Social media is a vital component of business these days, especially for small businesses. The seventh Social Media Marketing Industry Report reveals that 92 percent of marketers strongly vouch for the effectiveness of social media marketing. More than half of small enterprises agree, while 70 percent see significant ROI from social media efforts in five years.
But while this is true, it’s important to know that appropriate social media usage is hardly uniform. Various industry experts, including Market-Max, would attest to this.
How It’s Done On A Small Scale
Big brands essentially use social media to connect with their huge customer base. These industry bigwigs hardly need further introduction. If they maintain good rapport with their followers, big companies have the luxury of having their patrons do the promotional “leg work” for them.
As for small businesses, social media acts as virtual flyers or newspaper ads. It helps build name recognition and brand identity in the long run. But to get the most out of this, specific metrics must be considered. Do posts reach a considerable number of people? Do they encourage engagement? Did the interactions directly/indirectly result in sales improvements? It’s not all about the number of page likes or followers, but about the actual interactions people make online.
How Small Businesses Are Doing It
There are approximately 1.3 million small and medium businesses in North America. Together, these enterprises earn a massive $5.5 trillion every year, according to Entrepreneur. But it’s not the profits they generate that’s interesting here. About 81 percent of these businesses are shown to use social media to grow.
A Linkedin study also reveals that social media spending among these businesses is ballooning. 56 percent of their respondents claim increased social media spending. According to the study, these businesses are finding some good content to share online: 79 percent dealt with industry-specific news, followed by testimonials and reviews from experts and customers.
What matters most is that small businesses don’t try to compete with the bigwigs. According to industry expert Rhett Rowe, doing so spells suicide. All that small-scale entrepreneurs can do is take note of how the bigwigs work it, pattern their efforts as such, and forget high-level online competition for now.