In a perpetually shifting economic climate, small business owners have found it necessary to explore new ways to attract customers. According to the Small Business Success Index (SBSI), one of the most popular channels for bringing in more business has been through social media adoption. In fact, a recent report sponsored by Network Solutions® and the Center for Excellence in Service at the University of Maryland’s Smith School of Business Reports found that social media adoption by small businesses has doubled from 12 percent to 24 percent in the last year.
Tough market conditions have encouraged small business owners to consider ways to creatively reduce costs and attract new customers. By using social media applications such as Facebook® and LinkedIn®, small business owners are able to expand external marketing and engagement, identify and attract new customers, build brand awareness, and stay engaged with customers.
According to the report, considerable percentages of small business owners have already incorporated social media applications into their marketing strategies:
- 75% surveyed have a company page on a social networking site
- 61% use social media for identifying and attracting new customers
- 57% have built a network through a site like LinkedIn
- 45% expect social media to be profitable in the next twelve months