New York—Small-business owners characterized as “high achievers” are heavily invested in social media as a way to attract new customers and drive sales, according to a study by American Express OPEN.
According to AmEx's semiannual “Small Business Monitor,” 70% of high-achieving small businesses use social media, compared with 49% of small businesses on average. They're also highly revenue-driven: 79% of high achievers use social media to attract new customers (versus 57% overall), and 52% use social media to drive sales (compared with 46% overall). The use of social media to create customer communities is a relatively low priority among high-achieving small businesses (18% versus 25% overall).
The AmEx study was based on a telephone survey conducted in August and September of 839 owners and managers at companies with fewer than 100 employees. High-achieving small businesses were defined as those that have such characteristics as high growth rates, are planning capital investments and hiring, and have relatively sophisticated marketing programs.