What’s the most important driver for growth in your business? According to a global SME study conducted by SAP, there’s one shot in the arm that really works.
While expectations and preferences for particular technologies differ between industries, one overriding trend stands out; SMEs are taking social media much more seriously.
Why? Because they know it helps them to collaborate and to understand their customers better while growing their businesses. Significantly, they know it’s more than a just short-term fad.
In fact, by 2015, 20% of enterprises that prioritise social media, even before marketing, are expected to lead their industries in revenue growth.
The study
SAP’s global study with Oxford Economics asked 2,300 senior executives across 23 countries about the most important strategic initiatives for driving growth. While 39% cited strengthening customer relationships, 63% pointed to domestic and global expansion and 49% noted increasing product and service offerings.
Social media can play a major role in all of these areas.
Keeping a close eye on social media can provide more than just an insight into consumers’ thoughts – it’s a public display of engagement. It also allows businesses to respond immediately to customer complaints and research new markets, with minimal overheads.
International growth
For fast growing SMEs, international growth is the next step forward. Research shows that meeting existing customer demands while looking for ways to increase market share can attract new customers in domestic and international markets.
With big plans ahead, SMEs have realised the importance of social media. It’s crucial to achieving their goals.
Although, 40% of respondents already widely use social media, 36% ranked it as their main technology investment over the next three years. Social analytics and collaboration tools can help SMEs to engage employees and craft a better brand, enabling staff to quickly respond to changes in customer preference. In short, your social media must have a positive impact on your business.
The tools are there to use, so SMEs must begin scheduling updates now. Imagine stronger customer relationships, geographical expansion and a greater range of products. Social media is critical to innovation, so give yourself the competitive advantage.