SOCIAL MEDIA KEY TO REVENUE RISE
20 June 2013,
SMALL and medium business operators (SMEs) embracing social media were more likely to see revenue rise rather than fall in the 12 months to February 2013, according to research by MYOB.
The latest MYOB Business Monitor revealed SMEs were 56 per cent more likely to see a revenue rise by using social media, with 28 per cent reporting a rise in revenue and 18 per cent reporting a fall. This compared to the national average of all businesses with only 18 per cent reporting a rise and 39 per cent reporting a fall.
MYOB CEO Tim Reed (pictured) says business owners that embrace the additional hat of social media manager are reaping the rewards.
“The financial benefits are clear,” says Reed.
“Many of these social tools, like Facebook or a blog, don’t need an investment of money to raise a business’s profile, communicate with its target audiences and generate leads; although they do require time.”
He says despite this, only one fifth use social channels comparing to nearly half of all businesses owners using smartphones, and over one quarter using tablets.
“Our research suggests it’s due to a lack of confidence in knowing how to employ social and other online tools that is holding others back.”
More than half of respondents say they would vote for the political party that proposed providing free government-funded training to all small businesses on how to use the internet to enhance and grow their business.