Is social media still a good bet?

Posted on March 22, 2023 in Online Marketing

Can a small business survive these day without a solid social media marketing strategy? As the economy continues to stagger along, it may be time to examine just how effective social media marketing can be for your company. There is some recent research released by SproutSocial that just may give you a better handle on where you need to be with your social media strategy. The following comes directly from their published report:

  • The average person bounces between seven different social networks per month.
  • The amount of time internet users spend on social media is now higher than ever — 151 minutes per day.
  • Social media recently overtook paid search as an advertising channel, growing 25% YoY and exceeding $137 billion (just edging out search’s $135 billion).
  • Retargeting ads are the most-used among marketers, with 77% of B2B and B2C marketers alike saying they use retargeting as part of their Facebook and Instagram advertising strategies.
  • 51% of people are more likely to share videos with friends and family over any other content type.
  • 87% of marketers say video marketing has helped them drive more sales.
  • Short-form video offers marketers the highest ROI of any social media marketing strategy.

Common ways consuemrs are finding the perfect product

  • Video is making its way into all types of marketing strategies in virtually every industry. However, it’s evolving in its shape and form. Brands can expect to see better results from short-form video content that’s primarily entertaining and/or funny.
  • Instagram offers the highest ROI to influencer marketers, followed by YouTube and Facebook.
  • 56% of marketers use TikTok for influencer marketing, making it the most popular influencer marketing channel.
  • Generating more engagement, reaching new audiences and strengthening community are the top three marketing goals for working with creators.
  • The majority (71%) of livestream viewers have purchased something via social media.
  • Gen Z shoppers anticipate making more purchases on Instagram, TikTok and Snapchat, whereas Baby Boomers plan to shop more on Facebook.
  • 41% of Gen Z and Millennials make an impulse purchase online every 2-3 weeks. On the other hand, only 10% of Baby Boomers can say the same.

-Written by Kevin Sawyer