Small Businesses Could Be Missing out on $554 Million Each Year, says LivingSocial Report Market Watch

A new report commissioned by LivingSocial, the online marketplace for buying and sharing experiences in your local area, has revealed that small businesses may be missing out on a staggering $554 million each year by not fully using social media tools. The survey, conducted with 500 SMEs across the UK and Ireland, showed that 68% of small businesses are failing to take advantage of all that social media has to offer by not using its full potential, likely missing out on substantial opportunities to increase revenue. Of the 4.8 million small businesses in the UK, nearly a quarter (23%) earn over $1,000 per annum through connecting with consumers on platforms such as Facebook, Twitter, and LinkedIn. Read more here.