This is Part 1 of a 3-part series about Social Media and its benefits for Small Businesses. Stay tuned throughout the week for Parts 2 and 3 to learn more!
What Is So Shocking About the Social Media Buzz?
To small business owners, social media is simply pure gold. According to a recent study, customers who engage with a business via social media contribute more to the total sales revenue than those who don’t. How much? About 5% more. That may very well be the difference between a holiday bonus and a second mortgage.
But outside of the obvious, what small business owners often don’t understand about social media is how beneficial it can be outside of just dollars and cents:
Given those huge benefits, it’s surprising that companies are still dragging their heels with social media, despite the obvious boons to both their presence in the global marketplace and their bottom line.
Unfortunately, golden though it may be, many CEO’s and “solopreneurs” feel like they are being crushed under the weight of the effort required for social media. According to another study, published in Forbes Magazine, out of 500 companies, only about 43% have some sort of social media presence, but are spending only up to 6 hours a week or less maintaining it.
Why aren’t businesses staying on top of their social networks? Fresh content. They say they either don’t have the time to come up with new content or they they don’t know that their content is doing them any good. Only about 36% of these 215 companies (the 43%) are tracking their progress with analytical tools.
With social media’s booming popularity, and younger (more tech-savvy) generations now joining the workforce, we should see all businesses getting their finger on the pulse of the digital market and putting in the effort necessary to make networks work.
Now, not everyone is dragging their feet on the social frontier. So who’s got their eyes on the prize? According to the same study, more than half the companies surveyed are expanding their social media budgets by as much as four times the amount of money as they were in years past!
Some organizations are clearly dipping their toes in the social media waters and are ready to dive in, but many have no idea how fun (and profitable) the swim can be!
Check back tomorrow and Thursday for Parts 2 and 3 of Invited to the Party: Social Media and Small Business to learn more about how your local business can benefit from jumping into social media marketing!
Want help with marketing your business on social media? Learn how Propel Marketing can help with PropelSOCIAL!