Software discovery platform GetApp’s research into UK small-to-midsize enterprises’ (SMEs) social media plans for 2023 discovered there will be increased investment in influencer marketing in spite of the economic downturn.
An SME is any organisation that has fewer than 250 employees and a turnover of less than €50 million (£44 million) or a balance sheet total less than €43 million (£38 million).
Of the 252 SME respondents to GetApp’s survey, 50% planned to up their social media spending this year and 48% planned to keep it at the same level, while only 2% will reduce their spending. Out of those increasing their social media spending, 37% planned to increase their budget to invest in influencer marketing specifically.
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GetApp UK content analyst David Jani said: “Influencers haven’t always been seen as a typical marketing strategy for smaller businesses. However, the SMEs we spoke to who used them for marketing campaigns provided a very positive response overall.” Of the companies that used influencer campaigns, 81% were satisfied with their return on investment (ROI), proving the power of partnering with creators.
Additionally, 94% of SME managers believed social media has a positive impact on business success. “Overall, influencer marketing’s value was emphasised by SMEs, as they perceived it as an important aspect of their commercial strategy. They also committed to it going forward by dedicating funds and resources to its management,” Mr Jani said.
The SMEs that are upping their social media spending in 2023 are also looking to embrace new platforms: 27% want to start using TikTok, 24% are planning to post on Snapchat and 21% will be sharing content on YouTube. In other words, platforms particularly popular with Gen Z. This generation is highly entrepreneurial, with 10% planning to set up their own small business in the next six months, and are therefore more likely to support other small businesses.
GetApp’s research also showed only 27% of UK SMEs are currently partnering with creators. This is a lost opportunity for the companies not investing in influencer marketing. #SmallBusiness has more than 93 billion views on TikTok, where users are sharing their new purchases, entrepreneurial ventures, product development and financial wins.
Take the home-made candle company Dream Candle D for instance, which has gathered more than 300,000 followers through documenting every business milestone. Or UK bag brand Sebissia, which regularly receives thousands of views on its TikToks, with one video being viewed more than 15 million times. That’s five times the viewership for an average Love Island episode.
By Dina Zubi, CORQ news and features writer.
