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A new Harvard Business Review report details how social media has evolved and become a place for companies to find customers and connect with peers. The report, Social Media Marketing Leads to 72% More Leads for Businesses, follows on the heels of last week’s report, Facebook Leads to 42% More Leads for Businesses, which highlighted Facebook’s growth as a way for marketers to acquire prospects. The Harvard report points out that social media is a “new” channel for businesses, but continues to grow at an exponential rate — with consumers connecting to brands online at a phenomenal rate. As a result, small and medium businesses are seeing an increase in the number of leads they garner, but simply aren’t a match for the huge companies buying them up. It’s clear that small businesses can’t compete on price and volume with huge, mainstream companies, and they must tap into content and advertising to compete. The Harvard Business Review examines the marketing tenets of making the biggest impact in social media and points out that a company’s reputation affects the number of leads it receives, as 97% of consumers have said they trust online recommendations and 78% have relied on online reviews to make purchasing decisions. Whether you are a business owner, marketing executive, or partner, this report is something you should give the time to take read, as it’s about trends and lessons for business of all sizes.

Here’s a quick look at how the 91-page report includes the key findings:

Read the full report here. “Top 10 Products Leading Social Connections to People”

People are increasingly connecting online to co-workers, family, and friends online. Whereas traditional marketing might rely on cold calls and in-person engagements to connect potential customers with a product or service, Inbound Marketing takes a different approach. “Research suggests that the best way to gain long-term business success is to stay ahead of the competition and build up a personalized brand”. Research shows that receiving referrals from a respected and opinionated colleague is one of the most effective ways to find new business. “Decision Making in Business Communicates Less Significantly to [people] than it did a generation ago”.

WashEm for 20%

More and more people are making decisions by using technology. “People’s attitudes toward technology have changed so much that we have a different view of technology as a business partner”. More people are investing time in Internet social networking. “Companies have a tremendous opportunity to stay ahead of the pack and will benefit by staying on top of the latest trends, and personalized targeted, targeted, and relevant marketing campaigns using Internet”. Spending time engaging with colleagues and other professional contacts is associated with increased knowledge, enhanced competence, improved interpersonal skills, greater job satisfaction, and increased career success. More Engaging

New research shows that networking and social media plays a vital role in increasing employee engagement and increasing job satisfaction. Collaboration

Inbound Marketing to growing businesses should be as collaborative as possible because when social networking takes place, where does business come in? The ultimate goal of the interactive team is to promote innovation and get new, big ideas from different perspectives so that business and consumers benefit.

Inspiration

“Inspiration leads to innovation, driving demand and driving growth”. Research shows that customers like to engage with brands on their own terms. “People like to be challenged, challenged positively and encouraged positively”. Consumers want a customer experience that is social, engaging, desirable, and transparent,

They also want a brand that is not only socially responsible, but an agent of positive change. People may not fully understand the benefits of social networking but they are likely to use the technology at some point. The National Retail Federation also went into a bit more detail to highlight some of the key findings:

“With 92% of sales coming from traditional and online channels combined, Inbound Marketing is no longer passive marketing to be done on a “make-it-up-as-you-go” basis, but an opportunity to create dialogue and spark ideas that can enhance sales and grow customer relationships”. Pay-What-You-Wish

Some small businesses may have concerns about the potential cost of social networking and social networking marketing to their businesses. When asked about the potential costs, only 5% of the business professionals believe it will have any impact on their business.

52% of them reported that it will have a direct benefit to them and their company by increasing their engagement with their customers. In addition, there are far more benefits for larger businesses than for small businesses. The answer is clear, small businesses should be participating in networking and Internet marketing. Let’s talk about how that can work for your business. Use Social Networking Marketing to engage potential customers and prospects

Connect with potential customers online and develop relationships with them online to establish and maintain a professional image in the target market and among industry professionals, such as industry associations. “Meeting new people, getting out to different events, being active and in some cases sharing ideas and research online are important when it comes to customer understanding and effective marketing.

When I am working with a company, we are doing everything we can to put them on the world stage with the most recent and easiest way to market them – social networking”. Let the big guys follow you

Many small businesses ignore the new marketing tool of social networking for fear of being left behind or even overlooked by the competitors. Social networking is the primary tool for finding new customers, thus making it the first step to attracting a new prospect. Larger businesses already use this kind of marketing to build relationships and relationships with their customers and prospects. Consumers want to interact with the company as well as the sales staff for products or services that are relevant to them. The business should take the same approach as the larger ones that value the customer’s time.

Social networking marketing helps any company do that by letting their customers talk to them. Open it up for people, attract new prospects, and stimulate the industry

Social networking can be done online, but it has much more potential with small businesses in front of people to promote cooperation and exchange of ideas. There are benefits to both business and consumers. The more people you have to promote your business, the more successful you are. Small businesses don’t really need a large marketing budget to promote themselves. All they need is their target market and one of their best practices.

Content Engine is a State-of-the-Art Content Automation Platform that will craft clear, precise, and powerful Content Marketing for your business.

Ready to Turbo Charge Your Content Marketing and SEO? Request a Content Sample Today