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Small and Medium Sized Businesses Turn to Social Media for Growth

August 13 2014 | By Pam Mukiama

Finding new channels to drive business growth is a major challenge facing many small to medium sized businesses (SMBs), particularly in today's competitive marketplace. One relatively new avenue that many SMBs are embracing today is social media.

Pivotal Payments understands the importance of social media to a business' growth. As a company that provides affordable credit card processing services, we are constantly looking for new and effective ways to connect with decision makers at SMBs. Social media provides a significant opportunity to provide useful content and information that sets us apart from our competitors.

Consumer behaviour is changing and SMBs are adapting accordingly. Social networks like Facebook and Twitter are daily destinations for millions of consumers; in Canada alone, there are 19 million Facebook users according to statistics released by the social network in August of 2013. This explosion of social media usage makes it an ideal avenue through which SMBs can engage with customers and prospects. According to a recent study commissioned by LinkedIn, which gathered information from 998 SMBs in the United States and Canada, a whopping 81 percent of SMBs are currently using social media to drive business growth and 94 percent are achieving marketing objectives through social media.

Social media marketing works because it allows businesses to deliver their message to the right people, at the right time and targeted against the right business objectives. Of the businesses surveyed for the LinkedIn study referenced above, 61 percent stated that they find social media useful in gaining new customers. It has also proved useful in other areas of the SMB value chain, including learning and deriving business insights. Having access to a network of peers provides access to a larger community through which SMBs can seek opinions and recommendations. This helps to build relationships, credibility and ultimately encourage referrals.

There is undoubtedly a strong case for the use of social media to drive business growth and though resource constraints may deter some, the investment will definitely prove worthwhile! For information on Pivotal Payments' affordable credit card processing services please visit www.pivotalpayments.com

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