How a Cost-Effective Social Media Plan Can Make a Difference for Small Businesses

Small businesses make a significant contribution to the economy of the United States as well as to the economies of states and cities. Latest estimates from the U.S. Small Business Administration indicate that small businesses employ approximately 57 percent of workers in the private sector and pay 44 percent of the U.S. payroll. Unfortunately, it is also true that only 50 percent of small businesses survive beyond five years. While there are many reasons for this disconcerting statistic, a major reason is a lack of marketing and communication efforts. Small businesses cannot afford to invest heavily in developing and implementing effective marketing and communication strategies; however, it is possible, with the help of digital communication tools such as social media, to develop cost-efficient yet effective marketing and communication strategies for small businesses. In this paper, I demonstrate how a small business can develop a cost-effective social media marketing plan to achieve its marketing and communication goals. A template for an implementable social media marketing plan is also presented