New research suggests that entrepreneurs are split into two camps – those who believe that social media is a wonderful phenomenon, and those who are far from convinced over its usefulness in business.
The study, by Andrum Consulting, found that 17% of entrepreneurs polled claimed that their businesses had grown over the past year due to social media, compared to 40% who said that the likes of LinkedIn, Facebook and Twitter had made do difference at all.
The report, ‘What Makes Entrepreneurs Tick?’ suggests that while the role of social media will grow during the year ahead, with 73% expecting a 6% or more sales growth contribution from it, there are significant tranches of businesses struggling to see how to harness it.
This is unsurprising really, given the massively segmented nature of business in the UK. Some businesses (new media, web-based, professional) are far more likely to benefit from using Twitter, than firms in more traditional industries.
David Clayton-Smith, partner at the Andrum concurs:
“We’re not completely surprised by the findings, after all even many seasoned well established brands are struggling to work out how it fits in… but it is disappointing to note that some of our most innovative businesses are missing out completely on the potential which social media affords and aren’t even attempting to come up with a strategy.”
There are a number of other findings in this research which could explain the split in interest between the two camps:
Firstly, over 30% say a significant barrier to their success at the moment is too little time in the working day. A lack of good people also is an issue for 19% and 82% do not have a training budget.
Faced with these shortages, plus concerns about finance for investment (a concern for 39% of those polled), it will come as little surprise that so many businesses are cynical about investing time and money into something which only a year or so ago was merely a sounding board for Stephen Fry and little else!
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Tags: Media, Social Media
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