A new report commissioned by Network Solutions and the University of Maryland identifies a shift in thinking about social media and what kind of business opportunities are available.
E-Marketer provides an excellent chart, showing what marketers expected social media to do for their business, and the modified results of what actually happened.
Surprise, surprise – businesses find that social media has been very effective in staying in touch with current customers, and has strengthened employee relationships internally.
Acquiring new customers within their target demographic? Not so much.
The bonus comes for small business owners, who recognized the “loyalty factor” of social media very early on, and are gaining the most from staying in touch with current customers through dialogue and word-of-mouth.
This is an excellent sign that social media for business is gaining traction. It also means that many new apps will develop in the coming years – keep your eye on the horizon.