Following the Black Friday and Thanksgiving madness, this coming Saturday marks Small Business Saturday, an initiative created by American Express in 2010 to encourage shopping at small and local businesses. What makes this year’s Small Business Saturday different is an exciting partnership, one between American Express and the social media favorite TikTok!
TikTok and American Express Shop Small
The partnership has resulted in the launch of the #ShopSmallAccelarator business program which aims to help small businesses grow their revenues.
With the help of expert guidance, TikTok Ads Manager and creating unique content for the social platform, the special program will help small businesses make the most of the social media platform in one of the busiest retail periods of the year. Additionally, up to $250,000 in advertising credits will be supplied to eligible companies. Quite a deal!
Social media has proven to be a powerful digital marketing tool for potential revenue, and TikTok has become a marketing favorite among brands and agencies alike. This approach has also shown itself to be key in targeting the next generation of shoppers, or the Gen Z demographic.
The Retail Potential of TikTok
About 58% of TikTok users say that they discover new brands and products on the platform. This is something that can not only be utilized to support local businesses but also to support the local economy in a difficult economic period.
According to the 2022 Small Business Economic Impact Study conducted by American Express, $0.68 of every dollar spent at a small business in the US stays in the local community.
It comes as no surprise that American Express recognized how potentially helpful (and lucrative) this partnership with TikTok could be, especially seeing as one of their business goals is to drive $100 billion in consumer spending at small businesses until 2025.
Teaming up with singer Chlöe Bailey, a #ShopSmall soundtrack has been produced for this partnership and is available for TikTok users to add to their content for free — another creative way to attract customers.
Get ready to #ShopSmall this Saturday. After all, you never know what local business gems you may have been missing.