How SMBs in the UK are embracing social media

Who did we survey? 456 Decision-Makers in Small and Medium Businesses (SMBs) in the UK How are SMBs defined? Businesses with:

• Less than 500 employees • Less than £4M GBP

annual revenue

This report explores how Small and Medium Businesses (SMBs) in the UK make use of social media.

SMBs in the UK are growing …and are using Social Media

70%

68%

have an increased number of customers

have increased overall revenue

have increased overall profitability 63%

4

SMBs in the UK are experiencing widespread year-on-year growth

HYPER-GROWTH Significant increase in overall

revenue compared to last year

5

15% of SMBs report that they are currently in a hyper-growth phase

15%

53%

32%

GROWTH Increase in overall revenue

compared to last year

NON-GROWTH No change or decrease in overall revenue compared to last year

6

Almost all SMBs surveyed use Social Media for their business…

93% of SMBs are Current

Users of Social Media

4% are Future Users

7

92%

80%

68%

43% 39%

17% 11%

LinkedIn Twitter Facebook YouTube Google+ Pinterest Instagram

and LinkedIn is the #1 Social Media site used by the companies of the individual SMB professionals surveyed

SMBs see Social Media as a key way to meet their business challenges

9

Lead generation and social media are cited as the main contributors to SMB growth

39%

29%

41% 41%

17% 13%

7% 8%

Contributed to growth incustomer numbers

Contributed to growth inoverall revenue

Social media and social ads Lead Generation

Other online ads Offline ads

10

Growing SMBs were significantly more likely to plan to increase their Social Media spend in the next 12 months

63% 69%

53%

39% 41% 39%

Increased Social Mediaspend this year

Increased Lead generationspend this year

Hyper-growth SMBs Growth SMBs Non-growth SMBs

11

Top challenges currently faced by SMBs relate to generating business, boosting profit margins and hiring

27%

30%

31%

32%

67%

Managing cash flow

Finding and hiring good employees

Marketing and advertising effectively

Increasing profit margins

Attracting new / retaining current customers

12

Social media is helping SMBs overcome some of their key challenges

“Social media is important for retaining/getting new

customers”

“Social media is important for marketing my company”

79%

68%

“Social media helps my

company source and hire new employees”

45%

SMBs are looking for financial information on Social Media

14

have used LinkedIn for financial purposes

37% 43% are already using Social Media for at least one financial purpose

15

SMBs can be reached on LinkedIn at each stage of their decision making journey

2%

2%

8%

9%

10%

13%

19%

10%

20%

Purchased an insurance product

Opened a new financial account

Discussed a financial product / policy or account typewith a family member, friend, or colleague

Asked a financial professional for additional info about afinancial product / policy / account type

Contacted a financial representative

Conducted additional research on a financial product

Shared info about financial trends/products/companies

Learned of a financial product was not aware of

Learned about a financial company was not aware ofAwareness

Consideration

Purchase

SMBs will be most engaged by do-it-yourself content, as well as innovation news, and peer or expert reviews

16

Top 6 Impactful Types of Financial services Content

1

Best practices, How-To-guides and

checklists

2

New innovation and technology developments

3

Peer ratings, reviews or testimonials

6

Thought leadership articles and stories

4

Expert ratings, reviews or testimonials

5

Customer stories and case studies

17

Top Trending Topics among Manager+ in SMBs in the UK

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18

Customer service and reputation feature highly as factors to consider when choosing a financial services company

Top 3 Consideration Factors

3. Brand and Reputation 52%

2. Customer Service 55%

1. Charges and Rates 60%

Transparency and clarity as well as direct experience with a provider, are key to increasing the confidence of SMBs

8%

66%

26% Confidence in the Financial Service

industry in the past 12 months

Increased confidenceStayed the sameDecreased confidence

13%

16%

20%

38%

50%

57%

63%

Visibility of employees

Press coverage

Conversations with friends / family / colleagues

Responding quickly to enquiries

Clear explanations of products and services

Personal experience dealing with a provider

Transparency of price and terms / conditions

Factors that would increase confidence in the Financial Service industry

Key findings Implications for marketers

Almost all SMBs in the UK use social media

An active presence on LinkedIn is crucial for successful marketing and customer acquisition

SMBs can be reached on LinkedIn at each stage of their financial decision making journey

Tap into vast pools of potential customers by providing them an avenue to share information about your brand and products

Clear content related to financial products and services and better customer service are things SMBs look for in financial service brands

Use LinkedIn to disseminate information about financial products and services, customer service and to build confidence

1

2

3

Key findings Implications for marketers

Almost all SMBs in France use social media

An active presence on LinkedIn is crucial for successful marketing and customer acquisition

Tap into vast pools of potential customers by providing them an avenue to share information about your brand and products

Use LinkedIn to disseminate information about financial products and services, customer service, and to build confidence

Contact us at https://lnkd.in/contact_us.