Most of the UK’s small and medium-sized enterprises are not using social media to drive sales, despite some using it successfully, new research from Close Brothers Asset Finance reveals.
The latest quarterly Close Brothers Asset Finance Business Barometer (965 respondents) shows that only 32% of SMEs in the UK have a social media strategy in place, and this is not likely to change soon because only 37% of those surveyed answered ‘yes’ to the question ‘do you see the commercial value of social media in your business?’
“Monetising social media is undeniably difficult,” said Neil Davies, CEO, Close Brothers Asset Finance. “And the truth is it takes a large level of effort that most SMEs aren’t able to resource or afford.”
At 47%, London-based firms are most likely to have a social media strategy in place when compared with other regions, followed by Yorkshire/Humberside (40%).
Of the 309 firms who do have a strategy in place, 83% are using social media to actively promote their business and products, with 56% having generated sales via social media.
“In every sector we surveyed businesses have generated sales, which goes some way to proving that if you have the right approach it can be a valuable sales tool,” said Davies. “And it’s not only limited to the larger firms either, with 45% of businesses with a turnover of under £250k successfully generating sales using social media, compared to 42% generating revenue over £10m.”