SMBs must adjust thieir marketing efforts to reflect a changing funnel.

Small businesses with social media marketing strategies often see as much as 20 percent to 40 percent more spending from the prospects they engage, according to a report from Bain and Company.

Developing a rapport with consumers via social media helps small businesses foster loyalty in their prospects, Bain and Company found. This leads people to recommend brands to their friends, family and coworkers.

Social media marketing has quickly become the modern equivalent of word-of-mouth marketing. With 60 percent of internet-connected adults using social media in the U.S., small businesses failing to use social are missing out on the loyalty and lead generation opportunities the channel provides.

New York Senator Charles Schumer has urged small businesses in his state to consider internet marketing to boost sales particularly if they’ve been impacted by the struggling economy. ContentLEAD reported on Friday that the politician is appealing to Google to host events in his state that highlight the benefits of web marketing, as the company has done throughout the Midwest.