Social Media Amplification: Empowering Small Businesses in the Digital Age

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The Labour Party Annual Conference 2023

SME4Labour fringe: Social Media Amplification: Empowering Small Businesses in the Digital Age

🗓 Date: Tuesday, 10 October 2023

⏳ Time: 9:00

📍Location: SME4Labour POD (Meeting Room 22), ACC Liverpool, Kings Dock Street, Liverpool, England, L3 4FP

SME4Labour fringed: Social Media Amplification: Empowering Small Businesses in the Digital Age with Giles Derrington, Senior Government Relations and Public Policy Manager at TikTok; Dan Norris, Metro Mayor for the West of England; Hugh Goulbourne, member of the Renaissance Advisory Board, director of CO2Sense Renewable Energy Fund; Louise Jones, Labour PPC for Northeast Derbyshire and Chris Webb, Labour PPC for Blackpool South. This panel discussion was chaired by Asra Anjum.

Asra Anjum initiated the panel by highlighting the impact of social media on empowering small businesses in the digital age and the strategies for utilizing various social media platforms to achieve success and growth in businesses.

Giles Derrington explained how TikTok’s algorithm tailors’ content to users’ interests, helping small businesses target their niche products both locally and globally. Oxford Economics conducted a study that revealed TikTok generated approximately £1.6 billion in additional revenue for UK small businesses and created 32,000 new jobs in 2022, with a majority located outside London. Furthermore, TikTok was found to be a platform where minority-owned businesses and those led by founders under 30 thrived, breaking traditional barriers and empowering entrepreneurial spirits.

Hugh Goulbourne emphasized the need for increased government investment, particularly in R&D tax credits, to boost the economy. He stressed the importance of utilizing data effectively for businesses, not just as a compliance task but as a tool to enhance operations and customer satisfaction. Additionally, Goulbourne encouraged the use of platforms like social media for addressing customer issues and ensuring customer happiness.

In summary, the panel discussion delved into the influence of social media on small businesses in the digital era. Strategies for using social media platforms to drive business growth were highlighted. Encouraged specific platform algorithms that small businesses can benefit from, contributing significantly to the economy. The importance of government investment and effective data usage in business operations and customer satisfaction was underscored. The use of social media for customer support and satisfaction was also encouraged.

Social Media Amplification: Empowering Small Businesses in the Digital Age