Social media giant TikTok has announced the launch of a brand new platform aimed at small and medium sized enterprises (SMEs), which has been designed to help them survive the COVID-19 crisis.

The platform, called “SMB Knowledge Hub”, is being made available to SMEs in Europe and the UK. It will offer those that sign up tools that are intended to support them in finding new customers, as well as holding on to the ones they already have. It is the first major move announced by the company since “TikTok for Business” was launched during the summer.

In addition to this support with customer retention and attraction, the platform will also match advertising spend of up to £1,600 for businesses that sign up for the Ads Manager scheme ahead of December 15th.

The Knowledge Hub will supply SMEs with both useful tools and expert advice to help them zero in on the demographics most likely to be receptive to their products or services from the 100 million people who use the TikTok platform each month.

Speaking to This is Money, SMB for Europe Head Lisa Friedrich stated that SMEs in the UK had already started transitioning to digital in the wake of the pandemic, but that TikTok could be an effective platform for getting their message out.

This could be a useful addition to more standard strategies for dealing with challenging financial situations, such as getting help from a business accountant in Goole or any other region of the UK.