Well, we made it: The end of the year is almost here. With that in mind, it’s the perfect time to take stock of all the ups and downs that we’ve witnessed in the world of social media.
As you no doubt know, social media plays a vital role in digital marketing services. But beyond that straightforward fact, many of the takeaways from this year have been a little more complicated. Which platforms provide the best ROI? Which ones reach the most users or have the best click-through rates?
We’re here to keep you in the loop. Let’s dig in!
Businesses Follow Social Media; Consumers Follow Brands
- More than 70% of small businesses make use of social media platforms to reach customers.
- This usage extends beyond efforts to push branding and also covers revenue generation.
- Almost 9 in 10 users follow a brand, which demonstrates how consumers are starting to prefer a more direct connection to the companies whose services they purchase.
- Most social media users report that they have bought a product they saw on their platform.
Brand Accountability and Authenticity Are In
- You don’t need to be a marketing guru to see the direct consequences of consumer expectations concerning favored brands.
- Many users are pushing for more accountability among the brands they patronize, requiring them to take specific stances on the issues of the day.
- This is a double-edged sword of sorts, as it increases the responsibility of brands while also rewarding them when they meet consumer expectations.
- Increasingly, calls for “authenticity” are leading to a more accurate approach on all platforms. Brands that take advantage of this have prospered; those that don’t, won’t.
CTR Is Holding Steady
- CTR stands for click-through rate, which represents how many clicks your ad gets divided by how many times it shows up.
- Most estimates put this rate somewhere between 1.2 and 1.3, which means it’s on pace to match the CTR of last year.
- All things considered, it doesn’t look like this crucial metric is fading in relevance any time soon.
Profits and Growth Are Soaring
- Revenue from social media advertising will be well over $200 billion by year’s end.
- High growth rates put that metric closer to $250 billion as we get closer to 2030.
It’s Still All About Facebook!
- You’ll hear a lot about Sprout, Threads, TikTok, and BeReal, but none of them come close to matching the reach of Meta’s social media giant.
- Facebook is the destination of choice for more than half of all social media users in the United States at any given time, with far and away the biggest user base and most visits overall.
- Marketers must take note if they seek to gain and retain consumer loyalty.
And that’s a wrap! Here’s hoping we see more growth, revenue, and productivity for these platforms in the years to come.
We hope you’ve found our rundown helpful, but if you have any pressing questions or concerns regarding social media, call us at 203-746-5901. You can also email us at sales@BlueOrchidMarketing.com to schedule a consultation or discuss our digital marketing services. For some needs, nothing beats a little face time!