How SMBs Use Social Media

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.

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.
  2. Social media is used by over 1 million SMBs in North America.
  3. 8 out of 10 SMBs use social media for their business to drive growth.
  4. 94% of SMBs who use social media use it for marketing.
  5. 3 in 5 SMBs say they've gained new customers by using social media.
  6. 49% of SMBs use social media for learning, specifically to access a network of peers and to learn from industry experts.
  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.
  8. 64% of SMBs are in growth or "hyper growth" mode — meaning revenue YoY has increased.
  9. 73% of companies in hyper growth mode have also increased their social media spending.
  10. Only 47% of SMBs have increased their spending on offline ads.
  11. 82% of SMBs in "hyper growth" (significant increase in revenue YoY) say that social media is effective for generating leads.
  12. The top social media goals for companies in hyper growth are maintaining a company presence online and delivering content from the company.
  13. 3 out of 4 SMBs believe LinkedIn helps them build credibility.
  14. 2 in 3 SMBs say that LinkedIn gives them the opportunity to connect with vendors and other partners.
  15. 88% of SMBs in hyper growth use social media to generate word of mouth about their company.

Read the original article on HubSpot.

You may also like

Article Business 2 Community

Why Social Media Is Important For Your Small Business

Social media is important for reaching prospects, customers and business partners. However, that still doesn’t make it easy! These are some of the reasons why you should take time out of your day to invest in social media.

Infographic The Social Lights

What social media can do for you

Small-to-medium sized businesses (SMBs) have a ton to gain from social media. Click on this infographic to see the what social media can do for your agency.

Article Hootsuite

10 benefits of social media for business

Still skeptical about social media being beneficial for your agency? Read these 10 tips and become a believer!

Sign up for our newsletter to receive new articles directly to your inbox.

See also

Infographic Fast Company

The best (and worst) times to post on social media

Are you posting to social at the right time? Check out this infographic by Fast Company to learn when your agency should be delivering content to maximize audience views.

Article Foremost Insurance

Guide to banners and images on social media

Set up captivating profile pictures, banners and images on your social media pages with the help of this guide!

Article Insurance Leads Guide

9 ways for agents to use LinkedIn with success

How well-curated is your presence on LinkedIn? Learn how to spruce up your account and generate leads with this helpful article from Insurance Leads Guide.