Social Media a HUGE factor in securing more customers

posted by: tara

Sorry for the long post but we felt this to be a very important read. EVERY business, not just small, should embrace technology, as marketing iniatives and trends are going to lean towards social media platforms; in many ways, the shift has already happened.

Article:
American small businesses are pushing the limits on new ways to improve efficiency in the prolonged downturn, including a steady increase in social media adoption. The third wave of results from the Small Business Success Index™ (SBSI) sponsored by Network Solutions® and the Center for Excellence in Service at the University of Maryland's Smith School of Business reports social media adoption by small businesses has doubled from 12 percent to 24 percent in the last year.

"Tough market conditions mandate small businesses to think and act creatively to sustain themselves," says Connie Steele, Director at Network Solutions. "Social media can be the best friend for small business owners who constantly seek new ways to attract new customers and retain the ones they have at a relatively low cost."

The SBSI found that nearly one out of five small business owners are actively using social media in their business. Small businesses are increasingly investing in social media applications, including blogs, Facebook® and LinkedIn® profiles. The biggest expectation small business owners have from social media is expanding external marketing and engagement, including identifying and attracting new customers, building brand awareness and staying engaged with customers. Sixty-one percent of the respondents indicated that they use social media to identify and attract new customers. Listen to a podcast here with small business marketing expert, Jay Ehret on how small businesses are leveraging social media for customer engagement.

"In order to meet the growing challenges of a tough market last year, I was forced to consider alternative options to keep my business visible," says small business owner, Dr. Alan Glazier, CEO and Founder, Shady Grove Eye and Vision Care. "With a very small investment in social media marketing, I was able to generate new business opportunities. Our Google® ranking is consistently number one for many of the phrases people use to search for eye doctors in and around my city, and we have received a 'bump' in terms of new visitors to the site. My blog has been picked up by different news sources and led to media interviews. I am now recognized as a thought leader in social networking within my profession and lastly but most importantly, my marketing budget has been reduced by more than 80 percent."

Small business owners use social media to attract new customers:

* 75% surveyed have a company page on a social networking site
* 61% use social media for identifying and attracting new customers
* 57% have built a network through a site like LinkedIn
* 45% expect social media to be profitable in the next twelve months

Small business owners still have concerns with social media:

* 50% of small business social media users say it takes more time than expected
* 17% express that social media gives people a chance to criticize their business on the Internet
* Only 6% feel that social media use has hurt the image of the business more than helped it

"Social media levels the playing field for small businesses by helping them deliver customer service," says Janet Wagner, director of the Center for Excellence in Service at the University of Maryland's Robert H. Smith School of Business. "Time spent on Twitter®, Facebook® and blogs is an investment in making it easier for small businesses to compete."

Building online presence continues to be key focus for small businesses:

* Company Web sites are a top technology investment in the next two years, with small businesses either adding new features/functionality to their existing Web sites or building one from scratch.
* The ability to showcase their products and services online to attract new customers is second in the hierarchy of technology investments small business owners plan to make in the next two years.
* Social media investments rank third in small business investments to be made in the next two years.

Article Source: Pr News Wire