Close Brothers

Are social media strategies effective for SMEs?



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More than half of small businesses with a social media strategy (56%) have successfully used it to generate sales, according to a new study.

Research from Close Brothers Asset Finance has found that only 32% of SMEs in the UK have a social media strategy in place, while only 37% of the 965 respondents said that they saw the commercial value of social media in business.

The latest quarterly business barometer also revealed that London-based firms were the most likely to utilise social media (47%), followed by those in Yorkshire/Humberside (40%).

Of the 309 companies that did have a social media strategy, 83% used social media to actively promote their business and products.

“Monetising social media is undeniably difficult,” said Neil Davies, CEO at Close Brothers Asset Finance (pictured above).

“And the truth is it takes a large level of effort that most SMEs aren’t able to resource or afford.

“In every sector we surveyed, businesses have generated sales, which goes some way to proving that if you have the right approach, it can be a valuable sales tool.”

 

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