Social Media and Social Networking

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Survey: Businesses Double the Use of Social Networking Sites

Posted by Vaibhav Kalamdani on December 18, 2008

According to a survey, social networking portals have gained more importance than before as businesses doubled their promotional efforts through them since the last six months.

After examining how small scale businesses promote themselves, how they network and what technology they utilize, the BT Tradespace research revealed some stunning results. It found out that 15 percent of these companies used social networking sites to market their business compared to mere 7 percent at the dawn of this year.

The study also revealed that start-up companies gain access to social networks the most, with 1 in 5 using them, in comparison to just 1 in 10 home-based and mushrooming businesses.

Though most of the companies today are well-versed with the advantages of online marketing, about 52 percent have a company website while about 22 percent do not market at all, the survey disclosed.

A BT Tradespace spokesperson said that businesses are increasingly eyeing social networking platforms to attract new customers. However, even today, several are failing to understand the true potential of the Web to help them move ahead in this rapidly changing world. The strength of small businesses lies in maintaining healthy relationships with their clients and establishing referrals. Herein, business networking allows them harness their core competencies better whenever they communicate with their business partners, suppliers and customers.

Also, good news for small businesses is that BT has launched a new platform ‘Marketplace’ on its social networking site ‘BT Tradespace’ to help them exploit technology and win new customers through cost-effective measures.

The research has indeed shown positive signs for the social networking industry. However, there is still a lot of goldmine to be tapped and businesses will have to realize it as soon as possible to survive in the long run.

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