Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses...
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Transcript of Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses...
Commissioned study conducted by:
Priming the Economic Engine How Social Media is Driving Growth for Small and Medium Businesses (SMBs)
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Why should you care about SMBs?
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SMBs contribute $5.5 trillion in annual revenue.
Small businesses create seven of every ten new jobs.
Young firms in growth mode are
the largest contributors to
job growth.
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Most SMBs have already adopted social media
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81% of SMBs are Current Users of Social Media
The #1 challenge for SMBs is finding new customers
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65% State that attracting new customers is their top business challenge
61% Find social media useful
in gaining new customers
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SMBs use social media to learn and share resources
TOP REASONS FOR LEARNING*
Access a network of peers
Learn from industry experts
Obtain insights and best practices
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Use Social Media for Learning
49%
5 *Base: Current Social Media Users
Report Increased Social Media Spend
Hyper growth and increased spend on social media are strongly correlated
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Hyper Growth
73%
Non-Growth
42%
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47%
57%
59%
72%
73%
Social media is a top channel where SMBs in hyper growth have increased spend
Base: Current Social Media Users ©2013 LinkedIn Corporation. All Rights Reserved. 7
% of Hyper Growth SMBs Reporting Increased Spend
Social Media and Social Ads
Email Marketing
Events
Online Ads
Offline Ads
TOP REASONS
Keep up-to-date on financial trends
Gather preliminary financial info
Seek advice on a financial decision
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SMBs leverage social media for financial services
Have Used Social Media for Finance-Related
Reasons
68%
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Social media helps drive action
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Path to Purchase
DISCOVERY Gather info /
stay up-to-date
CONSIDERATION Seek advice / info to make a
purchase
DRIVEN TO PURCHASE
37%
DRIVEN TO ACTION (Learn / Discuss / Purchase)
93%
SMBs want best practices and how-to guides
10 *Base:: Current Social Media Users **Base: Those who expected info
Top 5 Types of Finance Content expected on social but not received*
29%
22%
21%
20%
16%
Best practices, how-to guides, checklists
New innovation and technology developments
New product information
Company background
Industry news/strategy information
29%
22%
21%
20%
16%
Best practices, how-to guides, checklists
New innovation and technology developments
New product information
Company background
Industry news/strategy information
LinkedIn is where SMBs are most open to financial info
11 *Base: Current Users of Each Social Media Site ©2013 LinkedIn Corporation. All Rights Reserved.
Openness to Receiving Financial Information On Social Media Sites*
57% 49% 47% 47% 45% 38%
of hyper growth companies are receptive to finance content on LinkedIn
69%
Only LinkedIn provides the 4 C’s
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...providing a valuable resource across different activities in the SMB value chain
*Base: LinkedIn Users ©2013 LinkedIn Corporation. All Rights Reserved. 13
Open Innovation
Marketing & Sales
Sourcing
Customer Service
Best practices for marketers
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Target hyper growth companies
Build your credibility by facilitating open dialogue with SMBs
Enable learning throughout each phase of the purchase path
Provide resources for the entire SMB value chain
Commissioned study conducted by:
Thank you
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The majority of SMBs are growing and one in six are in hyper growth mode
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GROWTH Increase in Overall Revenue Compared to Last Year
48%
36%
16%
NON-GROWTH Decrease/No Change in
overall revenue YoY
HYPER GROWTH Significant Increase in Overall
Revenue YoY