Since its birth TikTok has been providing brands with the power to connect with their consumers in new, exciting, and unfiltered ways by providing them with access into the underbelly of the brands they love. This has created new opportunities for brands to separate themselves from their competitors by lifting the veil and giving their audiences the content, they desire.

Here’s Sprout Social on how B2B brands can quickly and easily achieve TikTok success by looking at the tools and content they already have at their disposal to create viral worthy TikTok content, with direct impact on a brands bottom-line…

The post Should B2B Brands Bother with TikTok? A Guide for Marketers Growing Their Social Presence appeared first on PerformanceIN.

Key findings:

• Businesses across the UK, France, and Germany have almost tripled their social media spend since the pandemic began

• Meta platforms Facebook and Instagram saw the highest average spending, while TikTok has rapidly gained ground

• 2022’s social media ad spend has plummeted in the UK, while France and Germany have maintained their growth

LinkedIn’s advertising platform is used by the highest number of businesses, but Meta (across both Facebook and Instagram) sees the most spending by a wide margin.

Unlike France and Germany, average social media spending in the UK plummeted from 2021 to 2022, and average spending now stands at under a third of Germany’s, perhaps due to variance in each country’s post-pandemic recovery.

Newcomer TikTok sees a rapid rise in social spend at just under 5000%

The study captured the moment businesses began advertising on TikTok in January 2020, but it wasn’t until 2021 that the platform saw notable use, and spending has continued to rise ever since. Although only 3% of companies are exploring the opportunities of this nascent platform, those that do spend high, at around £9,500/€11,000 per month; a spectacular increase of just under 5,000% since 2020.

TikTok’s average monthly spend per customer is second only to Meta in the social platforms surveyed and roughly equal to average ad spending on Google. This is impressive, given the age of the platform. It indicates that companies that are investing in TikTok – no doubt in pursuit of the lucrative Gen-Z audience – and are seeing strong performance. As of May 2022, almost twice as many customers paid for ads on TikTok than Twitter, Pinterest, and Snapchat.

Social media spending surged after the first wave

Average SMB advertising spend on social media almost tripled (+271%) from 2020 to 2022. There was a sharp dip in average spend when the first pandemic wave hit Europe in early 2020, but by the end of the year it had bounced back and has been increasing exponentially ever since – with the biggest leap occurring in November 2021 as SMBs ramped up their seasonal advertising.

The UK is the exception to this trend. Although SMBs in the country were tracking alongside those in France and Germany from 2020 into 2021 – when the UK increased spend by 165% – since then the spending has dropped, with May 2022’s figures standing at 28% less than May 2021. Despite the recent fall, overall social media spend grew significantly in the period surveyed, increasing by 158% from 2019 to 2022.

Meta takes the largest slice of the social spend pie

While the number who used Meta’s social advertising platforms on Facebook and Instagram was below LinkedIn’s average monthly customers, Meta dwarfed LinkedIn in average monthly spend, at £13,500/€15,700 per month compared to LinkedIn’s £1,700/€2,000.

Monthly average spending on Meta platforms tripled during the period covered, with the biggest year on year growth occurring between 2020 and 2021, when spending jumped by 219%. Seasonal peaks and troughs were observed in winter and summer, respectively. SMBs in Germany spent the most on Meta in 2021 at an average of £27,000/€31,800 per year, triple the average in France (£8,500/€10,200) and quadruple the UK’s (£6,500/€7,800).

Stephanie Bowker, VP of Marketing at Spendesk said: “There has clearly been an exponential increase in corporate spending on social media since 2020.

“At the beginning of the pandemic, companies were cutting back on all marketing budgets but now the magnitude of the 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.”

The post New Survey Reveals Social Media Ad Spend Has Plummeted in the UK in 2022 – But Why? appeared first on PerformanceIN.