Social media strategy a benefit

A majority of the UK’s small and mediumsized enterprises (SMEs) are not using social media to drive sales despite some using it successfully, new research has found.

The latest quarterly Close Brothers Asset Finance Business Barometer showed only 32% of SMEs in the UK have a social media strategy in place.

This is not likely to change soon because only 37% of those surveyed answered “yes” to the question “do you see the commercial value of social media in your business?”

Close Brothers Asset Finance chief executive Neil Davies said: “Monetising

“In every sector businesses have generated sales using social media”

social media is undeniably difficult and the truth is it takes a large level of effort that most SMEs aren’t able to resource or afford.”

The survey showed London-based firms (47%) were the most likely to have a social media strategy in place, compared with just 28% in Scotland.

Of the 309 firms which already had a strategy in place, 83% were using social media to actively promote their business and products. More than half (56%) had generated sales via social media.

Mr Davie said: “In every sector we surveyed businesses have generated sales.

“This goes some way to proving that if you have the right approach, it (social media) can be a valuable sales tool.

“It’s not only limited to the larger firms either, with 45% of businesses with a turnover of under £250,000 successfully generated sales using social media.”