You are a digital agency that sells social media marketing solutions to small and medium businesses. You have experienced the highest churn in recent times; budgets have been reduced across your client organizations and finding new clients have never been more challenging. How do you then identify your addressable market and narrow down to your best-fit prospects to double down your client acquisition efforts towards?
Pursuing every small business that has a facebook business page is not likely going to get you anywhere even if it is within a category and a geographic location you serve. 79% of all small businesses have a FB business page. Identifying a list of functional businesses, identifying their FB Business Page and then researching each of them to understand their level of activity to assess their needs for your SMM solutions is one thing, but is way too time-consuming for largely a wildgoose chase. Where should you start then?
A smarter way to find your next SMM clients is to get to a narrower addressable market with a more obvious readiness for your offerings. We believe that there are some key indicators to gauge a SMB’s need and readiness for better representation and engagement across social media platforms. We have done some work for you to guide you through the process.
We took a deep dive into our database of SMBs in the US and analyzed over 10 million of them to surface some truth about their social media presence and engagement.
The results showed that while 79% of the SMBs have a FB Business page and 51% of all SMBs are present on only one social media platform, only 5% of them are across all the 4 platforms we studied—Facebook, LinkedIn, Twitter and Youtube.
79% of the SMBs have a FB Business page and 51% of all SMBs are present on only one social media platform, only 5% of them are across all the 4 platforms we studied—Facebook, LinkedIn, Twitter and Youtube.
While 79% of SMBs in the US have a FB presence, more than 50% of them have <1000 likes on their FB pages—revealing a weak audience engagement and content strategy employed by the SMB ecosystem. The story is no different across other social platforms such as Twitter and Youtube.
79% of SMBs in the US have a FB presence, more than 50% of them have <1000 likes on their FB pages—revealing a weak audience engagement and content strategy employed by the SMB ecosystem.
This indicates a huge opportunity for digital agencies to offer both SMM and overall content management services to the SMBs that need it more now than ever.
Let’s take a pause here. The above information can be construed in three different ways to create that list of best-fit prospects for your digital agency:
1. 47% SMBs that have >1K likes on their FB page exhibit readiness in taking their SMM to the next level. They have already passed the ground zero of social media marketing and will be more receptive to higher value offerings such as content management and Facebook advertising; or even open up Youtube as a new channel of engagement.
2. 1/3rd of the SMBs in the US with good Facebook engagement (>1K likes) also advertise on Facebook, whereas only 16% of all SMBs with a Facebook presence spend on Facebook Advertising. This further validates the point that SMBs that are more matured on their social media journey are more ready to go the next mile.
3. 53% of the SMBs with <1K likes on their FB page is a huge number to ignore and put aside. A deeper dive into this set could further help segment them for some of your ‘starter’ offerings to help them gradually build their social media profile. Stacking them against their competitors is the most effective tactic our clients have used to successfully convert such deals repeatedly.
“As many as half of US adults said they were using social media more, according to some research sources. All of the major social platforms also reported strong increases in engagement.”
–eMarketer, June 2020
Being poorly represented on the social platforms could be hurting these SMBs in many ways. Consumers have come to expect relevant content, news and updates, and be heard in the most non-imposing way. A well developed social presence is also key to the success of any social advertising and other growth marketing campaigns the businesses may invest in the future.
Interested in this analysis for your market or category? Hit us with your request here and we’ll be happy to send it your way.
Download Infographic