Here’s a highlight of some of the top local-business-related news of the week.
[Advertising News] SMBs Plan to Spend More on Social Media Advertising in 2014
News Source: BizReport
This week, Ad-ology released a new report indicating that 25% of small businesses already active on social media plan to spend more of their marketing budgets on social advertising in 2014.
The majority (80%) of socially-active SMBs also plan to spend the same or more on social marketing this year.
The same report also showed that 31% of SMBs don’t have a dedicated website for their business, and that only 30% who do have optimized their site for mobile viewers.
Key Takeaway: It’s no surprise that small businesses are investing in social. With several new social ad formats rolling out last year, there are more options than ever for social advertising, and campaigns are flexible for a wide range of marketing budgets. As social ads become more sophisticated, the ROI for SMBs is improving as well. Are you planning to invest in social advertising this year?
[Social Media News] Facebook Launches Trend Topics Feature on Web
News Source: TechCrunch
Last week, Facebook officially launched a redesigned Trending section on its web-based homepage for US users. The updated design shows a personalized list of trending keywords and a brief explanation of the news associated with them.
Clicking on links in this section will take users to a customized page with mentions by Friends, Pages, and public Posts.
Key Takeaway: This updated Trending feature falls in line with Facebook’s recent focus on highlighting high-quality news stories. If you’re posting about a trending topic on your business’s Facebook Page, you’ll have the chance to be included in the results page for that topic and gain more exposure for your business. This is just one more reason to be actively posting valuable, relevant content on Facebook.
[Economy News] New Study Shows Brighter Future for Entrepreneurs
News Source: Business News Daily
A new study by the Kauffman Foundation indicates that starting a new business may be easier in 2014 than it has in the past few years:
- Only 28% of respondents said that lack of access to credit was a setback to them when getting their business of the ground (versus 45% in 2012).
- Small businesses appear to be creating more new jobs as well: Businesses employing 1 to 4 people increased from 25% in 2012 to 27% in 2013.
- The number of small businesses with revenues exceeding $100,000 annually grew 4% between 2012 and 2013.
Key Takeaway: The economy has been tough on businesses of all sizes the past few years, but the climate is looking up in 2014, for both entrepreneurs who are looking to start a new business and current small business owners.
Other news catch your eye this week? Leave a comment and let us know!