According to new research carried out by fintech firm Spendesk, small and medium-sized businesses (SMBs) have increased their TikTok spend by almost 5000% since the start of the pandemic.
The survey charts the social media ad spend of over 4,000 SMBs across the UK, France and Germany, finding that it has almost tripled across the major platforms since the pandemic began in March 2020.
Spendesk’s research also revealed that only 30% of SMBs spend any money on their social channels, with the UK’s average spend plummeting over 2021-22 unlike France and Germany’s.
Although LinkedIn’s ad platform was found to be the most popular among SMBs, Meta came out on top with the most spending by a wide margin.
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“There has clearly been an exponential increase in corporate spending on social media since 2020,” Spendesk vice-president of marketing, Stephanie Bowker said.
“At the beginning of the pandemic, companies were cutting back on all marketing budgets but now the magnitude of crisis has necessitated a revival and even increased engagement with customers.”
“Social media being easier to track, fast to execute and a lower cost than traditional media buying is naturally the first marketing budget to bounce back to a normal advertising spend. “I do however look forward to new innovations in social media advertising as the existing channels are becoming crowded and less effective.”
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