“Active global social media population worldwide is 3.96 billion in 2020 which is close to 50% of the world population – Statista”.
Social Media has changed the way we perceive world news, interact with friends, educate our kids, or simply do business. It has made inroads into each and every aspect of our daily lives right from the morning newspaper to the evening lullaby. Honestly, it would be hard to imagine a world without the camaraderie of Facebook or the wide reach of Twitter today. In short, social media has changed the way we live our lives.
Here are some important statistics and facts to help you gauge the immense power of social media and whether it can be a viable tool for your business model.
Leading social media platforms used by marketers worldwide
All social media channels are not alike. While Facebook may work well for retail, telecom, technology, and financial services, Twitter may be more useful for fast and furious businesses such as entertainment, politics, and sports. A look at the list of top platforms provides insights into what content succeeds on each.
According to a recent research report by Statista, Facebook is the leading social media channel with more than 2.6 billion monthly active users worldwide. It is followed closely by YouTube, WhatsApp, and Instagram. Further down the line are Twitter, Tik Tok, and Reddit.
Facebook is clearly the “King of Social Media”. On an average, users spend close to 58 minutes on Facebook every day. However, it is important to note that Facebook is highly focused on communities and exchanges between friends and family. Other social networks such as Twitter and Tumblr are more about faster dissemination of user-generated content to a more widespread but coherent network.
Major benefits of using social media marketing
Social media marketing has transformed the way brands do business. Both paid and organic ads on social networks have increased exposure and traffic for companies leading to increased lead generation and higher sales. Social networks are also one of the most cost efficient digital marketing methods and have proved to greatly increase brand awareness.
Brands have also been able to develop loyal fans by constantly staying in touch with their customers through these networks. Most importantly, social media helps humanize your company and this has a direct impact on conversion rates and customer satisfaction levels.
Future outlook of social media marketing
Analysing the growth of social media marketing and looking at future trends also gives a better picture of where firms need to focus their energies on.
Building social media communities such as Facebook pages or groups and regularly creating good content is predicted to go a long way in staying engaged with your customers. Word-of-mouth advertising in these communities and influencer marketing will help brands get the best outreach. Influencer marketing especially has proved to have a high earned media value of $5.78 on every $1 spent.
However, there are certain negative aspects that we also need to take into consideration. Earlier this year, Smart Insights released a report stating digital detox was driving people away from social media. Nearly 29% of respondents deleted social media apps because they felt overloaded by it. Plus, changes in the global political scenario can also drive consumer decisions on the usage of social media. For example, a recent and sudden decision by the Indian government to ban Tik Tok left many influencers and followers grappling with uncertainties.
In conclusion, it would be safe to say that social media marketing is here to stay. It is not going away anytime soon. In fact, the current global scenario and an unexpected pandemic have increased social media penetration levels across geographies and demographics. People have found solace in staying connected and getting inspired on social media. However, cautious businesses will also agree that overdependence on any one channel can prove to be devastating for brands. Therefore, social media marketing is important and inevitable but diversification is key.