According to a recent survey, small and medium enterprises (SMEs) that are on social media are 56% more likely to see an improvement in their revenues than SMEs that are not. About 28% of the SMEs have actually seen an increase in their revenues after using social media.

A Deloitte report, called ‘Connected Small Businesses’, found that companies that employ digital technologies like online marketing and social media saw an average increase in their annual revenue by $350,000.

 

As of now, only 20% of SMEs use social media in their business. It was most popular with Gen Y and Gen X, at 22% of the people belonging to these categories using it, followed by Baby Boomers at 18% and 9% of those 65 and above using it.

 social media

A new responsibility

 

One in five business owners has now taken on an additional responsibility, that of managing social media. Businesses who have embraced it have started to reap monetary rewards and are building closer relationships with their customers, partners, suppliers, and others. The financial benefits are quite clear. The best is thing is that to build a business profile, connect with audiences, and to generate leads with social media tools such as blogs and Facebook, you do not need to invest money. The only investment is time.

 

The irony is, more than half of the SME owners interviewed owned one or more smartphones, the medium through which social media is mostly used. It might suggest that businesses are not confident about their ability to use social media. But it does not mean that SMEs are disinterested in leveraging the power of social media or using the Internet to enhance their businesses.

 

Another interesting fact is that only about 32% of the business owners interviewed had a website. This survey was conducted by MYOB Business Monitor and covered 1005 SMEs.

 

 

Leave a Reply

Your email address will not be published.