Lessons from LinkedIn
How important is social media?
We know social media can be used a successful marketing tool, but is all that time spent coming up with the perfect Twitter-friendly sound bite really worthwhile when it comes to your business growth?
According to a new survey conducted by LinkedIn and the market research company TNS, it absolutely is. The study showed that social media plays a critical role for growing small to medium businesses (SMBs), and not just as a marketing tool.
The study surveyed 998 North American small and medium business professionals with revenue between $1 million and less than $50 million. Of those surveyed, three out of five businesses surveyed are in growth mode (defined as seeing an increase in revenue year on year) and one in six businesses are in hyper-growth mode (defined as seeing significant increases in revenue year on year).
The key statistics
- 81% of SMBs use social media.
- Of those who use social media, 94% use it for marketing.
- Of those who use social media, 49% see it as a valuable source for learning about their markets and growing their business (competitor analysis, connecting with peers, learning from experts).
- 61% find social media useful in gaining new clients.
- 90% see social as a highly effective way to maintain brand presence.
- 88% report social media as effective for generating word-of-mouth about a company.
- 89% see social media as important for delivering content.
- 82% consider social to be a meaningful source of lead generation.
- 73% of the hyper-growth businesses increased spend on social media in the past year, 56% of those in the growth stage increased spend, and only 42% of those in the non-growth stage reported an increased spend.
- 82% of those in the hyper-growth mode say social media is effective for generating new leads.
The most interesting thing about this survey is the strong correlation between hyper growth and an increased spend on social media. More of the hyper-growth segment reported increased spend on social media and social ads than email marketing, events, online ads and offline ads.
The key take-away? Test drive increasing your social spend in 2014 and watch your business grow.
For more marketing advice, contact your local Snap Centre.