Social media offers revenue gains to small business:
Latest MYOB statistics
Published 25 July 2013 on www.digitalbusiness.gov.au
Social media use is on the rise amongst Australian small and medium businesses (SMEs) and can benefit their revenue levels, according to the latest research from MYOB.
The March 2013 MYOB Business Monitor found that the 20% of SMEs surveyed were using social media for business purposes.
The good news for these savvy businesses is that they were more likely to see a rise in their revenue in the year to February 2013.
The survey revealed that 28% of SMEs using social media reported an increase in revenue, compared to an average of 18% across all SMEs.
Similarly SMEs using social media were less likely to report a fall in revenue (18%) compared to the average (39%).
MYOB CEO Tim Reed says, “Those who embrace social media are reaping rewards beyond building closer relationships with customers, suppliers, partners and others. The financial benefits are clear.”
The businesses that have a website reported a number of flow on benefits, including increased customer leads (45%) and a better conversion rate for sales leads (37%). One in five (42%) said that their website made them more competitive in their market.