Digital tools could be the key to unlocking business growth this year. New research from Deloitte Access Economics found small businesses that increased expenditure on online and digital services by just one per cent experienced a 2.9 per cent point increase in annual revenue.
Deloitte determined that this would equate to roughly $100,000 a year for the average small business owner.
With that revelation in mind, isn’t it time we embrace digital and social channels as the revenue generating tools they are?
We think so but according to the ABS not all small businesses are embracing digital and social channels just yet. The ABS found less than half of Australian small business have a website and only roughly 30 per cent have a social media presence.
So now we know two things:
- Digital and social tools can contribute to an increase in revenue
- A significant number of SMBs don’t have a presence on digital or social yet
Sounds like opportunity to us! SMBs which are quick to embrace digital and social tools will be able to gain a competitive edge.
Aside from contributing to an uplift in sales, digital tools can also help you build stronger relationships with your customers. This is particularly true on social media where Australians collaborate, share stories and connect with their favourite brands.
The CSIRO found the number of Aussies who access social media daily jumped from 30 per cent in 2011 to 50 per cent in 2015.
Twenty-four per cent of Aussies say they use social media to find information about a business and a further 20 per cent use it to research a product or service according to Deloitte.
Are you on social yet? Have you seen a positive uplift in customer engagement, awareness or sales as a result? Tell us about your experience in the comments below.
For more information on building a brand on social media, check out Spotcap’s guide to building a small business brand.
Originally published March 29 2016 , updated April 12 2019