A new report commissioned by Facebook has revealed there are socio-economic benefits for many businesses using social media to connect with their customers.
The report by PwC, commissioned by Facebook, measured the benefits of using online platforms such as Facebook and Instagram.
The Connecting Benefits report suggests Facebook and Instagram is allowing SMBs to connect with customers and grow revenue both locally and internationally. Social media usage allows SMBS to overcome geographical barriers to engage with customers no matter where they are, which in turn gives them access to larger markets.
This enables existing businesses to grow and new businesses to be built, creating new employment opportunities. PwC Australia estimate:
- In 2017, aided by their growth from using Facebook, SMBs in Australia hired approximately 120,000 employees.
- 34,800 (29%) of whom were in regional Australia
- Approximately $16.8 billion in additional economic value (GVA) was generated by these employees
- $4 billion (24%) of which was generated in regional Australia
According to PwC, these growth opportunities have led to a relatively new phenomenon of local businesses pursuing international sales at an early stage, which has been coined ‘born global’.
Over a third (35 per cent) of Australian globally active businesses now earn international revenue within two years of establishment.
In 2017, 35 per cent of Australian SMBs exported to foreign markets, and 80 per cent of these had a Facebook Page.
PwC’s report further qualified the social impact for businesses that use a Facebook page, suggesting the social media giant is able to assist businesses to communicate with customers, raise philanthropic awareness and support Australians in times of adversity.