Social Media Marketing

August 12th, 2011

A new survey conducted by BMO Financial Group and Leger Marketing took a look at Canadian social media marketing trends. Among their noteworthy finds are these statistics:

  • 55 percent of the 507 small businesses they surveyed feel social media marketing is a “somewhat or very valuable tool” for brand awareness and interacting with consumers.
  • Yet, only 42 percent of companies use Facebook or Twitter for business.
  • The main reason businesses engage social media is: For branding purposes (31%), to track brand reputation (31%), to solicit customer feedback (26%) and to sell products or services (26%).
  • Small businesses that are not engaged in social media marketing strategies are fearful of compliance and privacy issues, in addition to experiencing reluctance about hiring someone new to take over as social media coordinator.
  • The survey found that financial institutions, in particular, were reluctant to develop a social media marketing strategy because they really didn’t understand how to reach out to their base. On the other hand, institutions like the Bank of Montreal are offering over 100 podcasts for business owners that provide advice and financial tips for their clients.
  • Facebook is the most popular channel for social media marketing activities, used by 58 percent of those who use social networks, followed by LinkedIn (24%), Twitter (9%) and YouTube (9%).
  • 61 percent of social media networkers say the main benefit they got from their efforts is “increased awareness” and “the ability to network.”
  • Best of all, 43 percent say their social media marketing efforts have led to increased business and 52 percent say they’ve attracted new clients as a result of their online presence.