Small and medium sized businesses rely heavily on word of mouth and referral advertising. We all know that and the point has been made ad nauseum.
Even with that in mind it seems quite interesting to see the findings of a study conducted by SMB insurance provider Hiscox. Essentially it says that many small businesses don’t find social media important yet half of them say that they couldn’t live without referrals from word of mouth (WOM) sources.
eMarketer shared the Hiscox findings
Note that only 12% say they have to do it while only 24% said they get involved in social media when they have the time. The rest?Well, 64% of the respondents said they either don’t use it for their business, don’t know enough about or don’t give a rip at all!