SCORE Small Business Blog

Are You Taking Advantage of Social Media & Online Tools?

A recent CitiBank survey of small business owners found that most are not taking advantage of social media and online tools. However, it also showed that younger entrepreneurs (those under age 45) were more skilled at online marketing, giving them an advantage.

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Here are some of the most notable survey results:

• 81% of entrepreneurs still don’t take advantge of social media
• 47% don’t think that Facebook, Twitter or even LinkedIn are beneficial to their business
• 40% of small businesses don’t have a web site
• 84% don’t provide for e-commerce
• 62% don’t use email marketing

Why is Social Media Relevant to Your Business?

It’s time to start taking advantage of all the web has to offer. As a business owner, you have to go where your clients are. According to Google, Facebook is the most trafficked site in the world, with Twitter ranking #18 and LinkedIn coming in the top 100 at #56. Facebook alone has more than 400 million active users who spend over 500 billion minutes per month on the site. Twitter has over 100 million registered users and adds an average of 300,000 new users a day. Similarly, LinkedIn has over 70 million members with a new person joining every second.

Web Business Basics

Even more important than your social media involvement is your business web site. With all the site creation tools and hosting options, there’s no excuse not to have a professional site. This dramatically increases your business’s chances for growth and success. Not convinced? Here are the stats to prove it.

• Online retailers are acquiring new customers at a 15% annual rate versus 2% for traditional brick and mortar retail outlets.
  Deloitte & Touche USA, 11/2006
• Consumers are 50% more likely to be influenced by blogs and e-mails than TV or radio advertising.
  EPM Communications, 04/2006
• 54% of consumers referred a friend to a vendor found online.
  Nielsen/Net Ratings, 11/2006
• Online sales are growing at a rate between 20 and 25% per year. Online sales (including travel) are projected to reach $211.4 billion this year.
  Shop.org, 07/2006

Get Started Today

In this Internet age, you can’t afford not to be more engaged online. After all, your competitors are already making online connections. To get help developing your web presence and marketing online, visit your local SCORE office or ask a SCORE mentor for help online.

Jacalyn Barnes, SCORE
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