Less Than One-Third of Canadian Businesses Use Social Media, BMO Discovers

Less than one-third of Canadian small business owners are using social media, a new BMO Bank of Montreal survey reveals. And this comes despite the fact that half of Canadian business believe social media can increase profitability—not to mention it’s free, when cost is often the only obstacle for a small business trying something new.

29% of Canadian small businesses don’t believe that social media is a valuable tool, the survey found. 19% haven’t tried because they lack knowledge.

But 64% of businesses feel that social media can effectively promote a brand or reputation, 63% feel that it can provide broader access to consumers, and 46% feel that it can be used to sell products and services. 42% also cite “gathering suggestions and ideas” as a top advantage of social media.

“Social media, while still a relatively new communication and marketing channel, is definitely here to stay,” said Cathy Pin, vice-president of commercial banking for BMO.  “We anticipate it playing an increasingly important role for Canadian businesses, as they look for cost-effective ways to open new markets and broaden and deepen their connection with customers.”

Photo: Financial Post