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Hypergrowth small and medium-sized businesses (SMBs) are investing more in social media, and their investments are paying off.
In a November 2013 study by LinkedIn in partnership with TNS, nearly three-quarters of hypergrowth SMBs in North America—those that had experienced a significant increase in overall revenues vs. the prior year—said they had increased spending on social media and social ads.
Those investments appear to have paid off in many ways. Hypergrowth SMBs in North America had seen the most success in branding, cited by nine in 10. However, at least eight in 10 had found social media was effective when it came to distributing content, generating word-of-mouth about the company or advertising to generate new leads.
But research released in January 2014 by Ad-ology Research suggested that US small businesses didn’t plan to up social media marketing spending a great deal this year. About one-quarter planned to invest more in social media ads, while over half said this would stay the same. Just 13.6% said they would increase spending on Promoted Posts or Sponsored Tweets; 12.3% and 10.3% intended to put more dollars toward social content services and reputation management services, respectively.
These results may be due to the fact that the study looked at small businesses in general, not necessarily those that had experienced massive growth in the previous 12 months, which could mean respondents had less money to spend.
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