According to a newly released study from Borrell Associates, small businesses are spending more of their budgets on social media. In fact, small and medium size businesses expect to spend nearly as much on social media as they do on search engine marketing (see table below).
This is not surprising and confirmed by other recent survey data, including a survey from StrongMail on 2012 marketing trends). Although the survey data is inconclusive and often conflicting, most surveys report that 40 to 70 percent of small and medium size businesses are using social media. Non-survey data tends to support those results (58.2 percent of SMBs have a presence on social media networks, according to Palore – but these numbers are not clear-cut because between 40 and 50 percent of the businesses who self-identify as using social media on Facebook, for example, have little or no activity there).
Perhaps the most important piece of data (other than adoption) concerns the methods businesses use to measure success in social media. Although it’s not clear how most businesses track this – many use customer acquisition as the key success metric. Fans/friends/followers are also an important metric (see graph below).
How active is your small business on social networks and how do you measure success? We’d love to hear from you in the comments.
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