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The Year of the Social Small Business

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Small businesses make the US economy tick. They create six out of every ten new jobs, and pumped about $3 trillion into the economy last year. If you’re a small business owner, you should stand tall …

Small businesses make the US economy tick. They create six out of every ten new jobs, and pumped about $3 trillion into the economy last year. If you’re a small business owner, you should stand tall and proud knowing this.

But leading a small business isn’t always green pastures. Risk and uncertainty are present at every turn, and each decision you make can impact your company’s bottom line.

LinkedIn wants to help take your business to the next level this year, so we conducted a study to investigate how small businesses are using social media, and whether it’s worth the investment. Here are some highlights of what we found.

Learn how to put LinkedIn to work for your small business. Visit us at http://smallbusiness.linkedin.com.

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  • 1. THE YEAR OF THE SOCIAL SMALL BUSINESS How small businesses are making things happen on social media SMALL BUSINESSES ARE DRIVING THE ECONOMY They’re job creators Small businesses create 6 out of every 10 new jobs and money makers North American small businesses contributed $3 trillion in revenue last year $3 trillion AND, TO HELP POWER THEIR SUCCESS, THEY’RE GETTING SOCIAL Most small businesses are using social media ... 9 in 10 SMBs use or plan to use social media making plans ... and, they’re using it more every day. More than half of SMBs have increased spend on social media compared to the prior year; higher than that of any other marketing channel, including email marketing and events Why? It solves for their top business challenge 94% Nearly 2 in 3 SMBs state their #1 challenge is attracting new customers of SMBs leverage social media for marketing ! 61 % find that social media solves the problem by helping to gain new customers But social isn’t just for marketing, it’s also for learning 49 % Small businesses use social to learn for several key reasons Access to a network of peers to ask questions or get recommendations of SMBs use social media for learning Learn from experts in their industry Obtain learnings, insights, or best practices Find information and opinions to answer their questions WHEN IT COMES TO HYPER-GROWTH COMPANIES, SOCIAL IS MORE IMPORTANT THAN EVER They invest in social more than any other channel % of hyper-growth companies that have increased spend in a marketing channel 73% 72% Social media and social ads Email marketing 59% Events 57% 47% Online ads Offline ads and, they find social to be very effective in achieving their marketing goals % reporting that social media is effective for Branding Word-of-mouth Content marketing Lead gen 90% 88% 89% 82% LINKEDIN ENABLES SMALL BUSINESSES TO ATTRACT AND ENGAGE CUSTOMERS AT SCALE Credibility 3 in 4 agree LinkedIn allows them to build credibility Connection Nearly 2 in 3 agree LinkedIn allows them to connect and generate leads with potential new customers Context Over 2 in 3 agree LinkedIn provides a relevant context to promote and advertise their company Community Nearly 2 in 3 agree LinkedIn provides access to a broader community of other companies to seek opinions and recommendations Learn how to get the most out of LinkedIn for your small business. Visit us at smallbusiness.linkedin.com Figures are based on a study conducted in November 2013 by LinkedIn in partnership with TNS, and refer to North American businesses only. SMB: Small Businesses ($1M - $9.9M revenue) and Medium Businesses ($10M - $49.9M revenue). Hyper-growth: SMBs that report a significant increase in revenue YoY. Additional source: SBA Office of Advocacy. Small Business smallbusiness.linkedin.com

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