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BizReport : Social Marketing : June 10, 2010

Social media for SMBs explained in Citibank webcast

In response to a survey it conducted earlier this year in which it was revealed that many small businesses aren't employing social media strategies, Citibank held a live-streamed event to educate small business owners of the power of social media.

by Helen Leggatt

The global financial services company, which has approximately 200 million customer accounts and does business in more than 140 countries, hosted the event accompanied by social media expert Brian Solis and Emmy-award winning make up artist, Eve Pearl.

The aim of the event was to educate small business owners about the benefits of social media to their overall business strategy and how it extends current strategies that work. A recent Citibank survey of small business executives found 81% of small businesses weren't using social media to expand their businesses, even though 63% said word of mouth is the most effective way to market their business.

"Clearly, many small business owners do not yet see the benefits of social media to improving and growing their business," said Raj Seshadri, the head of Small Business Banking at Citibank.

"At Citibank, we're committed to helping small business owners reach their goals and dreams -- and that commitment includes ensuring they are aware of all the resources available to them."

The live-stream event has now been made available to watch online.

Tags: marketing strategy, online marketing, small business, social marketing, social media

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