Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)

Millennial Marketer I Global Content Creator I Contributor, Social Media Examiner & Featured in Inc.
Feb. 12, 2014
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
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Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs)

Editor's Notes

  1. Goldman Sachs released research last year that clarifies this further. They said, it’s not necessarily the size of the business that leads to job creation, it’s the age. “The process of young firms (which do tend to start out small) growing into larger firms is the true contributor to job growth.” – Kris Dawsey, Goldman Sachs. So SMBs in growth mode are a very important audience.
  2. LinkedIn and TNS surveyed 998 North American small and medium businesses with revenue between 1MM and 50MM USD and use or plan to use social media.Our respondents were financial decision makers or influencers at the company or division/business unit level.Small biz. (top 3 industries): Professional Services (e.g., Consulting, Graphic Design, Supply Chain, Real Estate), Retail & Consumer Products, Manufacturing-IndustrialMid sized biz. (top 3 industries): Manufacturing-Industrial, Professional Services, Financial Services, Insurance or Accounting
  3. Q11. How long has your company been using social media? (Select one)
  4. Q14. Which of the following reasons describe why you currently use/plan to use social media for your company? Q15. Of the following reasons you indicated why you use social media for your company, please indicate how effective social media was in achieving these objectives? (T2B)Top 5 stayed the same for small and mid sized biz. Small biz are more likely to use social media to maintain a company presence and identity, and to find information and opinions to answer their questions, compared to mid sized biz.Mid sized biz were more likely to use social media to find and source new employees/hires, compared to small biz.Both small and mid sized biz. have comparable ratings when it comes to effectiveness of social media
  5. Q10. Please rank order the top 5 challenges for your company over the next 12 months.Small companies are sig more likely to state that attracting new customers is their top challenge. On the other hand, mid sized business are more sig likely to find social media useful in gaining new customers
  6. Q14. Which of the following reasons describe why you currently use/plan to use social media for your company? Q15. Of the following reasons you indicated why you use social media for your company, please indicate how effective social media was in achieving these objectives? (T2B)
  7. Q8 For overall revenue, please indicate whether your business has increased, decreased or stayed the same this year compared to last year?Sig higher proportion of mid size biz report increase/sig increase in overall revenue compared to small biz.Among non-growth: 71% were small businesses; 29% were medium sized businessesAmong growth: 63% were small businesses; 37% were medium sized businessesAmong hyper growth: 50% were small businesses; 50% were medium sized businesses; 50% were medium sized businesses
  8. Q9. For the following marketing activities, can you please indicate if your spend has increased, decreased, or stayed the same this year compared to last year? (T2B) BY Q8. For overall revenue, please indicate whether your business has increased, decreased or stayed the same this year compared to last year? (TB, B3B)
  9. Q15. Of the following reasons you indicated why you use social media for your company, please indicate how effective social media was in achieving these objectives? (T2B)BY Q8. For overall revenue, please indicate whether your business has increased, decreased or stayed the same this year compared to last year? (TB, B3B)Total effectiveness reads from Slide 10:Maintaining company presence: 80%Generate WOM: 80%Deliver content: 86%Advertise to increase awareness: 81%Advertise to generate new leads: 69%
  10. Q26. For which of the following purposes have you turned to social media? Small companies are least likely to have used social media to any of the above reasons. Mid size companies are more likely to gather preliminary information about financial products/policies/solutions, or financial institutions/companies, and recommend a financial product/policy/service to others compared to small companies.
  11. Q27. Which of the following actions, if any, have ever occurredas a result of your hearing or reading something on social media? Mid size companies are sig. more likely to have learned about a financial company/institution their company was not previously aware of, compared to small biz. That’s a growth storySmall biz are sig. less likely to have taken an action as a result of hearing or reading something on social media compared to mid size biz
  12. Q26. For which of the following purposes have you turned to social media? Q27. Which of the following actions, if any, have ever occurredas a result of your hearing or reading something on social media? DiscoveryUse social to gather preliminary information or/andStay up-to-date on financial trends/ products/ companiesConsiderationUse social to seek advice or gather info to make a financial decision or/andevaluate or re-think a financial decision Mass Affluent21% (Disc)32% (Cons)63% (Both)
  13. Q26. For which of the following purposes have you turned to social media? Q27. Which of the following actions, if any, have ever occurredas a result of your hearing or reading something on social media? DiscoveryUse social to gather preliminary information or/andStay up-to-date on financial trends/ products/ companiesConsiderationUse social to seek advice or gather info to make a financial decision or/andevaluate or re-think a financial decision Mass Affluent21% (Disc)32% (Cons)63% (Both)
  14. Q24. If a financial services company were to use social media, what types of information would you expect to receive from it for your company? Q25. Which, if any, of the following do you recall receiving from your financial service provider(s)via social media? High proportions of small biz expected receiving new product information, readily sharable marketing materials, and customer stories and case studies, compared to mid sized biz.
  15. Q23. How open are you to receiving financial content and information from companies you do business with on the following social media sites/services? (T2B)Hyper growth reads:LinkedIn: 69%Facebook: 58%Twitter: 55%Pinterest: 57%Google+: 49%Yelp: 27%
  16. Nearly 3 in 4 agree LinkedIn allows them to build CREDIBILITY.Over 2 in 3 agree LinkedIn lets them CONNECT with vendors or other companies and allows them to identify credentials of potential partners.Over 2 in 3 agree LinkedIn provides for a relevant CONTEXT to promote and advertise their company.Nearly2 in 3 agree LinkedIn provides access to a broader COMMUNITY of other companies to ask questions or seek opinions.Q19. To what extent do you agree with the following statements about LinkedIn, as they relate to your use of social media for your company? (T2B)Small biz are more likely to perceive LinkedIn as a social media site that allows for building credibility, and connecting with vendors or other companies, compared to mid size biz.
  17. Sourcing - Allows me to identify the CREDIBILITYand expertise of potential partners and CONNECT with vendors or other companies Open Innovation - Provides access to a broader COMMUNITYof other companies and thought leaders to seek opinions/recommendations Marketing and Sales - Allows me to buildCREDIBILITYand provides a relevantCONTEXT for me to promote and advertise my companyCustomer Service - Allows me to CONNECT with current customers Q19. To what extent do you agree with the following statements about LinkedIn, as they relate to your use of social media for your company? (T2B)Small biz are more likely to perceive LinkedIn as a social media site that allows for building credibility, and connecting with vendors or other companies, compared to mid size biz.