The roughly 1.3 million small and medium businesses (SMBs) in North America generate a gobstopping $5.5 trillion in annual revenue. And according to a new study conducted by LinkedIn, social media is increasingly becoming the vital axis upon which this community turns.
LinkedIn partnered with market research firm TNS to survey decision-makers at approximately 1,000 North American SMBs — or enterprises that garner between $1 million and $50 million. They discovered that 81 percent use social media to drive growth, while nine percent intend to use social media in the future.
Its uses are as valuable as they are varied. Ninety-four percent of SMBs said they use social media as a marketing tool, while 49 percent said they use it for educational purposes, and to derive business insights.