Social media is the new and improved tool for digital marketing. As of 2022, there are approximately 4.59 billion social media users around the world almost doubling from 2.5 billion users in 2017. These statistics are set to rise exponentially.
Therefore, to understand better here’s an estimated number of users of just the most prominent social media application.
- Facebook: 2.934 billion (July 2022)
- Instagram: 2 billion (2021)
- Twitter: 238 million (July 2022)
- LinkedIn: 850 million members (200+ countries)+
Social media is growing in leaps and bounds and is always changing. It has become an absolutely essential part of generating leads in your user base.
Benefits of Social Media Marketing
Social media marketing requires both strategy and creativity. While it may seem overwhelming, its importance cannot be overstated.
Here are some of the benefits that can come with utilizing social media for marketing when growing a business. Whether it’s a new start-up, or you’ve been established for a while, it’s all relevant.
Builds Brand Awareness and Recognition
Gaining brand awareness and brand recognition is the most important marketing goal. This is because customers buy brands they recognize. Various shoppers even have certain degrees of brand loyalty, which leads to long-term business benefits. Significantly, social media allows for easy and effective brand building.
Social media can get a brand in front of people much more quickly and easily. Furthermore, it gets the audience to look at the brand even when they aren’t thinking about the brand or product.
Generates Conversation around Your Brand
Generating conversation about a brand, products, and partners is a strong social media marketing strategy. For instance, Xbox Game Pass on Twitter simply tweeted to announce the availability of one of their games on EA Play.
By doing this, they received a great amount of feedback about their product and also got people talking. Fans were having genuine conversations, all facilitated by social media.
Ensuring customers that they’re not talking to a robot gives them a better perception of the company.
Helps Understand Customers’ Interests
Monitor customers’ social conversations around certain topics which is called social listening.
This helps understand what’s important to the audience while identifying trends they’re following. Learn about what they’re struggling with, which can help create content addressing those pain points.
A Platforms to Tell Brand’s Story
Using social media is a great way to share your brand’s mission and share stories. Effective storytelling can have a great impact on your brand’s image. These stories can be simple or extensive depending on what you think will be most effective.
Helps You Gather Data about Your Audience
Audience research is similar to social listening. It searches the keywords your audience will be using, but it’s more focused on your specific product. You can use social media to gather this information.
Helps Provide Responsive Customer Service
Customers now expect companies to handle their requests through social media. A strong investment in customer service can build meaningful relationships between your company and your customers. With social media, the challenge of customer service remains as demanding as it had before.
Social media allows for immediate interaction and customer feedback. Businesses can also respond to their customers right away. 71% of consumers who have had a positive experience with a brand on a social media platform said they were more likely to recommend that brand to the people they know, so having a social media customer service strategy is extremely important.
5 Important Social Media Trends (2022-23)
Social media use is projected to increase now more than ever. Experts even predict that new platforms will eat away at existing platforms’ market share.
Here are some important social media trends to keep an eye on over the next year.
TikTok continues to grow
TikTok has now turned into an app of choice for younger generations. It’s gaining popularity even faster than experts predicted.
Predictions show the percentage of Facebook users under 25 years old will drop to below 15% in 2023.
A 2021 survey found that TikTok videos are extremely effective for brands who want to market their products to Gen Z. Nearly 40% of people in Gen Z say TikTok videos are where they go to learn about new products and buy new products.
Having such a captive audience means marketing money is flowing into TikTok at a never-seen-before rate.
Instant Customers Support
A survey found that 75% of Twitter users, 59% of Facebook users, and 34% of Instagram users reach out to brands on social platforms.
While some may be quick to think that those public complaints are decreasing brand value, many companies act fast to respond and turn it into an opportunity. By responding, the brand shows that it’s actively listening to customers and that can build brand loyalty.
However, only about half of brands are meeting customer expectations in terms of response times.
King of the Advertising World
More than $521 billion was spent on digital ads in 2021. Experts even say this number could reach $876 billion in 2026. Digital ad spending is soaring and social media ads are a big part of that.
More than half of marketers say they spend 50% or more of their marketing budgets on social media ads. Statistics show that these ads are bringing in revenue. GWI Social Report showed that 28% of internet users typically find out about new products and brands via social media ads. Nearly 80% of users say they turn to social media when looking for brand information.
Audience targeting is one of the biggest reasons social media ads are so successful.
Trust and Authenticity-Social Media Novelty
The days of hard-selling, brand-forward promotions on social media are over.
Customers don’t connect with brands that only talk about themselves and their products. Likewise, they want useful information that they can use in their lives. People want to know that a brand is human and shares their values.
Brands are now tailoring their content so it tells a story and builds brand authenticity. This means that a business is true to itself and to its customers.
A few trends stand out when it comes to building brand authenticity. For example, encouraging company leadership to have an active presence on social media or discussing current events. Consumers are willing to reward businesses they see as authentic and trustworthy.
More Bite-Sized Content
People are spending more time on social media. However, they’re spending less time engaging with individual posts. Studies suggest that the attention span of the average person today is 8 seconds.
Social media sites now increasingly offer bite-size content options such as reels and ephemeral (disappearing) content.
Social media usage is expected to remain on an upward trajectory over the next 2-3 years. Social media giants probably aren’t going anywhere, despite emerging competition.
Growing engagement is projected to continue to fuel social commerce and generate revenue for businesses. Besides looking back on the previous year and evaluating strategies, it’s time to examine upcoming trends. Partner up with social media marketing service provider like Digitrends to tailor social media strategy around different platforms.