On today’s Business Beat, Jeff Sloan explains why there’s no doubt that when it comes to advertising spend social media is king.
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Good morning, Paul! You know, it’s always good to learn about how to best execute your businesses, key strategies and tactics, and the best way to do that is to understand what other small business owners are doing and what’s working for them. So today on the Business Beat, we’ve got the inside scoop that indicates that when it comes to advertising for small business, social media is by far and away tops.
According to a new survey, findings from Visual Objects Portfolio site show that as much as 70% of small businesses are investing in social media advertising this year as their key way to get the word out and promote what they’re selling. Now, the survey found that a quarter of small businesses use between 10% and 30% of their advertising budget on social media advertising.
And what platforms are getting the lion’s share of small business spend on social media advertising? Well, Facebook remains the top social media channel for small business advertising with as much as 70% of small businesses focused specifically on Facebook advertising, followed by YouTube at about 50% and Instagram at a little less than 50%. What platforms are trending positively? Twitter and TikTok also ranked as key platforms for advertisers, maybe most significantly is that just over 54% of small businesses plan to spend more on social media in 2022 and beyond.
So, what does all of this mean for you and your small business? There’s no doubt that when it comes to advertising spend social media is king. Why? First of all, these platforms offer tools to target tightly who you want to get in front of with your ads. Secondly, you can tailor your spend tightly to fit your budget. Third, the tracking and analytics of social media advertising just work really well and making clear what the ROI of any given campaign is. And lastly, social media is where people spend lots of their time. Want to be where the market is? You’ll find them on social media platforms. So like most small businesses are doing go with social media advertising for your small business.
I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat and the Great Voice of the Great Lakes, WJR.