The debate is still raging regarding the efficacy of social media, but for most small business owners, there’s little to debate. This is the sentiment coming out of a recent study conducted by Newtek Business Services, the company that runs the Small Business Authority Website. According to the findings, over 60% of small business owners currently use social media to attract new customers.
The study also revealed that 58% of small business owners rely heavily on social media to maintain communication with their existing customer base. These findings are a stark contrast to a recent one detailing how very little Fortune 500 companies utilize social media. Under that study it was found that more than 31% of Fortune 500 companies don’t maintain a Facebook or Twitter account.
In many respects though, the disparity in social media penetration between the two class of businesses is somewhat understandable. Small businesses for the most part are always looking for innovative ways to build their brand and create a reputation among consumers. Social media is a perfect fit for these types of businesses; but for those established with huge mindshare, social media is not considered a priority.
Whatever the social media take-up among businesses, one thing is certain: social media is here to stay and those businesses that are fastest to adapt will make the bigger gains in the long run.
Is social media a fad? Share your views in the comments below.
The study also revealed that 58% of small business owners rely heavily on social media to maintain communication with their existing customer base. These findings are a stark contrast to a recent one detailing how very little Fortune 500 companies utilize social media. Under that study it was found that more than 31% of Fortune 500 companies don’t maintain a Facebook or Twitter account.
In many respects though, the disparity in social media penetration between the two class of businesses is somewhat understandable. Small businesses for the most part are always looking for innovative ways to build their brand and create a reputation among consumers. Social media is a perfect fit for these types of businesses; but for those established with huge mindshare, social media is not considered a priority.
Whatever the social media take-up among businesses, one thing is certain: social media is here to stay and those businesses that are fastest to adapt will make the bigger gains in the long run.
Is social media a fad? Share your views in the comments below.