Social Media and Small Business [Latest Statistics, 2019]

When it comes to Social Media and Small Business the benefits can’t be denied!

Tapping the power of social is essential for today’s business leader. This means social media and small business are becoming essential bed-partners. Let’s look at the many benefits of social media for small business. It’s the reason why your competitors are gaining on you. In some respects, they are even running circles around you. Their leads are cheaper and free-flowing, they are closing deals faster, and people who make purchasing decisions remember them better. And where are you right now?

You’re still struggling with cold-calling, emails, and conventional advertising. A couple of years back, that worked – the leads were pouring in. Today? Not as much.

The proverbial well hasn’t dried up, but the gush has certainly turned into a trickle, at best.

It’s time to face the music – conventional marketing methods are too expensive and most of your potential customers can’t be reached using those antiquated tactics. They are not picking up their phones, your emails are going unanswered, and paid ads are a waste of the paper they are printed on.

cost of reach trad vs dig-digirati

On the other hand, small businesses with a strong social media presence are raking it in. They might have an inferior product than you do, but that doesn’t matter. They are seen and heard, mostly for free, while you’re paying to get your foot in the door.

Like it or not, you have to adapt and your small business’ social media presence needs to grow, fast. It doesn’t matter if you have already played with it and failed. Persistence is key here – with a firm understanding of what to expect, a detailed plan, and a few tricks up your sleeve, you will soon harness the power of social media marketing for small business.

After all, business owners are not quitters and you’re not ready to throw in the towel just yet. Right?

(Un)Surprising Social Media and Small Business Statistics

Did your morning routine change in the last couple of years?

If you still stick to showering and brushing your teeth, you’re a minority. According to a Deloitte study, around 78% of smartphone owners check their social media profiles immediately after waking up. Canadians are a little less dependent on the virtual world – 44% of them think that Facebook is more important than brushing your teeth in the morning.

Cdn social media stats-digirati

Social media is becoming a potent weapon in the marketing arsenal of small to midsize businesses. An incredible  71% of them use social media to market themselves; 16% plan to use it in the near future, while only 13% of business owners say that they have no interest/time/money to do it. Those who do use social media platforms post a lot; 52% of them post daily and 94% post at least once a month.

Think about it. Would your peers and colleagues be wasting their efforts if they weren’t getting something in return?

Even B2B operations are growing wary of ignoring social media!

The writing on the wall is clear – decision-makers consult others before making a purchase. They ask friends, colleagues, and peers for their two cents worth, and they often take to social media platforms to check the buzz around a product or a service.

94% of B2B buyers do online research before committing to anything

How does it look when the only online reference to your company is your website and an obvious PR article? A couple of results in the search engine don’t exactly inspire too much confidence.

55% look for information about your small business on social media sites

This isn’t really surprising – if people are going to complain or praise a company, they will do it where it has the greatest impact. Having a presence there means that you can drown out (and respond to) the negatives while making sure that you harp about the positives as much as you can.

Articles beat advertisements and 80% of B2B decision-makers prefer them

A handful of great articles, strategically shared over social media platforms, inform and add value – they help actions along, but they do not drive them, which is something that a today’s ad-weary customer appreciates.

Don’t call us, we’ll call you

How easy is it for people to find your business online? If you’re depending exclusively on your website, then it’s very difficult. 90% of B2B decision-makers don’t want to hear from you, which is why your telesales crew is not very successful. When they’re good and ready, they will find you – provided you’ve made an effort to stand out of the crowd.

B2B sales and marketing changing-digirati

These small business social media statistics paint a very definite picture – you’re ignoring new marketing approaches at your own risk.

Social Media and Small Business: Saying No Is Dangerous

saying no to social media is dangerous

You’ve probably tried social media for your small business in the past – if you dig hard enough, you might even find your old Facebook business page, sitting there all sad and abandoned. It’s important not to get discouraged by past failures- the fact that you didn’t see any ROI back then can be attributed to a lot of things: you not understand the benefits fully, the fact that your execution was lacking, or difficulties with measuring success and replicating it.

Poet O’Brien puts it nicely: ‘It’s better to try and fail than never to try at all’. If that failure is holding you back now, just consider what you’re risking:

New customers flocking to your competitors through social media

Showing up is 80% of success. Your competitors showed up on social media, you didn’t, so they get to take home the bacon. A lot of your potential buyers never hear about your company because they don’t participate in the traditional marketing activities that are still your focus. For example, they no longer attend as many trade shows as in the past, don’t read (what they think is) spam mail, or don’t answer calls if they don’t know who the caller is. Those who do hear about you often forget by the time they’re ready to purchase because your competitors are far more memorable – they are the ones they see in their social newsfeeds.

Spending more money on traditional and digital and having nothing to show for it

Add up everything you spend monthly on traditional marketing and digital ads. Now look at that number and realize that you could have reached at least a 100X more potential customers through strategic social media marketing (Facebook lets you easily estimate your reach for a given budget). Let that realization sink in. It’s true that most of those views and interactions wouldn’t actually translate into leads, but the case is similar with the conventional methods – not every phone call turns into a warm lead, nor does an ad read signify a sale. Spend your marketing dollars where they count. Right now, they count on social media platforms.

Breaking the ‘purchasing path’ chain and losing a potential customer forever

Google has been talking about the ‘Zero Moment of Truth’ for years now. Essentially, it describes how people shop today – from Google searches to reviews and testimonials. Social media figures prominently into ZMOT. It’s where people turn to for social proof. If you’re not there, you’re breaking the chain, and your potential customer will move on to something else.

Looking obsolete, irrelevant, and untrustworthy

Without a strong social media presence, you will have a tough time making a genuine, ‘human’ connection with your potential customers. Research has shown that 29% of customers put a strong emphasis on that connection, and that shapes their purchasing decisions.

Not being able to respond to negative comments about your brand

Customers often use social to vent about brands. If you’re there, you get a chance to respond and turn a bad experience into a customer support victory. If you’re not, you end up not knowing anything about those negative comments, and that can be extremely detrimental to your brand image.

Now that you understand how critical social media is for your business, in our next piece we are going to delve further into its ROI by introducing the advantages of social media for business. Get more great content from Asset Digital Communications. up to the full series program? Jump on board the  “Becoming Digirati” Exclusive Content Series  to get up to speed on how to make social media work for your business.