Social video app TikTok says its platform is becoming an essential tool for small businesses to reach new audiences and grow their businesses.

In a study of the TikTok community and small to medium-sized business (SMB) advertisers across European markets, TikTok found that almost half (47 per cent) of users say TikTok is the platform they use most to engage with SMBs. Meanwhile 77 per cent say they discovered SMBs on TikTik before seeing them anywhere else.

The research also revealed that people are taking action too, with 79 per cent saying they have – or would look for – more information on an SMB after seeing it on the platform. 35 per cent have gone on to make a purchase.

These are pretty remarkable findings, even with the caveat that they come from TikTok itself. The platform has surged to global prominence thanks to viral dance crazes and the like, not business discovery. Nevertheless, with so much reach, TikTok's commercial importance is undeniable.

Indeed, TikTok recently launched the 'Follow Me' initiative, which gives entrepreneurs new tips and tricks each week on how to get the most out of TikTok.

Other key findings from the report include:

• 73 per cent of SMB marketers believe the platform has helped them reach new customers
• 42 per cent say that TikTok has helped them achieve more from their ad spend
• 34 per cent have increased sales as a direct result of advertising on TikTok
• 81 per cent of SMBs say that advertising on the platform makes them think outside the box

Lisa Friedrich, head of SMB, EMEA at TikTok, said "SMBs on the platform are embracing TikTok and sharing their stories from their workshops and storefronts, bringing brand personality that communities want to engage with.

"TikTok's creative tools make it easy to quickly create fun, authentic and engaging content that drives real world results for SMBs, with some even selling out their products thanks to the communities they've become a part of."