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Social Media – Small Business Pulse Survey

 

The Alternative Board found, in a study they recently conducted, that 64% of small business owners are looking at their social media accounts one time or less per week. Only 22% monitor it a few times a year. If social media is a valuable, practical and cost efficient, why aren’t business owners spending more time on it?

The study revealed that 59% of entrepreneurs interviewed think it is a “nice to have” and not an essential function. A surprising 18% of owners have no social media accounts set up for their business.

Moreover, the study found that six percent of small business owners are not focusing on tracking appropriate ROI measures, they still measuring vanity metrics such as likes, views or shares. A staggering 43% are not tracking performance at all.

These numbers highlight the lack of attention business owners are dedicating to social media. For example, the majority of people surveyed (67%) are delegating their social media accounts to staff that have little experience – not experts – to
manage them.

As a result, CEOs are not seeing the full value of their social media activity. They are not assigning enough resources to it. By delegating this activity to people who are subject matter experts (SME), they will not only see improved results; they will also have more time to focus on what matters most: Working on the business.

While most business owners are reluctant to use social media to build their brand, they do see value in these channels to advance their company’s strategic goals. They cite LinkedIn as the most efficient (38%) followed by Facebook (32%), Google+ (17%) and Twitter (6%).

The data seems to suggest that business owners view social media as a tool for business development rather than a communication channel with their consumers. Understanding the value and reach of each network – LinkedIn, Facebook, Twitter, Instagram – can help business owners develop an overarching strategy to maximize the value of growing the business while maintaining an open communication channel with their existing consumers.