wjr business beat

WJR Business Beat with Jeff Sloan: Social Media Endorsements Drive Small Business Sales (Episode 144)

Have you ever wondered if that recommendation you made on social media really helps a business out? Well, now there’s proof that indeed it does.

New data from American Express shows that on average, social media endorsements of small businesses generate about 23 percent of their revenues, or approximately $197 billion a year across the small business horizon. The majority of small business owners (78 percent) report that positive shout outs on social media are a significant driver of business.

Tune in to this morning’s WJR Business Beat to learn more from Jeff!

Eighty eight percent of shoppers want to be intentional about supporting local stores during the COVID-19 pandemic, with 42 percent of us reporting that we’ve supported a small business on social media by making a simple recommendation.”

– Jeff Sloan

Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.

Are you an entrepreneur with a great story to share? If so, contact us at [email protected] and we’ll feature you on an upcoming segment of the WJR Business Beat!

WJR Business Beat Transcript

Good morning, Kevin.

We are all pulling for our favorite local stores to survive this horrible crisis we’re in, and you know what? There is something you can do to help them out.

Ever wondered if that recommendation you made on social media really helps a business out? Well, now there’s proof that indeed it does.

In fact, new research proves that those online shout outs on social media sites like Facebook and Instagram, for example, result in sales. And, of course, that means much needed additional cash flowing into those cash-starved businesses.

In fact, new data from American Express shows that on average, social media endorsements of small businesses generate about 23 percent of their revenues, or approximately $197 billion a year across the small business horizon.

Beyond data, anecdotally, as much as 78 percent of small business owners report that positive shout outs on social media are a significant driver of business for them.

You see, the impact of micro influencing, being an ambassador for a business you love has grown in importance and impact, because consumers are growing weary of big production paid commercials.

It’s now proven that influencer marketing, especially in a local community where neighbors trust their neighbors much more than they do an ad, have become more powerful in driving sales, especially in our current climate, when authenticity means much more than sizzle and flash.

The cool thing? Because we care about our local communities, we care about our local businesses. Eighty eight percent of shoppers want to be intentional about supporting local stores during the COVID-19 pandemic, with 42 percent of us reporting that we’ve supported a small business on social media by making a simple recommendation.

So, listen, let’s keep doing it. Let’s do whatever we can to help our local business owners get through this crisis. One simple way to do it? Take a moment to be proactive about creating a shout out for a local business you love on a social media platform.

And you know what? Just because you do, you just might see them start to thrive again on Main Street sometime next year. Now that is what I call a worthy payoff in exchange for a simple act of neighborly kindness.

I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.

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