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Cashflow Tips – Social Media can help Build Revenue – Business Monitor Research

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Cashflow Tips – Social Media can help Build Revenue – Business Monitor Research

Social Media can help Build Revenue – Business Monitor Research

 

The Australian Government website Digital Business published an interesting article on the increase in use of social media by Aust. Small and medium business and what benefit to revenue and growth they were achieving –

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. Interestingly, the most popular form of social media engagement was using services such as Skype or VOIP to make free business phone calls (19%).

Drilling further into how SMEs were using social media, 18% were doing their business networking online via LinkedIn. Around one in six (16%) are connecting with customers or fans via a business page on Facebook, YouTube or Google+. Fewer are sharing news and updates via a company blog (9%) or communicating via micro-blogging sites such as Twitter (6%).

The good news for those social-savvy SMEs was 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, “One in five business owners now wear an additional hat – social media manager. Those who embrace that role are reaping rewards beyond building closer relationships with customers, suppliers, partners and others. The financial benefits are clear”.

Moving beyond social media, the MYOB research also supports recent ABS findings that online engagement is generally low amongst SMEs, with just 38% having a website. However those that do 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.

Less than one in eight surveyed SMEs (12%) sell products and services online directly to customers using their own website. When it comes to accepting online payments, 11% of SMEs do this with a shopping cart while 9% allow payments through a mobile app.

And for more tips on using social media, see the post HERE.

Account Keeping plus can confirm the findings – we engage as much as we can, blog, Tweet and use Linked In. Calls come in for help of which many can be solved on the spot, we also get businesses booking us for training via finding our site. This year has been quieter, and many of our clients and associates report slow business conditions since the announcement of the Aust. election in Sept. So tell us what YOU are achieving! – Comment below.

Need help? Not sure? Call for FREE 30min advice / Strategy session today!

Call 0407 361 596 Aust and also get Free “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right!

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Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, free support MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

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