Social media is unavoidable in today’s modern business landscape. The rise of websites such as Facebook, Twitter, LinkedIn and Instagram have brought about a massive change in the way companies market themselves to both existing and potential customers and clients. But just how many of our smaller companies in the UK are using social media in 2014?
Social Media in 2014
According to a study by Computing in 2013, it was estimated that up to 56 per cent of businesses – with 250-499 employees – would be using some form of social media by 2014. But for smaller businesses, the Bibby Financial Services micro-business study highlighted that 65 per cent are now using social media for their business.
But just how important are sites like Facebook, Twitter and LinkedIn – the three most popular social media platforms for micro-businesses? Well, whilst 65 per cent of small business use these platforms, it seems not everyone views social media as an important part of their business strategy.
A Study by Bibby Financial Services
According to the study by Bibby Financial Services, almost three quarters of business owners said that social media is not important to their business, with only nine per cent citing it as ‘very important’.
Although social media marketing can of course prove to be a fruitful path for smaller businesses and companies, with its low-cost high-reward concept, some business owners just don’t have the time to commit. And other promotional avenues – more familiar to micro-enterprises – can often seem like the best option.
Consider the Advantages of Facebook and Twitter
With such an array of free resources and tools now available via sites like Facebook, LinkedIn, Twitter, Pinterest and Instagram, social media shouldn’t be overlooked when it comes to business strategies. And business owners and SMEs need to consider the advantages of such marketing opportunities.
For more information about Bibby Financial Services’ social media and micro-businesses study, you can download the Livelihood report in full today.
About the Author
Having worked in financial services for over 36 years, Andrew Darling is a specialist in invoice discounting, factoring and trade finance solutions. He currently manages the development of business with higher turnover companies at Bibby Financial Services, specialising in corporate finance for businesses with turnover of £5 million or more.