Post on 18-Jan-2015
description
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The role of social media in driving growth for SMBs in Australia
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DEFINING businesses
Small/Medium$8M to $44.9M AUD
Upper MediumOver $45M AUD
The role of social media in driving growth for SMBs in Australia
SMBs surveyed across Australia240
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Key Findings
SOCIAL MEDIA IS A VITAL TOOL FOR SMB’S
89% use social media to build awareness
72% see social media as essential for the future of the business
REVENUE GROWTH IS DIRECTLY RELATED TO INCREASED MARKETING SPEND ON SOCIAL MEDIA
58% of businesses experiencing hyper-growth directly attribute this to increased spend on social media advertising
Businesses experiencing hyper-growth are more likely to specifically use social media to drive sales or growth
LINKEDIN OFFERS OPPORTUNITIES FOR FINANCIAL PROVIDERS TO INFORM AND INFLUENCE BUSINESSES
78% of businesses use social media for financial purposes
55% of businesses are open to receiving financial information from LinkedIn
66% of LinkedIn users have been driven to action by content on the network
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SMBs are a highly attractive audience, and social media offers a unique opportunity to engage with them
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SMBs in Australia are currently experiencing widespread growth…
Have experienced an increase in total revenue over the past year
Have experienced an increase in customer/client numbers over the past year
Have experienced an increase in overall
profitability over the past year
70%
69%58%
Base: 240 businesses
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81%Of businesses currently use social media
6%Plan to use social
media in the future
Social media is used by the vast majority of businesses in Australia…
Base: 223 businesses
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Social media is largely used for marketing and generating awareness. Top 5 uses of social media
Deliver content and new information about my company
01 51%
03 Generate word-of-mouth about my company
48%
04 Maintain a company presence and identity
45%
05 Promotional purposes and to provide deals
44%
02 Advertise to help increase awareness
49%
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build awareness89%
Increase sales84%
drive business growth
82%
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As such, many SMBs see social media as a vital tool for generating growth.
% agreeing that…
Base: 167 small/medium/large businesses experiencing revenue growth
67% Using social media helps/will help me to stay ahead of the game
72% I see social media as essential for the future of my company
73% Social media is important for marketing my company
73% Having my company presence on social media is important
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The #1challenge facing businesses in today’s market is attracting new customers
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65%say social media is a
vital resource for getting new customers
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88%Advertise to help
increase awareness of my company, products
and services
83%Maintain a company presence and identity
79%Deliver content and
new information about my company
SMB’s see social media offering an effective channel for Marketing and Driving Business.
% reporting that social media is effective for…
BRANDING
ADVERTISING CONTENTDELIVERY
77%Generating new business
leads
LEAD GENERATION
Base: 214 social media users who access for specific business purposes
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75%Find vendors/
companies that can help my company
73% 65%Learn from experts
in my industry
…. Along with impacting operational efficiencies and sourcing % reporting that social media is effective for…
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Find and source new employees
71%Customer service/
support
FIND VENDORS
INDUSTRY INSIGHTS
RECRUITCUSTOMER
SERVICE
Base: 214 social media users who access for specific business purposes
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GROWTHIncrease in overall revenue compared to last year
57%
30%
13%
NON-GROWTHDecrease/No change in
overall revenue YoY
HYPER GROWTHSignificant increase in overall
revenue YoY
This in turn provides businesses with the opportunities needed to grow…
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Base: 240 small/medium/large businesses
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Over half of business experiencing hyper-growth directly attribute revenue to social media spend.
% reporting that social media spend contributed to revenue growth
Hyper Growth
58%Growth
39%
Base: 167 small/medium/large businesses experiencing revenue growth
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Businesses in hyper-growth are more likely to use social media specifically to drive sales and/or grow their operations
Reported motivations for using social media
Base: 167 small/medium/large businesses experiencing revenue growth
91% 86% 79%90% 97% 100%
BUILD AWARENESS INCREASE SALES DRIVE GROWTH
Businesses experiencing revenue growth Businesses experiencing revenue hyper-growth
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Social media (and LinkedIn in particular) is highly influential when choosing a financial services provider
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Over 3 in 4 use social media for financial purposes…
Top 5 uses of social media for financial purposes
Keep up-to-date on financial trends
01 43%
02 Gather preliminary financial information
40%
03 Seek advice on a financial decision
32%
04 Recommend a financial product to others
26%
05 Evaluate or re-think a previous financial decision
21%
Base: 223 social media users
have used social media for finance-related reasons78%
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…with more than half of respondents suggesting they are open to receiving financial information from LinkedIn
Openness to receiving financial content and information on social media sites
of hyper-growth businesses are receptive to receiving financial content on LinkedIn
68%
55% 41% 35% 21% 18%46%
Base: 240 small/medium/large businesses
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CREDIBILITY61% agree that LinkedIn allows them to build credibility.
CONNECTION66% agree that LinkedIn lets them connect with vendors or potential partners.
CONTEXT64% agree that LinkedIn provides a relevant context to promote and advertise their company.
COMMUNITY69% agree that LinkedIn provides access to a broader community of other companies to seek opinions.
LinkedIn is seen to provide businesses with the 4Cs…
Base: 143 LinkedIn users
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...providing a valuable resource across different activities in the SMB value chain
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Open Innovation
Marketing& Sales
Sourcing
Customer Service
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This allows LinkedIn to drive action through the content provided to businesses...
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Learned of a new financial company
Shared information about financial trends, products or
companies
Contacted a financial representative / asked for
additional information
Discussed a financial product with a friend or colleague
Learned of a new financial product/policy
Conducted additional research on a financial product
29% 27% 24%
22% 19% 17%
Base: 143 LinkedIn users
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…to a greater extent than other social media providers.
% who actioned a response after receiving information on each network
50%59%66%
of hyper-growth businesses actioned a response based on LinkedIn content
71%
Base: 143 LinkedIn users; 177 Facebook users; 124 Twitter users
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Ensuring that LinkedIn users discover and consider information is vital to driving action…
Path to Purchase
DISCOVERYGather info / stay up-
to-date
CONSIDERATIONSeek advice/info to make a
purchase
DRIVEN TO PURCHASE ON LINKEDIN
(any action)
82%
Base: 143 LinkedIn users
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…and also to drive purchases.
Path to Purchase
DISCOVERYGather info / stay up-
to-date
CONSIDERATIONSeek advice/info to make a
purchase
DRIVEN TO PURCHASE ON LINKEDIN
(Insurance policy and/or investment product)
36%
Base: 143 LinkedIn users
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SMBs are a highly attractive audience, and social media offers a unique opportunity to engage with them
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There are opportunities to drive exploration of content by providing information aligned to their businesses needs…
Top 5 types of financial content expected on social media
Base: 240 small/medium/large businesses
26%
26%
25%
21%
21%
52%
48%
46%
46%
44%
22%
26%
29%
33%
35%
New product information
Industry news / strategy information
Market and economic commentary
Networking opportunities
Company background
Info actually received Info expected to be received Remainder info
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Build your followers
Encourage referrals and recommendations
Provide real-time assistance
Build community
Publish thought leadership
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UPDATE
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GROUPS
…which allows us to build relationships with SMBs through various touch points on LinkedIn.
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v
Best practices for marketers
Enable learning throughout each phase of the purchase path
Fulfill unmet content needs
Target hyper-growth companies
Provide resources for the entire SMB value chain
Build your credibility by facilitating open dialogue with these businesses