Social media critical to growth of small and medium size law firms
Social media plays a critical role in the growth and marketing efforts of small and medium businesses (SMBs) according to a LinkedIn survey of financial decision makers at SMBs in the U.S. and Canada.
Titled Priming the Economic Engine: How Social Media is Driving Growth for Small and Medium Businesses, LinkedIn partnered with TNS for the study and surveyed 998 North American small and medium business professionals with revenue between $1 million and less than $50 million.
The study, which focused on helping financial services providers understand the value of social for connecting with SMBs, found social to be invaluable. Per LinkedIn’s Jennifer Grazel (@jgrazel):
…[I]f financial services providers want to build relationships with this desirable sector, social networks offer the most influential and trusted venue.”
For financial marketers, SMBs’ engagement with social media presents a lucrative marketing opportunity. Building relationships with prospects in this community is a much easier task when SMBs are reaching out for information, and willing to engage in conversation with financial providers.
Key findings included:
- 81 percent of SMBs surveyed use social media.
- Nearly all of those using social media (94 percent) use it to market their businesses.
- 49 percent of SMBs see social media as a valuable source for learning about their markets and about growing a business; they use social media to connect with their peers, discover best practices, learn from other experts, and get answers to their business questions.
- 90 percent found social media to be a highly effective way to maintain brand presence and identity.
- 82 percent found social media to be a meaningful source of lead generation.
The survey also found a high correlation between hyper growth SMBs and their investment in social media. Seventy three percent of hyper growth SMBs reported an increased spend on social media.
In the case of financial services providers (not a far leap from legal services providers), Grazel sees social media as a non-brainer.
Financial service providers should take advantage of this marketing opportunity by becoming active participants on social networks, and delivering content that SMBs say they need but currently aren’t receiving, such as best practices guides, information on innovative business technologies, and new product information.
No, this is not a survey of law firms. But the survey is evidence of the value SMBs see in social media. Not only are SMBs seeing higher brand recognition and leads, those making greater use of social are growing faster.
Social media is no longer an option for your small and medium sized law firms, it’s critical for your success.