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Social Media Usage in Entrepreneurship (Blog Post) (view source)
Revision as of 12:30, 10 June 2016
, 12:30, 10 June 2016→Blog Post
One of the more novel findings of the study is the vale of social media for creating a customer database based off of digitally recorded preferences, locations, and trends. While the study found little affect on SMEs from social media in the areas of pricing and innovation, the study still strongly recommends that policies which encourage best practices in social media be adopted in order to promote the growth of SMEs. Despite all of this evidence, the ''Heartland Monitor'' [http://heartlandmonitor.com/ poll] reveals that only 50% of small businesses are using social media.
If the benefits are so apparent, why aren't more small businesses using social media? When asking this question, the researchers [http://docsdrive.com/pdfs/medwelljournals/sscience/2016/639-644.pd from] ''The Social Sciences'' found that the biggest barriers were a "lack of computer knowledge" and a "failure to see an effect of social media on small business. An independent [https://www.linkedin.com/pulse/3-reasons-small-businesses-dont-use-social-media-why-zena study] published in the LinkedIn Pulse claims that a lack of perceived return on investment, a lack of time, and a perception that their consumer base does not use social media are the largest dampeners of SME social media performance.
Keeping in mind the seemingly well-established links between social media presence and small business performance, a potentially convincing set of strategies may emerge. Through subsidized educational programs, computer skills among entrepreneurs could increase and the initial investment and time costs of a social media presence could be reduced. A spreading of the empirical data linking social media use with business returns could also potentially be beneficial allowing entrepreneurs to envision a return on investment and feel more comfortable taking the first critical steps into the social media arena. In the "dog-eat-dog" world of small business today it is critical to maintain the advantage, and a seemingly clear way to do that is through social media use.
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