Despite its unequivocal position as the latest fad in business marketing and an immense legion of business execs and media sources touting its merits, a recent study shows that small businesses aren’t capitalizing on social media. While large, well-established corporations have jumped on the social media bandwagon with unbridled abandon, small- and medium-sized businesses appear reluctant to adopt this marketing trend.
According to the 2010 Business Monitor United States report, just 24 percent of small and medium businesses have generated sales through social media, and less than 1 percent cited social media as the dominant factor in promoting their business. Instead, companies have continued to utilize somewhat antiquated means of attracting customers, including old-fashioned word of mouth, networking events and traditional advertising. This aversion is quite surprising considering the ample amount of information and resources for implementing social media advertising currently available to business owners. (more…)