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The social advantage

21 June 2013
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Fresh research delivers proof that social media-savvy businesses go against the grain with revenue results.

According to the latest MYOB Business Monitor small and medium business operators (SMEs) who embrace social media were much more likely to see a revenue rise than a fall in the year to February 2013.

Specifically, SMEs using social media were 56 per cent more likely to see a revenue rise, with 28 per cent reporting a rise in revenue and 18 per cent reporting a fall. This is compared to the national average of all businesses with 18 per cent rise and 39 per cent fall in revenue respectively.

The research also found a rise in social media usage in the previous nine months, with 20 per cent of SMEs surveyed using the medium for business purposes, up from 16 per cent.

This was highest amongst Gen Y (30 per cent), followed by Gen X (22 per cent) and Baby Boomers (18 per cent), then those aged 65+ years (nine per cent). The latter was the only generation to decrease its usage.

Commenting on the findings, MYOB CEO Tim Reed said the growing usage and impact of social media in the corporate world across various industries is changing the face of the market we work in,

“One in five business owners now wear an additional hat – social media manager. Those who embrace that role are reaping rewards beyond building closer relationships with customers, suppliers, partners and others. The financial benefits are clear,” he said.

“Many of these social tools, like Facebook or a blog, don’t need an investment of money to raise a business’s profile, communicate with its target audiences and generate leads; although they do require time. Despite this, only one fifth use social channels. This compares to nearly half of all business owners using smartphones and over one quarter using tablet devices.

“Our research suggests it’s due to a lack of confidence in knowing how to employ social and other online tools that is holding others back. More than half our respondents said they would vote for the political party that proposed providing free government-funded training to all small businesses on how to use the internet to enhance and grow their business. It was good to see some money put aside in last month’s budget for this purpose.”

Over the past year, the report also found business usage of various social media channels to be either steady or on the rise:

  • 19 per cent used Skype or VOIP to make free business phone calls (vs. 16 per cent in the July 2012 report)

  • 18 per cent networked with business colleagues and/or clients on LinkedIn (vs. 13 per cent)

  • 16 per cent connected with customers and fans via a business page on Facebook, YouTube or Google+ (vs. 15 per cent)

  • Nine per cent shared news and updates via a company blog (vs. nine per cent)

  • Six per cent communicated via micro-blogging sites such as Twitter (vs. five per cent).

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