marketing and how alternative finance can help

The information on the growing importance of TikTok to businesses highlights both how vital digital marketing is and how the parameters of this type of marketing rarely stay fixed for long. Of course, getting social media marketing right requires planning and investment, and at the moment, finding the resources for this is major challenge. This is where alternative finance can help.

In the wake of prolonged caution from traditional lenders, which is an issue that has returned during the pandemic and amid challenging market conditions in 2022, services such as invoice finance, asset finance and peer-to-peer lending are proving a vital source of capital for small businesses.

These facilities, which offer a more easily accessible and personalised approach to lending, are helping small businesses survive and target recovery, stability and growth. Notably, alternative lending has played a prominent role in the government’s headline emergency support schemes, including the Recovery Loan Scheme. This profile has helped cement the reputation of alternative finance in the business sector.

Social media marketing and small firm finance options

At challenging times such as these, investing in marketing can be difficult, but given the continuous growth in its influence, small firms cannot afford to fall behind in terms of social media marketing. This is why it is vital that businesses are aware of all the available finance options, including the services of alternative lenders.

To find out more about A&T Business Associates services, contact Steve Bowles on 01903 602211 or steve.bowles@atbusinessassociates.co.uk.