According to a recent study from LinkedIn of nearly 1,000 small to midsize business (SMB) leaders, eight in 10 SMBs use social media networks. The study’s results have been published in an eBook format titled, Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses, which can be downloaded for free with registration.
Of the respondents, 81 percent already use social media and of that percentage, 94 percent market their businesses via social networks. The survey provided crucial evidence that linked SMB growth with social media spending. Out of every five SMBs, three were in “growth mode,” and one in six of these were in “hyper growth mode,” or showing substantial increases in revenue, year to year. Those companies experiencing hyper growth indicated a 73 percent rise in their social media spending, which likely indicates that social media attributed greatly to the companies’ abilities to generate leads and spread the word about their business and/or products.
Social media networks also apparently provide SMBs with news on financial trends. According to a LinkedIn blog about the study:
Our study also found that 68 percent of the SMBs surveyed use social media for finance-related reasons – for example, keeping up to date on financial trends, gathering information about financial companies and products, and getting advice on financial decisions.
According to the LinkedIn blog, “financial service providers should take advantage of this marketing opportunity by becoming active participants on social networks and delivering content that SMBs say they need but currently aren’t receiving…”
The study also recommends that SMBs share resources and learn from other companies within social networks. By focusing on hyper growth companies’ successes, businesses can attempt to recreate a positive marketing plan for their own growth. SMBs can also reach out to other businesses and open discussions about sharing and creating credible content for customers.