Social Media Impacts on Small Business [infographic]

Strategy Plan One

August 4, 2012

Social Media and Small Business

Small businesses face a significant uphill battle in these economic times to engage and communicate with consumers.  Marketing and communications have vastly changed over the past few years, and with the add-on of social media as a tool, measurable benefits and trends are occurring with the small business sector.

This informative graphic from Bolt Insurance highlights the following small business and social media statistics and trends:

  • 81% of small business use social media to get their message out and engage with customers
  • 95% use email marketing
  • 98% of small business engage in website marketing
  • 62% of businesses not using social media will plan to in the next year
  • 81% that currently use social media will step up efforts in the next year

Top challenges small businesses face according to this survey:

  • 80% claim attracting new customers are the biggest challenge
  • 52% state obtaining referrals as the greatest issue
  • 41% of small business would like to squeeze and maximize results with marketing dollars 

Social media effectiveness:

  • 82% state Facebook as the most effective social media platform
  • 73% of respondents say YouTube most effective
  • 47%  LinkedIn 
  • 47% claim Twitter is the most effective social media site

View some more interesting statistics in the infographic below.

small business marketing

 

Courtesy: Bolt Insurance

As an entrepreneur / small business, it is advantageous to stay on track with developing trends and to design products and services that not only meets current customer demand, but also future consumer needs.  Review and analyze marketing conditions and trends, and plan accordingly.

Here are some additional Social Media articles, blogs and infographics:

More business blogs of interest:

 

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© 2012 Strategy Plan One

Social Media, Mobile and Internet Data by the Minute [infographic]

Strategy Plan One

June 22, 2012 

Social Media, Mobile, Internet Data

It is mind boggling how much data we create and digest through multiple forms of electronic media and devices.  Taking the business perspective on the “data created every minute” information in the infographic from Domo:

  • Consumers spend over $272,000 / minute – sites are showing trends in e-commerce fused with social media activities
  • Brands receive ~35,000 likes / minute on Facebook – does your business have a presence in social media sites?
  • YouTube users upload 48 hours of content / minute – Sites with video lead to more sales
  • Mobile increases its user base by 217 every minute – trends are favorable in mobile app and e-commerce through mobile devices
  • Facebook users share almost 700,000 pieces of content / minute – as an astute marketer in your business, create valuable content worth sharing

social media mobile internet data by the minute

Here are some additional Social Media articles, blogs and infographics:

More on Mobile Market and Mobile Apps:

 

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© 2012 Strategy Plan One

Social Media Use, From the Employer Perspective [infographic]

Strategy Plan One

June 17, 2012 

Social Media Use

Social media is everywhere and too hard to avoid and easy to connect, whether at home, on the road using mobile devices, or at work (shhh – using work computer during work hours).  However, employers have long observed the “use at work” trend, and while some encourage use of technology at work, some have implemented acceptable computer and internet use policies limiting or eliminating using social media sites.  Does your company have a policy?

Here is an interesting infographic from Pay Scale highlighting the employer perspective on social media use at work.

  • 55% of Employers have a formal Policy on Social Media Use
  • 42% Employers say “NO” to social media use at work
  • 59% of media companies encourage employees to use social media at work
  • 71% of energy companies forbid using social media at work
  • 65% of companies use social media for human resource recruiting

Social media - Use at work

Source:  Pay Scale

Here are some additional Social Media articles, blogs and infographics:

Twitter Statistics Showing Exponential Growth [infographic]

Digital Marketing – Conversion Opportunities for Business

Social Media Buttons for Targeting Your Business Audience [infographic]

Social Media Statistics on the Fortune 500 Companies [infographic]

Social Media Statistics on Pinterest – Traffic and Online Sales Impacts

Strategy Plan One

http://strategyplanone.com

Business information, resources and tips for the entrepreneur

© 2012 Strategy Plan One

Twitter Statistics Showing Exponential Growth [infographic]

Strategy Plan One

May 27, 2012 

Twitter Statistics

In the past 8 months, the Twitter user base has tripled to approximately 580 Million users…  almost 1/12 of the world’s population.

Where are your business markets?  The biggest percentage of users by country:

  • US :  24.5%
  • Japan: 6.9%
  • India: 5.6%
  • UK: 5.1%
  • Spain: 4.2%
Consider the marketing impact of using Twitter to get your targeted business message out to approximately 140 Million active Twitter users.   Here are some other statistics of interest in this infographic by RIA Novosti.

Twitter Statistics

Courtesy: Rian.ru.

Other business blogs and Infographics on social media:

Social Media Marketing Information:

Strategy Plan One

http://strategyplanone.com

Business information, resources and tips for the entrepreneur

© 2012 Strategy Plan One

Communication Strategies, Policies and Processes to Control Messages

Strategy Plan One

May 25, 2012 

communication strategiesCommunication Strategies

Businesses come across difficult scenarios which require careful external and internal communications.  Depending on the severity of the situation, communication strategies, plans, policies and procedures need to be developed for staff and leaders to respond appropriately.

Communication Strategies Plan

Like business and marketing planning, you need to develop a communications plan.  Ensure you have a communication strategies plan which may include:

  • Communication policies
  • Education and development opportunities in communications
  • Process for gathering information from area experts
  • Procedures for approved external communication lines
  • Designation of approved spokespersons within your organization
  • Development of action plans following communications

Communication Policies

Communication policies in your organization will set the rules and help staff get organized around communications needed internally and externally.  These guidelines and rules will illustrate how staff should discuss issues and who can handle communications in the organization.  It will help organize staff in the event that a serious situation arises that requires carefully controlled communications.

If your organization is large enough, your may have policy specialists who may undertake a formal policy development process.  Drafting clear and concise policies will assist in establishing solid guidance and help with a thorough understanding of company policies.

communication strategiesEducation and Learning Opportunities in Communications

It would be advantageous for you as the leader in your organization or your designated communications lead to hold sessions for your staff.  Staff need to be aware of the policies and procedures around communications to ensure situations are handled appropriately.  Learning sessions will keep everyone informed on the proper protocol for communications and staff will be well informed on the “what ifs” that pop up from time to time.

Internal capacity building should include opportunities for staff to build skills in communications, whether those skills are centered on oral or written communications.  Building individual capacities will build organizational capacities – worthy investments.

Gathering Information for your Communication Strategies

As a leader, you should have procedures to delegate some of the responsibility around information gathering to area leads, area experts.  As an executive you may not be the professional at all operational levels… that’s why you hire area experts to inform your decisions.  Have a procedure for circulation of communications to area experts to fill in the appropriate level of detail.  Following through the track of approvers, you and your communication specialists will craft the communications for the audience.

Approved Communication Lines

As part of the policies and procedures, you communications person along with management will approve of the appropriate communication lines that either a spokesperson or communications lead will use.

Approved Spokesperson

Appropriate communications is an art and a professional career.  The organization should have procedures around who in the organization should be talking to the public, external parties or the press.  A dedicated, trained spokesperson would be approved by the organization and would know the appropriate tactics to use to adequately handle the situation with press, ensuring the organization does not get into hot water.  They would be able to temper the press or stakeholders appropriately, taking an inflamed scenario and turning it into a positive one.

Action Plan

Internally your team should be developing an action plan following the release of information.  Depending on what type of message it is and how severe, you can gear up your team to be pro-active.  This preparedness will lessen the blow externally or internally.

Example

An organization has been rumored to lay off several hundred people at one location which would have severe economic impacts for a small town.  This information may have been stretched and fabricated.  The press has been notified and is looking interview the company for more information for their news story.  This could gain the wrong attention for the national corporation and could have a wide-reaching negative impact for the public company.

Communication unit and all management would develop a communications plan around this scenario and ensure that approved communications lines have the corrected information in it.  The organization would then move forward with having the approved communication person who has been trained to handle external pressures, be interviewed by the press and provide the correct information about correct job training programs in place, with no negative employment effects.

Strategic Business blogs:

Other communication information you may be interested in:

Strategy Plan One

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Business information, resources and tips for the entrepreneur

© 2012 Strategy Plan One

Social Media Buttons for Targeting Your Business Audience [infographic]

Strategy Plan One

May 25, 2012 

Social Media Buttons

Many businesses need to consider what social media platform to use when messaging and targeting audiences, as each represents slightly differing markets. Some provide great referral traffic and significant volumes of traffic to your business.  Some social media platforms are dominated by male users, while others have a majority of female users.

Whether you are focused on Business to Business (B2B) or Business to Consumer (B2C), here are some of the highlights of the business perspectives from this infographic:

  • Largest volumes of uses:  Facebook, Twitter, LinkedIn
  • Female audience majority: LinkedIn, Pinterest, Twitter
  • Male audience majority: Google+, Facebook
  • B2B: LinkedIn, Twitter, Facebook
  • B2C: Stumbleupon, Digg
  • Referral Traffic:  Facebook, Stumbleupon, Twitter, Pinterest
Here is another infographic on social media buttons for business from TheSearchAgents.

social media buttons for busines

Other Social Media blogs and infographics:

 

Strategy Plan One

http://strategyplanone.com

Business information, resources and tips for the entrepreneur

© 2012 Strategy Plan One

Social Media Statistics on the Fortune 500 Companies [infographic]

Strategy Plan One

May 22, 2012 

Social Media Statistics

How well are Fortune 500 companies doing in the social media world?  Here’s some more social media statistics on Fortune 500 companies through this Infographic by Go-Gulf web technologies.

Highlights of Fortune 500 companies and integration into social media:

  • Only 23% have corporate blogs, compared to 37% of Inc 500 companies 
  • Majority of blogs centered on consumer goods (clothing, retail, electronics, etc.)
  • 62% have a Twitter account, with Google at the top with 4.8 Million followers
  • 58% have a Facebook page, with Coca-Cola leading with ~ 42 Million likes

social media statistics - Fortune 500 companies

Other blogs on social media you may be interested in:

Strategy Plan One

http://strategyplanone.com

Business information, resources and tips for the entrepreneur

© 2012 Strategy Plan One

Social Media Statistics on Pinterest – Traffic and Online Sales Impacts [infographic]

Strategy Plan One

May 19, 2012 

Social Media Statistics – Pinterest

Here is some proof that Pinterest, the growing social media pinning site, is gaining massive e-commerce momentum.  Check out these statistics illustrated in this infographic from Shopify on Pinterest:

  • 3rd most popular social media site
  • 145% – daily growth in new users
  • 16% gain (over 2011) stores citing revenue from Pinterest
  • Over 400% increase in online orders from pins over the last 6 months
  • $80 average order through Pinterest

social media statistics - Pinterest

Check out some more interesting social media blogs:

Strategy Plan One

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Business information, resources and tips for the entrepreneur

© 2012 Strategy Plan One

Social Media Sites – Pushing Over Valuation (Infographic)

Strategy Plan One

April 17, 2012 

Social Media Sites

We have all heard the hype and buzz around the valuations of social media sites.  These sites have gained massive users quickly and before you blink, now are worth billions.  With Facebook on the verge of an Initial Public Offering (IPO), the estimated value puts Facebook near $100 Billion, 50 times revenue value!

Here is an interesting look at timelines, revenues and valuations of social media sites, courtesy of gplus.com.  Statistics and valuation highlights of this infographic on social media site valuation:

  • Facebook: $3.7 Billion in revenue (2011), 1 Billion users, $100 Billion valuation (50 times revenue)
  • Twitter: $150M Revenue, 300 M users, $7.7B value (50 times revenue)
  • Linkedin: $200M in revenue, $9B valuation (45 times revenue)
  • Groupon:  $760M in revenue, $25B valuation (32 times revenue) 

social media sites

Strategy Plan One

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Business information, resources and tips for the entrepreneur

© 2012 Strategy Plan One

Social Media Sites – Valuation Out of Control?

Strategy Plan One

April 16, 2012 

social media sites - valuation Social Media Sites

Social Media sites seem to pop up out of nowhere, gain popularity, and before anyone knows it, the company behind the site is worth millions or billions of dollars.  What is driving business valuation of a current wave of social media sites?

This pattern is very similar to what was seen in the early internet years of internet sites popping up and soon valued at millions of dollars.  There are certain valuation factors that go into valuing web sites and the new wave of social media sites.  Although heavy financial analysis has much weight in valuation, factors such as the number of users, market potential, innovator factors, revenue potential, goodwill and speculation are all considered into the valuation models.

Social Media Sites – Revenue

The biggest revenue driver behind social media sites is advertising revenue.  In approximately 77% of social media sites, ad revenue dominates the revenue streams.  In 2011, Facebook alone was estimated to bring in $2 Billion from ad revenues.  Based on financial analysis formulas and calculations, analysts can determine advertising revenue potential by the number of users, visitors and page views.  Valuation models can involve calculations on potential revenue and future value of earnings or revenue.  Models can factor in complex valuation, with estimates of total revenue potential of social media sites which would include ad, user fees, subscription, licensing and other sources.

social media sitesSocial Media Sites – Number of Users & Market Potential

Even if the social media website has not generated one dime, but has millions of users and potential to earn revenue, speculative valuation can be determined.  An investor will be interested in a business acquisition if there is a projected return on investment.  A website that contains an existing, massive base of subscribed members, paid or unpaid membership base, would be appealing to an investor.

Most investors are looking at the revenue potential and would be interested if the valuation of that same asset has been projected to increase.  Obviously the investor may be looking for a return based on an asset turnover a few years down the road when selling off the acquired business.

Information, Mechanics and Proprietary Features of Social Media Sites

Valuation factors may also include value based on the mechanics and functionality of the website.  Through some analysis of backlinks and SEO, some automated valuation models can determine valuation of a website based on the standards created by other existing websites.  The value of the content is also important, along with any proprietary and/or patented features, widgets and coding, original to that website.

Speculation of Social Media Sites

Those in the technology field may fuel speculators by stating the what the next greatest social media sites will be, citing the next greatest thing on the internet.  When that buzz occurs, so does the buzz around the speculation on value.  Once again like other valuation factors, speculation may be driven by revenue potential.  Speculators may estimate the market potential, number of future users, future revenue, future return for investors.

Social Media Site – Valuation of Assets and Goodwill

In most acquisition projects, business valuation is undertaken to determine the valuation of assets and the valuation of goodwill.  Goodwill is the valuation of the intangibles (non-assets of the company) such as the name of the company, the Brand of products and services, and the value of relationships with the audience.  Goodwill in the name will be carried forward with the new owner or investor, as long as names or Brands, or customer appeal do not change that much.  Speculation sometimes drives up the valuation of goodwill, and sometimes investors must gamble with investing on an acquisition that has a high goodwill valuation attached to it.

Strategy Plan One

http://strategyplanone.com

Business information, resources and tips for the entrepreneur

© 2012 Strategy Plan One