Last updated: 08 Aug 2023 11:00 Posted in:
More than a quarter (28%) of British small businesses make more money through social media sales channels than from any other channel, including e-commerce and traditional stores.
That’s according to a study by BT, which also found that despite the increasing adoption of social media as a sales tool, 21% of business owners worry that they do not have the digital skills necessary for them to exploit the potential of social platforms.
More than 500 small businesses in the UK were surveyed as part of BT's study into social media strategy, and it found that Meta-owned platforms are crucial for revenue-seeking entrepreneurs. Facebook was cited as the top social media platform for generating sales by nearly a third (30%) of those polled, followed by Instagram (18%), X/Twitter (10%) and TikTok (9%).
The study also found that with a quarter (25%) utilising organic/non-paid social media to raise income and 22% using sponsored social media postings, social media is becoming more and more popular as a means of generating sales.
However, some business owners expressed feeling overwhelmed and anxious due to the constant changes in advertising regulations, algorithm updates and evolving consumer behaviour.
A significant majority of small business owners (58%) believe they could use some help with their digital abilities, and even more (60%) wish they had received it in school.
Some 21% said they needed guidance on building an online presence and effectively using social media, while 19% wanted more support in understanding cybersecurity, according to the report.
Chris Sims, Managing Director of BT’s Small and Medium Enterprise division, said that over three-quarters (76%) of successful companies rely on internet presence or social media platforms for the majority of their revenues.
Sims added that utilising social media platforms may give small businesses a competitive edge by enabling them to connect with and engage with new audiences.
AIA’s Director of Sales and Marketing, Carl Jepson, commented “The accountancy sector will play a pivotal role in helping small businesses to navigate the challenges of adapting to evolving advertising regulations and algorithm changes. By staying informed about these changes and their financial implications, accountants can contribute to informed decision-making and strategic planning for businesses aiming to maximise their social media-driven revenue.”
“The accountancy sector will play a pivotal role in helping small businesses to navigate the challenges of adapting to evolving advertising regulations and algorithm changes. By staying informed about these changes and their financial implications, accountants can contribute to informed decision-making and strategic planning for businesses aiming to maximise their social media-driven revenue.”
Carl Jepson, AIA Director of Sales & Marketing