How important is social media for your day-to-day business?
Social media has no doubt become an important part of day-to-day operations for modern businesses – people expect companies to have some sort of online presence.
As new research shows, social media strategy is becoming an increasingly important tool for helping businesses to survive, especially as they try to stay ahead of the competition.
Bibby Financial Services Australia has carried out its bi-annual study of more than 200 small businesses – and the results show that social media is more important than ever.
In fact, 54 per cent of those polled said they used social networking sites in their business, with 65 per cent claiming that this has contributed to growth.
The majority of companies aren't resting on their laurels either, as 78 per cent intend to spend more time on making sure their social media marketing is up to standard over the coming 12 months.
So in what ways can social media bring benefits to organisations? The study found that it is effective at increasing brand awareness, sourcing new customers and providing network opportunities.
For many companies, social media has helped them to improve customer service – by giving people a fast and effective way of finding answers to queries, businesses can keep people happy.
A knock-on effect of this is that firms are able to offer added value over their competitors, with 33 per cent of respondents saying that social media had helped them achieve this.
Speaking to Econsultancy, Gary Green, Bibby Financial Services Australia's national sales director, said that these results are not unexpected in the current business climate.
"With optimism on the rise and confidence in sales growth at levels not seen since July 2011, it is not surprising that businesses are using social media to generate new business and raise their profile," he commented.
Posted by Emma Furze