An American Express and TikTok collaboration is on a mission to help small businesses reach new audiences. The two have joined forces to launch the #ShopSmall Accelerator program, which includes a TikTok advertising credit offer. Here’s what you need to know about the new collab.
Helping Small Businesses Reach New Audiences
Not your typical alliance, but the TikTok social network and American Express, the payment network, have come together to support small businesses. The #SmallBusiness Accelerator program aims to help small businesses reach a younger, new audience through TikTok marketing. The program strives to help connect said new audience reach on Small Business Saturday, November 26, 2022. Press Release.
TikTok is a social network where users can create and upload short videos for the viewing pleasure of other users on the platform. The #ShopSmall Accelerator program works by aiding small businesses with access to tools, advice, and resources that can help guide them to a better and more successful marketing approach on TikTok.
The program also includes a $100 TikTok advertising credit offer for small businesses that qualify. It’s important to note that the deadline to enroll for the TikTok credit is by December 24, 2022. TikTok advertisers must purchase $50+ in TikTok ads within 28 days of receiving the offer details via email. Terms apply. Learn more here.
Make Your Small Business Stand Out
The #ShopSmall Accelerator program started last week on November 14, 2022, and opened access to tools and resources to help small businesses become better TikTok marketers. Through the program, small businesses will find tutorials made by TikTok creators, which include tips on how to make a small business stand out on TikTok.
TikTok’s role in the program is in addition to the support American Express gives small businesses year-round. The #ShopSmall Accelerator program is part of Amex’s goal to drive $100 billion in reported consumer spending at small businesses from 2021 to 2025. All of this is based on the spend reported by consumers in surveys commissioned by American Express and not actual receipts or sales.
According to the Small Business Economic Impact Study from American Express, Gen Z and Millennial shoppers with small budgets can make a significant impact on the local economy. For example, if Gen Z and Millennials spend $10 at a small business on Small Business Saturday, it would support $2 billion in local economic activity in the U.S.
- $0.68 of every dollar spent at a small business in the US stays in the local community
- Every dollar spent at small businesses creates an additional $0.48 in local business activity because of employees and local businesses purchasing local goods and services
- 63% of small business owners said they want to grow their Gen Z and Millennial customer base this holiday season
- 50% of small business owners agreed that Small Business Saturday is more critical than ever for their business this holiday shopping season
“Shopping Small Has a Significant Impact on Helping Local Communities”
“The #ShopSmall Accelerator will help give small merchants the tools they need to reach the next generation of consumers on TikTok, where our Shop Small Impact Study found that 67% of Gen Z users have shopped from a small business that was displayed on their For You Page,” said Elizabeth Rutledge, Chief Marketing Officer, American Express. “Shopping small has a significant impact on helping local communities, with two-thirds of every dollar spent at small businesses staying within the local community. Last year, consumers reported spending more than $23B shopping small on Small Business Saturday, and we want to exceed that in 2022.”
“More and more American small businesses are turning to TikTok to take us inside their world in a fun authentic way, and as a result, they are reaching new customers, hiring more employees, and growing their business. The real-world impact is undeniable, with 44% of TikTok users saying that they discovered something on the platform and immediately went out to buy it, according to our Global Retail Path To Purchase Study,” said Sofia Hernandez, Global Head of Business Marketing for TikTok. “This holiday season, the TikTok community is ready to #ShopSmall and support small businesses.”
Learn more about Shop Small here.
Featured Image by American Express Company
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