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Citibank survey: Small business adoption of social media increasing

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According to a recent survey conducted by Citibank, the number of small businesses utilizing social media for marketing nearly doubled during the last year.

Of the survey's 1,004 respondents, 36 percent stated they use Facebook, LinkedIn or Twitter to market their business to consumers. Last year's survey revealed that just 19 percent had been doing so during 2010.

When asked about their next steps during 2011, 68 percent relayed they planned to increase their marketing, while 54 percent pointed to new products and services.

Many of these small businesses plan to increase their workforce soon. During April, 19 percent of respondents planned to do so during the next 12 months, which is up from 14 percent in January. Overall, 74 percent of these businesses plan to keep their current workforce in place, while 7 percent plan to cut some positions.

Increased cost of gas, energy and raw materials, as well as inflation, continue to plague these companies, with many relying on small business insurance to protect them from liability. Reduced taxes and lower healthcare costs are important issues for these small businesses going forward, according to the survey. 

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