X, formerly known as Twitter, is offering select businesses a one-time ad credit of $250 (£198) in a bid to lure back smaller advertisers to the flagging social media platform.
Musk’s latest move will see a $250 (£198) ad credit given to SMBs that spend $1,000 (£795) or more on new advertising campaigns over the coming 30 days.
The credits will expire on 31 December of the year they are handed out, and may be subject to a minimum spend.
The initiative was inspired by the fact that eight in ten active X/Twitter customers are supposedly SMBs.
Subscribe to Marketing Beat for free
Sign up here to get the latest marketing news sent straight to your inbox each morning
The news follows Elon Musk’s announcement last month that the site had lost around 50% of its total ad revenue since his takeover in October last year.
X/Twitter isn’t the only social media platform desperately trying to woo advertisers of late, with main rival Meta now offering a whopping $200,000 (£158,800) in ad credits to help amplify shopping campaigns and set up a comprehensive measurement plan.
Through Meta’s ‘Moment Maker’ initiative, advertisers will be able to maximise their reach and frequency by consolidating all of Meta’s video solutions into one package.
However, the move will be seen as a polar opposite to X/Twitter’s targeting of SMB’s, with ‘Moment Maker’ clearly aimed at significant players in online advertising – effectively illustrating the reality of each platform’s predicament.
