About 81% of all small and medium-sized businesses use social media, based off of a recent LinkedIn study. Out of the companies that do use social, 94% of them are using it for marketing benefits — especially those that are experiencing high volumes of growth.
Finally, businesses are beginning to realize that having a social presence not only increases brand awareness, but also help push customers down the purchase funnel. Having said this, almost 75% of companies experiencing growth increased their social media budgets, including more online ad spend, hiring community managers, etc.
Lana Khavinson, the senior product manager at LinkedIn says, “We know that for SMBs the greatest challenge is attracting and retaining customers. Here is a really clear indicator of the value that social media is providing to companies that are rapidly growing.”
As the numbers of those small and medium-sized businesses using social increase, many social networks are benefiting, beyond LinkedIn (who has hundreds of thousands of small business entrepreneurs within it’s member base). For example, Facebook and Twitter, which both boast several million businesses with active accounts, will gain significant ad revenue in the future. We’ll see this start to take place as companies start to pay to rise above the clutter in people’s Newsfeeds on Facebook, and as Twitter expands its “self-serve” advertising ideas around the world to further attract small businesses in places like Canada and the UK.
We’ll be interested to see how much each social network can rake in over the next few years. To us, it feels like shooting fish in a barrel, especially as such networks are literally writing the rules to how marketed content is shown to customers.
Tell us: Does your small business utilize social media to its fullest potential?