Social media is a vital tool for SMBs with 89% using social media to build awareness and 72% seeing 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. LinkedIn offers opportunities for financial providers to inform and influence businesses through content on the LinkedIn platform.
3. #inFC14#inFC14
Key Findings
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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
4. #inFC14
SMBs are a highly attractive
audience, and social media offers
a unique opportunity to engage
with them
5. #inFC14#inFC14
SMBs in Australia are currently experiencing widespread growth…
5
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
6. #inFC14#inFC14
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…
6
Base: 223 businesses
7. #inFC14#inFC14 7
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 awareness
89%
Increase sales
84%
drive business
growth
82%
8. #inFC14#inFC14
As such, many SMBs see social media as a vital tool
for generating growth.
% agreeing that…
8
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
9. #inFC14#inFC14
The #1challenge facing businesses in today’s market is attracting
new customers
9
65%say social media is a
vital resource for
getting new customers
#inFC14
10. #inFC14#inFC14
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…
10
BRANDING
ADVERTISING CONTENT
DELIVERY
77%
Generating new
business leads
LEAD
GENERATION
Base: 214 social media users who access for specific business purposes
11. #inFC14#inFC14
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
RECRUIT
CUSTOMER
SERVICE
Base: 214 social media users who access for specific business purposes
12. #inFC14#inFC14
GROWTH
Increase in overall revenue
compared to last year
57%
30%
13%
NON-GROWTH
Decrease/No change in
overall revenue YoY
HYPER GROWTH
Significant increase in overall
revenue YoY
This in turn provides businesses with the opportunities needed to
grow…
12
Base: 240 small/medium/large businesses
13. #inFC14#inFC14
Over half of business experiencing hyper-growth directly attribute
revenue to social media spend.
% reporting that social media spend contributed to revenue growth
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Hyper Growth
58%
Growth
39%
Base: 167 small/medium/large businesses experiencing revenue growth
14. #inFC14#inFC14
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
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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
15. #inFC14
Social media (and LinkedIn in
particular) is highly influential when
choosing a financial services
provider
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16. #inFC14#inFC14
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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17. #inFC14#inFC14
…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
17
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
18. #inFC14#inFC14
CREDIBILITY
61% agree that LinkedIn allows them
to build credibility.
CONNECTION
66% agree that LinkedIn lets them connect
with vendors or potential partners.
CONTEXT
64% agree that LinkedIn provides a relevant
context to promote and advertise their
company.
COMMUNITY
69% agree that LinkedIn provides access to a
broader community of other companies to seek
opinions.
LinkedIn is seen to provide businesses with the 4Cs…
18
Base: 143 LinkedIn users
19. #inFC14#inFC14
...providing a valuable resource across different activities in the
SMB value chain
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Open
Innovation
Marketing
& Sales
Sourcing
Customer
Service
20. #inFC14#inFC14
This allows LinkedIn to drive action through the content provided
to businesses...
20
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
21. #inFC14#inFC14
…to a greater extent than other social media providers.
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% 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
22. #inFC14#inFC14
Ensuring that LinkedIn users discover and consider
information is vital to driving action…
Path to Purchase
22
DISCOVERY
Gather info / stay up-
to-date
CONSIDERATION
Seek advice/info to make a
purchase
DRIVEN TO PURCHASE
ON LINKEDIN
(any action)
82%
Base: 143 LinkedIn users
23. #inFC14#inFC14
…and also to drive purchases.
Path to Purchase
23
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)
36%
Base: 143 LinkedIn users
24. #inFC14
SMBs are a highly attractive
audience, and social media offers a
unique opportunity to engage with
them
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25. #inFC14#inFC14
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
25
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
26. #inFC14
Build your followers
Encourage referrals and
recommendations
Provide real-time
assistance
Build community
Publish thought
leadership
LIKE
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SHARE
▪
COMMENTFOLLOW INMAIL
SPONSOR
UPDATE
26
GROUPS
…which allows us to build relationships with SMBs
through various touch points on LinkedIn.
27. #inFC14
v
Best practices for marketers
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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
Hinweis der Redaktion
Q33. On which social media sites have any of the following actions ever occurred as a result of your hearing or reading something on social media?
Q33 (q27) and vs. Q9
FULL BREAKDOWN (* indicates low base)
Living Social = 77%*
Google+ = 72%
LinkedIn = 66%
Pinterest = 60%*
Facebook =59%
Foursquare = 58%*
Yelp = 57%*
Twitter = 50%
Q33. On which social media sites have any of the following actions ever occurred as a result of your hearing or reading something on social media?
Q33 (q27) vs. Use of social media for financial purposes (2)
Discovery (61% 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
Consideration (43% 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
Q33. On which social media sites have any of the following actions ever occurred as a result of your hearing or reading something on social media?
Q33 (q27) vs. Use of social media for financial purposes (2)
Discovery (61% 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
Consideration (43% 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