By: Kurtis Wiles
A new study conducted by TNS on behalf of LinkedIn found that 81 percent of small businesses (SMBs) are currently using social media to drive business growth and 94 percent are meeting marketing objectives through the integration of social media.
The study, called Priming the Economic Engine, surveyed nearly 1000 SMBs to glean insight about their industry and how implementing social media or not implementing social media has impacted their business over the past few years. Almost three out of every five SMBs say that consistent social media integration has played a key role in their business gaining new customers. Not only is there growth in new customers, but according to the study, SMBs are seeing a lot more customer interaction and engagement from existing customers – especially customers who have had positive experiences with their organization.
The fact: Businesses that have devoted themselves to integrating social media as a marketing tool have met marketing objectives through stronger customer acquisition and retention.
According to another LinkedIn study, conducted by Borrell Associates, there is a strong correlation between SMBs that have increased social media spending and those that have achieved “hyper growth.”
“Through the study, we found that SMBs that are in growth mode rely heavily on social media for multiple activities in their value chain,” said Jennifer Grazel, category head for financial services at LinkedIn.
Hyper-growth companies with significant year-over-year increases in revenue are among the most active in social media marketing, finding the most effective social media practices to include branding, word-of-mouth, lead generation and content marketing.
The fact: Increasing financial resources in social media efforts and effectively “practicing” your brand through social media often leads to successful growth – even hyper-growth in some industries.
According to the U.S. Small Business Association, seven out of every 10 new jobs are created by small businesses. To learn more about the new social media positions that will be seen in 2014 (maybe even in your own small business) click here.