US small businesses are adopting new strategies to improve the efficiency of the businesses, in time of economic downturn. This is clearly evident as more and more businesses are now looking for social media to promote their businesses.
The Small Business Success Index (SBSI) reports, adoption of social media by small businesses had become twice from 12% to 24% in the last year. The SBSI found that one in five small business owners are using social media for their business.
SMBs viewed customer engagement as the biggest use of social media. 61% of the respondents said that social media helps them in identifying new customers. The small business owners are expecting befits such as expansion of external market, customer engagement, identifying and attracting new customers and increase in brand awareness, from social media..
Small businesses are found to be highly customer oriented. They are highly successful in answering customer queries, providing customer satisfaction, showing empathy, providing consistent service to customers, solving their problems and thereby winning repeat business. It was found that four of the six customer service dimensions, have improved strongly compared to last year, most significant being ensuring customer satisfaction.
Data reveals that, 75% of the companies surveyed have a company page on atleast one social networking site. 57% have built a network by sites like LinkedIn. 45% expect social media to improve their profits in next 12 months.
Due to this practice of making social media as a part of their businesses, the SMBs have seen positive results, despite economic downturn. 72% have found to operate more efficiently. 47% of them involved in finding new products and services that benefit customers. 43% have benefited by formation of better teams in their organizations as difficult times force people to work together.