Williamsburg, Va.—Small and midsize businesses are turning to social media in large numbers, with expenditures expected to almost double this year, according to a new study by local market research and consulting company Borrell Associates.
According to Borrell's “Main Street Goes Social,”
social marketing expenditures by SMBs will hit $2 billion this year, up from $1.1 billion in 2011, then reach $3.9 billion in 2013. Local businesses said they expect to spend 13.7% of their online advertising budgets on social media this year, according to the report.
Almost two-thirds (64.4%) of SMBs currently use social sites for marketing purposes, according to the Borrell report, based on an online survey that ran January through August 2011 that garnered 4,271 respondents.