LinkedIn shared insights on the current small business landscape which will be beneficial to those looking to market to this sector which looks set for even more growth over the next couple of years.
With the current global pandemic, small businesses have been hit hard with many being forced to close. But with the rollout of the vaccine, there is a level of recovery in 2021 with many small businesses emerging in niche interest areas where they are offering solutions to the current market challenges.
According to LinkedIn, the top priorities of small businesses are developing products, hiring and retaining employees as well as establishing category ownership.
“In the next 12 months, roughly one in five SMB leaders plan to purchase email marketing software, customer service software, project or task collaboration tools, or e-commerce software.
But what’s important to them when evaluating vendors? Salesforce’s report confirms its “ease-of-use, price, and trustworthiness.” They’re looking for technology that is agile, flexible, seamlessly integrates, delivers high value for its price and is reliable. And they’re turning to LinkedIn to inform those purchasing decisions.” LinkedIn noted.
According to data from LinkedIn,
- Small business owners have 2x more connections and share content 2.5x as often on the platform and are more likely to join and actively participate in industry groups.
- Since April 2020, Monthly small business engagement on the platform (defined by comments, clicks and shares) has grown by 24%.
- The Media & communications industry grew the most in the number of solopreneurs (Companies on LinkedIn that are owned and operated by 1 person).
There are more detailed insights in LinkedIn’s full report, which is summarized in the infographic below.