Here is an infographic which talks about how social media has been the key to the success of many small business. Most of the smaller business use social media to build brand and product awareness. 35% of small business in the US have their presence on facebook and 78% of business executives surveyed say social media is critical for success and 50% of small business owners use social media. More on the infographic below from the demographics of users of different social networking sites to tips on using social media to create business success.
Source: Credit Donkey