I have a confession…
I am a woman, an entrepreneur, and I am addicted to social media! Hearing this confession may scare you a little at first, but it’s actually not as bad as it sounds. For the past two years I have been researching the movement of social media and its impact on female owned businesses. About nine years ago I was first introduced to social networking in the forms of Blackplanet, MySpace and Facebook. I was infatuated with the evolution of these social media platforms. For example, Facebook’s audience evolved from college students to almost every individual from your ninth grade brother to your seventy-year-old grandmother. And it didn’t stop there. Now businesses are expected to keep and maintain a Facebook profile. The involvement of the business owner in Facebook’s evolution amazed me as I watched several brands expand drastically just from utilizing Facebook and other social media outlets. Observing this growth over time I had a light-bulb moment and began contemplating the correlation between social media and women-owned business growth.
Social Media + Women-Owned Businesses
Women-owned businesses are growing at a tremendous yearly rate (more than 9.1 million firms are owned by women, employing nearly 7.9 million people, and generating $1.4 trillion in sales as of 2014), and new social media outlets are being introduced every year. I would like to assume that social media may have helped this increase and vice versa. Well surprisingly I assumed wrong. According to the National Women Business Association there is an 18% gap between women business owners who say social media is important to grow their business and how many women actually use social media for business purposes.
Only half of women business owners are confident in their ability to build a social media presence for their business.
This gap is a huge missed opportunity for women business owners.
How can this gap be filled?
In my opinion women business owners need to take a look at the characteristics they have that are helping them dominate in business and leverage those characteristics via social media. Let’s face it, we are more outgoing, friendlier and creative than many men (my husband would definitely disagree with this – ha!). Leveraging these characteristics can help women-owned businesses create: strategic partnerships, free marketing opportunities and a strong brand which all equals an increase in revenue and profits.
How do you feel about this topic?
I want to share more of my findings and insights about women-owned businesses and the impact social media has on their growth! On August 6th join me at Betamore for an open discussion and share your thoughts and opinions. Bring a friend, the more the merrier! Register Here