TikTok Adds Small Business Solutions

TikTok recently announced new small business solutions, available globally, which enable small and mid-size businesses to grow their brand using the social media video service. These include a self-serve advertising offering and an ad credit program.

While TikTok is based in China, and has garnered its share of controversy and political attention in recent months, there’s no denying that it has made a major impression in the social media space here in the U.S. According to Oberlo, which recently compiled noteworthy stats about TikTok, the U.S. is the third largest market in terms of the app’s popularity. It’s particularly popular among younger social media users. Any business who counts this demographic among its market is bound to be interested in using TikTok to reach it.

Image via TikTok for Business

Blake Chandlee, Vice President, Global Business Solutions at TikTok, had this to say: “TikTok’s immersive, short-form videos give businesses a platform to participate and engage with a community known for its creativity, ingenuity, and joy. As our marketing solutions scale and evolve, we’re continuously building for the future and aiming to meet the growing needs of our partners. We’re excited to continue supporting our community by providing the tools and resources for SMB owners to navigate these challenging times."

TikTok says that the new self-serve ad solutions give marketers tools to tap into the creativity of the community, reach new audiences, and optimize marketing campaigns with an "easy-to-use" platform. To go with the self-serve ads, TikTok has introduced new business accounts to provide tools customized for business use, performance analysis, and audience engagement. Also included are a suite of creative tools, flexible budgets so spending can be adjusted at any time, and performance targeting to enable businesses to get discovered by new audiences.

Image via TikTok for Business

The "Back-to-Business" ad credit program includes $100 million in ad credits for small businesses around the world to use as they rebuild after the economic fallout from the coronavirus. Those who are eligible are able to claim a one-time ad credit worth $300, which can be used by the end of the year. The company says additional spending will be matched one to one with ad credit up to $2,000 per business. Businesses must apply for the program via the TikTok Back-to-Business program page.

Since TikTok announced its new small business efforts, President Trump signed an Executive Order to block U.S. transactions with TikTok’s parent company, ByteDance,  However, the company has announced that it plans to challenge this ban.  Meanwhile, U.S.-based tech giants Microsoft and Oracle are among those who have reportedly been in talks about potentially acquiring TikTok, which talks are ongoing.

Businesses may want to keep an eye on further developments with TikTok before dedicating any significant resources to the platform.