I keep hearing this, over and over and over again – that word of mouth is what really brings in the sales for small business owners, not social media or other marketing such as direct mail, advertising or social media.
It’s ironic then – social media has all the buzz – yet good, old fashioned word of mouth is what’s driving sales. I think for many smaller businesses, although they “Tweet” and “have a Facebook page” they are not diving more into social media, like many large companies are because they don’t have time to develop the online content necessary for success.
They have time to service their customers and get referrals. For the larger, small businesses, they are seeing benefits of social media in a variety of ways and varying degrees of success.
I should also not, that some business owners might not realize that many of their face to face referrals could be the result of social media. Quick tip?
Small business success and challenges goes beyond technology and marketing though, it’s also about hiring, financing, our national economy and so much more.
Another challenge we all seem to have is getting paid on time. At Infusionsoft’s Infusionscon this year we heard how one creative business owner puts lottery tickets in each of his invoices. Do you think his customers look forward to receiving his invoices?
In a recent study, Bank of America surveyed 1,000 business owners with revenues from $100,000 – $5 million and employee from 2 – 99 employees and gained insight on how they are doing. Get the full report here.
While the study results are nothing new for many of you, it’s nice to see what your peers are doing and how you measure against them.
Here’s a summary video on the findings below and here.