By Zlati Meyer
That lovely Instagram shoutout could save a small business from shuttering this year
Few things put more smiles on the faces of small-business owners than social media recommendations about their products or services, but now, new research proves that those online shoutouts also put cash in their bank accounts.
On average, social media endorsements of small businesses generate 23% of revenues—or approximately $197 billion—new data from American Express finds. And 78% of the owners say that positive shoutouts on social media are a “significant driver” of business.
This year, the bottom line is even more important for small businesses. Forty-six percent of small-business owners say they’re gunning for a better-than-average holiday season just to stay in business in 2021.
Originally published on FastCompany.com November 17, 2020