The Role of Social Media in driving SMB Growth
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Understand how social media fuels SMB growth, Learn from the results of a research in India on the challenges and opportunities for SMBs utilizing the social channel. This presentation was unveiled at Finance Connect in Mumbai on 10th June 2014, presented to the
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The Role of Social Media in driving SMB Growth
- 1. #inFC14 1 The role of social media in driving SMB growth Market Report: India Full Research Results
- 2. #inFC14#inFC14 2 SMEs surveyed across India 168 Influence Primary decision maker or strong level of influence in financial decisions This report explores the way in which SMEs in India make use of social media Small/Medium 1 to 1000 employees INR 5 to 500 crore revenue
- 3. #inFC14#inFC14 SMEs in India are currently experiencing widespread growth 3 Base: 168 small and medium enterprises 46% 57% 67% 73% 79% Number of employees Number of products or services Overall profitability Number of customers or clients Overall revenue SMEs Experiencing Year Over Year Increase in…
- 4. #inFC14#inFC14 11% 6% 16% 32% 35% More than 3 years India SMEs are seasoned social media users 4 Base: 168 small and medium enterprises Plan to use in the future Just getting started Less than 12 months Business Experience with Social Media 1 to 3 years
- 5. #inFC14#inFC14 The #1 challenge facing SMEs in today’s market is attracting new customers 5#inFC14 Base: 168 small and medium enterprises Attracting new customers 72% Finding/hiring employees 71% Reducing costs 57% Increasing profit margins 54% Training, etc., employees 54% Retaining cur. customers 46% Keeping up w/technology 46% Understanding social media 45% Managing business ops. 44% Marketing and advertising eff. 44% Managing cash flow 42% Time-saving solutions 41% Assessing competition 40% Finding answers to Qs. 35% Getting credit/financing 33% Understanding gov. regs. 21% Challenges SMEs Face in Next 12 Months
- 6. #inFC14#inFC14 Social media is one of the top three forms of advertising driving revenue growth Advertising Contributing to SME Revenue Growth 6 Base: 133 small and medium enterprises experiencing revenue growth Redirecting websites Online ads not social Offline ads Direct post Events Social media/ social ads Email marketing 17% 22% 24% 25% 38% 39% 46%
- 7. #inFC14#inFC14 Financial Uses of Social Media by SMEs Keep up-to-date on financial trends 01 60% 02 Gather preliminary financial information 39% 03 Seek advice on a financial decision 34% 04 Evaluate or re-think a previous financial decision 23% 05 Recommend a financial product to others 21% Base: 168 small and medium enterprises 7 69%Discovery 44%Consideration 21%Recommendation 80% 20% Gender Use for Any Financial Purpose The vast majority of SMEs use social media for financial purposes
- 8. #inFC14#inFC14 More than six in 10 SMEs are open to receiving financial content from LinkedIn Openness to Receiving Financial Content on Social Media Sites 8 of growth businesses are receptive to receiving financial content on LinkedIn 67% 62% 33% 29% 12%33% Base: 168 small and medium enterprises
- 9. #inFC14#inFC14 This allows LinkedIn to drive action through the content provided to businesses 9 Base: 168 small and medium enterprises 5% 7% 13% 15% 16% 22% 24% 25% 27% 29% 31% Closed a financial account Opened a new financial account Purchased an insurance policy Purchased an investment product Contacted a financial representative Discussed a financial product/policy Shared information about financial trends, etc. Asked a financial professional for information Learned of a financial product/policy Conducted research on a financial product/policy Learned about a financial company/institution SeniorityActions Taken by SMEs as Result of Social Media Use
- 10. #inFC14#inFC14 1/3 of SMEs activated by social media purchased a financial product or service Path to Purchase 10 DISCOVERY Gather info / stay up- to-date CONSIDERATION Seek advice/info to make a purchase DRIVEN TO PURCHASE ON LINKEDIN (Insurance policy and/or investment product) 34% Base: 109 small and medium enterprises that actioned a response
Notas do Editor
- As part of a larger global study, we surveyed 168 SMEs – Small and medium enterprises fall between INR 5 to 500 crore Fieldwork Dates: 18 May to 27 May, 2014 Recruit was filtered by Individuals who own or who are currently employed in a senior role in a businesses with a total annual revenue of INR 5 to 500 crore The business had to currently make use of social media or plan to use it in the future Had to be the primary decision maker or have a strong level of influence over financial decisions in their business Had to make financial decisions that influenced the entire business or their division/business unit Survey targeting: Company Size 1-1000 or SMB Inferred 50+ connections CXOs, Small Business Owners and Partners seniority
- QUESTION TEXT (‘CHANGE’): For each of the following statements, please indicate whether your business has increased, decreased or stayed the same this year compared to last year?
- QUESTION TEXT (‘SM_USE’): How long has your company been using social media? Businesses not currently using or not planning to use social media were excluded from the survey. Just getting started 6% Less than 12 months 16% 1-3 years 32% More than 3 years 35% Do not currently, but plan to use social media in the future 11% Do not currently, and not planning to use social media in the future 0%
- QUESTION TEXT (‘CHALLENGES’): We would like to better understand the range of challenges you face as a financial decision maker or influencer. Which of the following challenges will your company face in the next 12 months? Attracting new customers 72% Finding and hiring good employees 71% Reducing costs 57% Increasing profit margins 54% Training, motivating, and retaining employees 54% Retaining current customers 46% Keeping up with technology 46% Understanding how social media can impact my business 45% Efficiently managing business operations and back office work 44% Marketing and advertising effectively 44% Managing cash flow 42% Finding and implementing time-saving solutions or processes 41% Learning how my company is doing relative to competitors 40% Finding answers to my questions about how I can improve my company’s business 35% Getting credit/financing/access to funding for my company 33% Understanding how to work within government regulations 21% None of these 1%
- QUESTION TEXT (‘CAUSES’): Which of the following forms of advertising would you say has contributed to the growth that your business has experienced over the past year? Email marketing 46% Social media and social ads (e.g. Promoted tweets, Sponsored updates, Display/text ads on social media) 39% Events 38% Direct post 25% Offline ads (e.g. TV, Print, Radio, Outdoors) 24% Online ads not on social media (e.g. Display, Video, Ad words, Search, etc.) 22% Redirecting websites (e.g. Yellow pages) 17% Other (please specify) 12% None of these 12%
- QUESTION TEXT (‘REASONS’): For which of the following purposes have you turned to social media? Consideration (54% use social media for financial ‘Consideration’ purposes) Use social to seek advice or gather info to make a financial decision or/and evaluate or re-think a financial decision
- QUESTION TEXT (‘OPEN’): How open are you to receiving financial content and information from companies you do business with on the following media sites/services? LinkedIn was also the most popular network amongst those experiencing revenue growth (full stats below, Base: n=108 SMEs experiencing revenue growth) LinkedIn - NET open 67% Facebook - NET open 35% Google - NET open 35% Twitter - NET open 32% Pinterest - NET open 13%
- QUESTION TEXT (‘RESULTS’): Which of the following actions, if any, have ever occurred as a result of your hearing or reading something on social media? FULL BREAKDOWN OF ACTIONS ON LINKEDIN Learned about a financial company/institution I/my company was not previously aware of 31% Conducted additional research on a financial product/policy or account type 29% Learned of a financial product/policy or account type I/my company was not previously aware of 27% Asked a financial professional for additional information about a financial product/policy or account type 25% Shared information about financial trends, products/policies/solutions, or financial institutions/ companies 24% Discussed a financial product/policy or account type with a family member, friend, or colleague 22% Contacted a financial representative 16% Purchased an investment product 15% Purchased an insurance policy 13% Opened a new financial account 7% Closed a financial account my company previously owned 5% Other (please specify) 1% None of the above 35%
- QUESTION TEXT (‘RESULTS’): Which of the following actions, if any, have ever occurred as a result of your hearing or reading something on social media? Value Chain Questions: QUESTION TEXT (‘REASONS’): For which of the following purposes have you turned to social media? Discovery (86% use social media for financial ‘Discovery’ purposes) Use social media to gather preliminary information or/and Stay up-to-date on financial trends/ products/ companies Base: 135 small and medium enterprises who used social media for financial purposes Consideration (54% use social media for financial ‘Consideration’ purposes) Use social to seek advice or gather info to make a financial decision or/and evaluate or re-think a financial decision Base: 135 small and medium enterprises who used social media for financial purposes