Small- and medium-sized businesses are growing rapidly, contributing over $5.5 trillion in annual revenue to our economy last year. As business grows, so does the "how" of conducting business. In particular, more and more companies are turning to social media networks to market their product, learn about new trends, and interact with customers.
LinkedIn conducted a survey in November 2013 of one thousand North American businesses with revenue ranging from $1 million to $50 million to determine how small- and medium-sized businesses use social media today. I've highlighted some of the best takeaways below, but you can take a look at the full presentation if you're interested in a deep dive on the data.
Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses (SMBs) from LinkedIn Marketing Solutions
How SMBs Are Using Social Media: 15 Stats You Should Know
1) SMBs contribute $5.5 trillion in annual revenue to the U.S. economy. (Tweet This Stat)
2) Social media is used by over 1 million SMBs in North America. (Tweet This Stat)
3) 8 out of 10 SMBs use social media for their business to drive growth. (Tweet This Stat)
4) 94% of SMBs who use social media use it for marketing. (Tweet This Stat)
5) 3 in 5 SMBs say they've gained new customers by using social media. (Tweet This Stat)
6) 49% of SMBs use social media for learning, specifically to access a network of peers and to learn from industry experts. (Tweet This Stat)
7) 79% of SMBs say that industry specific news and articles are the most valuable pieces of content they look for on social media, followed by client reviews and testimonials. (Tweet This Stat)
8) 64% of SMBs are in growth or "hyper growth" mode -- meaning revenue YoY has increased. (Tweet This Stat)
9) 73% of companies in hyper growth mode have also increased their social media spending. (Tweet This Stat)
10) Only 47% of SMBs have increased their spending on offline ads. (Tweet This Stat)
11) 82% of SMBs in "hyper growth" (significant increase in revenue YoY) say that social media is effective for generating leads. (Tweet This Stat)
12) The top social media goals for companies in hyper growth are maintaining a company presence online and delivering content from the company. (Tweet This Stat)
13) 3 out of 4 SMBs believe LinkedIn helps them build credibility. (Tweet This Stat)
14) 2 in 3 SMBs say that LinkedIn gives them the opportunity to connect with vendors and other partners. (Tweet This Stat)
15) 88% of SMBs in hyper growth use social media to generate word of mouth about their company. (Tweet This Stat)
Are you an SMB interested in using LinkedIn to improve your business success? LinkedIn recently launched a website specific to the needs of small businesses. Check it out here to learn how you can start on LinkedIn today.