Connecting with your Content - UK
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Priming The Economic Engine: How social drives business growth and business decisions
DEFININGmedium/large businesses
(annual revenue)
Medium£4M to £24.9M GBP
LargeOver £25M GBP
decision makers in medium and large businesses surveyed across the U.K.
2
This report explores the way in which medium and large businesses in the U.K. make use of social media.
300
Medium and large businesses are a highly attractive audience, and social media offers a unique opportunity to engage with them
The majority of medium and large businesses in the U.K. are experiencing widespread growth…
Have experienced an increase in total revenue over the past year
Have experienced an increase in customer/client numbers over the past year
Have experienced an increase in overall
profitability over the past year
69%
64%62%
4Base: 300 medium/large businesses
GROWTHIncrease in overall revenue compared to last year54%32%
14%
NON-GROWTHDecrease/No change in
overall revenue YoY
HYPER GROWTHSignificant increase in overall
revenue YoY
5
68% of medium and large businesses in the UK have experienced growth in the past 12 months
Base: 300 medium/large businesses
6
Social media adoption is well penetrated and usage is maturing
Base: 300 medium/large businesses
81%of medium and
large businesses
currently use social media
5%plan to use social media in the future
7
60%Say they will increase their spend on social
media in the future
50%Say they will increase their spend on social
media in the future
…which is linked to an increase in social media spend
Base: 206 medium/large businesses experiencing revenue growth
61%of those experiencing hyper-growth have
increased their spend on social media advertising in
the past year
48%of those experiencing
growth have increased their spend on social
media advertising in the past year
% reporting that social media spend contributed to revenue growth
8
Hyper Growth
37%
Over a third of businesses reporting revenue growth attribute this to increased spend on social media...
Base: 206 medium/large businesses experiencing revenue growth
Growth
37%
Reported motivations for using social media
9
88%
81%
79%
88%
81%
84%
…while those companies experiencing hyper-growth are more likely to use social media specifically to drive growth.
Build Awareness Increase Sales Drive Growth
Base: 206 medium/large businesses experiencing revenue growth
Businesses experiencing revenue growth
Businesses experiencing revenue hyper-growth
KEY
10
Social media networks used
67% 32%
of hyper-growth companies currently use LinkedIn
67%
Two-thirds of these businesses are currentlyusing LinkedIn.
73% 69%
Medium Businesses are significantly more likely vs. Large Businesses
Large Businesses are significantly more likely vs. Medium Businesses
Base: 278 social media users
76%
Use social media to build awareness
Use social media to increase sales
Use social media to drive business growth
89%
Social media is mainly used to build awareness, increase sales and drive business growth
Base: 300 medium/large businesses 11
81%
79%
12
Medium and Large business use social media to deliver content and maintain their company’s presence
Base: 300 medium/large businesses
Top 5 uses of social media:Medium Businesses
12345
Deliver content and new information
Maintain a company presence
Generate word-of-mouth about my company
Promotional purposes and to provide deals
41%
42%
48%
48%
49%
Advertise to help increase awareness
13
Social media is seen as an important resource for marketing and vital for the future of businesses
Base: 300 medium/large businesses
70% say social media is important for marketingtheir company
65% see social media as essential for the futureof their company
56% say social media is important for gaining and retaining customers
14
The #1challenge facing businesses in today’s marketis attracting new customers
58%say social media is a vital resource for
getting new customers
Retaining current customers 23%
23%
24%
28%
29%
31%
21%
16%
Finding and hiring good employees
Reduce costs
Managing cash flow
Increasing profit margin
Attracting new customers
Keeping up with technology
Finding content on how I canimprove my business
15
Social media is seen as an effective channel for marketing and driving business...along with impacting operational efficiencies and sourcing
Base: 264 social media users who access for specific business purposes
% reporting that social media is effective for…
Customer service support/ handle
complaints/retain customers
68%CUSTOMER SERVICE
53%FIND
VENDORS
Find vendors or companies that can help my company
75%RECRUIT
Find and source new employees
Deliver content and new information about my
company
78%CONTENTDELIVERY
78%DRIVING
AWARENESS
Maintain a company presence and identity
Social media (and LinkedIn in particular) is highly influential for medium/large businesses when choosing a financial services provider
16
have used social media for finance-related
reasons
73%
Top 5 uses of social media for financial purposes
17
Around three quarters of medium/large businesses use social media for financial purposes….
Base: 278 social media users
12345
Keep up-to-date on financial trends
Gather preliminary financial information
Seek advice on a financial decision
Evaluate or re-think a previous financial decision
Recommend a financial product to others
15%
18%
35%
23%
41%
18
Openness to receiving financial content and information on social media sites
48% 33%
of hyper-growth businesses are receptive to receiving financial content on LinkedIn
53%
35%
…and businesses are more open to receiving financial information from LinkedIn than any other network.
Base: 300 medium/large businesses
29%
19
CREDIBILITY55% agree that LinkedIn allows them to build credibility.
CONNECTION63% agree that LinkedIn lets them connect with vendors or potential partners.
CONTEXT57% agree that LinkedIn provides a relevant context to promote and advertise their company.
COMMUNITY58% agree that LinkedIn provides access to a broader community of other companies to seek opinions.
This may be due to LinkedIn effectively providing businesses with the 4Cs…
Base: 185 LinkedIn users
Medium Businesses are significantly more likely vs. Large Businesses
Large Businesses are significantly more likely vs. Medium Businesses
72%
20
...which offers a valuable resource across different activities in the value chain.
Marketing & Sales
Sourcing
Open Innovation
Customer Service
21
In total, 61% of LinkedIn users took action after exploring content on the platform…
Top 6 actions as a result of exploring content on LinkedIn
Base: 185 LinkedIn users
22
% who actioned a response after receiving information on each network
61% 38%47%
…with LinkedIn more effective than competitors at driving business behaviour.
Base: 185 LinkedIn users; 203 Facebook users; 192 Twitter users; 90 Google+ users
54%
23
Path to Purchase
DISCOVERYGather info / stay up-
to-date
CONSIDERATIONSeek advice/info to make a
purchase
DRIVEN TO ACTION ON LINKEDIN(Any action)
75%
Among business who use social media for both discovery and consideration, 75% were driven to take action from content they read on LinkedIn
Base: 185 LinkedIn users
24
DISCOVERYGather info / stay up-
to-date
CONSIDERATIONSeek advice/info to make a
purchase
DRIVEN TO PURCHASE ON LINKEDIN
(Insurance policy and/or investment product)
38%
…and 38% made a purchase based on information received through the network.
Base: 185 LinkedIn users
Path to Purchase
22%
19%
18%
18%
18%
49%
46%
44%
42%
38%
Top 5 types of financial content expected on social media
Providing information in-line with consumer needs is likely to drive further exploration of branded content…
New product information
Company background
Market and economic commentary
Industry news / strategy information
Finance events
Base: 300 medium/large businesses
Information actually received through social media
Information expected to be received through social media
KEY
25
Most valued content types among businesses experiencing hyper growth
News and financial articles drive the most value for businesses in hyper business growth
News/articles about other companies (77%)
Industry specific articles (72%)
Testimonials/ reviews from customers (70%)
Information on financial products/services (70%)
Base: 300 medium/large businesses 26
Build your followers
Encourage referrals and recommendations
Provide real-time assistance
Build community
Publish thought leadership
LIKE▪
SHARE▪
COMMENTFOLLOW INMAILSPONSOR
UPDATE
27
GROUPS
…which allows us to build relationships with businesses through various touch points on LinkedIn.
Nearly all business with revenues over £4M use social media.
Business use social media for marketing as well as operational efficiencies
Around three quarters already use social media for financial purposes
Business are more open to receiving financial content on LinkedIn than any other social media site
38% opened a financial account after using LinkedIn for both discovery and consideration
Summary of key findings
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2
3
45
29
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Best practices for marketers
Enable learning throughout each phase of the purchase path
Fulfill un-met content needs
Target hyper-growth companies
Provide resources for the entire business value chain
Build your credibility by facilitating open dialogue with these businesses