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Small business dominates with social media

Staff Reporter 2 minute read

Almost three quarters of small business owners are now using social media to communicate with customers.

A recent survey conducted by Bibby Financial Services has revealed 73 per cent of small business owners in Australia are currently using social media tools.

Young business owners are most likely to use social media, with 83 per cent of respondents aged 18-39 confirming they use the technology, compared to only 56 per cent of older business owners.

Mark Cleaver, managing director at Bibby Financial Services, said the trend towards using social media is set to continue.

“Social media is increasingly being used as an essential channel to boost awareness of small businesses and their brands and to reach new and existing customers.

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“As Generation Y gradually takes over the leadership of small and medium-sized enterprises (SMEs) from Generation X, many of whom will retire over the next 10 to 20 years, this will further entrench the use of technology and social media,” he said.

The survey reveals just over half of all small businesses believe that technology such as smartphones, tablets and cloud technology can give them an advantage over big business.

A recent survey of mortgage brokers, conducted by The Adviser, revealed 54.1 per cent of brokers are currently using social media in their business.

Of these, a majority of respondents said they were using Facebook, with networking the most common objective.

Only 18 per cent of respondents, however, said social media had directly improved their bottom line.

Small business dominates with social media
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