Over four-fifths (81%) of small and midsize businesses (SMBs) use social media to drive business growth, and an additional 9% are planning to use it in the future, according to a recent report from LinkedIn and TNS.
Of the SMBs already using social media, 94% use it for marketing, and nearly half also use it for learning/deriving business insights.
Overall, SMBs seem fairly bullish on social media: 60% say it helps to gain new customers, and 56% increased spend in the past year.
Below, additional key findings from the report, which was based on data from from a survey of 998 SMB owners/decision-makers. All the businesses are based in North America and have revenues between $1 million and $50 million.
- The analysis found the top articles viewed by small business owners on LinkedIn are about business leadership and marketing.
- 79% of SMB owners surveyed consider industry-specific news/articles to be most valuable type of social media content.
- Testimonials from clients/customers and industry experts are also highly valued.
- Over two-thirds of SMBs use social media for finance-related reasons, including staying current with financial trends, gathering preliminary information about financial products/companies, and seeking information for financial decisions.
- 29% of respondents say they cannot find the finance-related best-practices, how-to guides, and checklists they want on social media.
Ayaz Nanji is an independent digital strategist and a co-founder of ICW Content, a marketing agency specializing in content creation for brands and businesses. He is also a research writer for MarketingProfs. He has worked for Google/YouTube, the Travel Channel, AOL, and the New York Times.
LinkedIn: Ayaz Nanji