Digital transformation is already underway. This wave of change, accelerated by the events of 2020, marks a shift in how social media + write for us consumers and businesses view, utilize, and value social media—and we have the data to prove it.
More than 1,000 US consumers and 250 business executives were surveyed by the Harris Poll on behalf of Sprout Social to learn more about how they use social media, the significance of social media marketing, the impact that social media has had on organizations, and how its influence will shift over time.
The time has come for businesses to increase their social media investments. The more quickly you begin to incorporate social media into your business operations, the further along you will be on your social current. Companies that do not comply run the risk of falling behind.
Still not sure? Read on for Great Employee Experience seven figures that demonstrate the significance of social media marketing for businesses of all sizes.
1. 55% of consumers discover new brands on social media
Because social media is a place of discovery, it is now nearly as common for consumers to learn about brands or companies on social media as it is through advertisements on television or radio.
We no longer need to listen to or watch advertisements in this day and age of streaming. We have the option of changing the channel, fast-forwarding, or selecting from an infinite library of non-commercial content. Ads and brand content, on the other hand, appear to be very similar to the content we consume from our friends, family, and other connections on social media because they appear in or next to a social stream.
At the same time, radio and television ad spots are losing value, so if your company is looking for a good place to put its advertising money, look into social media.
- 68% of customers concur that online entertainment empowers them to associate with brands and organizations
While conventional showcasing and promoting techniques are one-way media, where brands depend on their speech to prevail upon a customer, virtual entertainment enables discourse and offers purchasers remarkable chances to lock in.
Two out of every five customers say they “like” or follow a brand or company on social media to interact with it. Additionally, consumers view social media as a feedback loop where they can privately message a business, report product defects, or leave a review.
- When the COVID-19 pandemic shut down the physical world and people hunkered down at home, nearly everything shifted to the digital space. In the past year, 43% of consumers increased their use of social media to discover new products. Purchaser utilization of social to find or find out about new items or administrations expanded 43% — a pattern that is supposed to go on in the following three years. A little more than a third of consumers also follow and interact with brands more than they did a year ago, and they anticipate that this trend will continue to grow.
- 78% of customers are more likely to make a purchase from a business if they have a positive social media experience. Positive social media experiences have a huge impact. Whether that experience is driven by responsive, top-level client assistance, applicable substance or simply showing a comprehension of your clients on a singular level, the business benefits are unquestionable.
- Social media can make big brands feel welcoming and accessible, according to 80% of business executives. Investing additional resources in social media marketing is very important or essential. Small businesses, on the other hand, can use social media to reach a wider audience and engage local, devoted customers. Businesses, on the other hand, run the risk of falling behind if they do not have access to the appropriate tools and resources to improve their social media presence, investigate new creative content, and effectively communicate with audiences at a large scale.
Consider it this way: In the event that you have a vehicle however don’t place gas in it, it won’t take you anyplace.
Thankfully, businesses now see social media as a way to expand, and eighty percent of executives believe it is absolutely necessary to devote additional resources to social media marketing.
- 91% of chiefs will increment virtual entertainment advertising financial plans in the following 3 years
In previous years, getting a financial plan and assets for virtual entertainment showcasing has been quite possibly of the greatest test advertisers confronted. Presently, web-based entertainment promoting spending plans are on the ascent no matter how you look at it.
These spending plans aren’t simply expanding somewhat, they’re getting a significant knock. Over portion of the leaders studied guess that their social showcasing financial plans will increment by more than half by 2024.
Depending on each company’s social media objectives, this budget may be used to hire new social team members, pay for advertising, produce content, or purchase a social marketing technology stack. Check out this article if you want to learn more about how to make a budget for social media marketing.
- 72% of businesses use data from social media to make business decisions According to a survey of 72% of executives, social data is already the most common source of data used to make business decisions, surpassing even market research. Furthermore, going ahead, 85% concur that social information will be an essential wellspring of business insight.
The significance of virtual entertainment in business reaches out past showcasing
Organizations of numerous types are at long last beginning to see social distinctively — as an all out business capability that is considerably more than a promoting instrument. Social data will play a bigger role than ever before in guiding non-marketing business strategies and decisions in the coming years.
Your social team will become the go-to source for direction as other parts of your company start using social data. Social marketers already know how to turn social data into targeted content, strategic business recommendations, and more. Begin proactively displaying that aptitude to impact different components of your business.
Prepare your company to take advantage of the next digital transformation wave. For more information about why using social media for business will set you up for growth, download The State of Social Media Investment Report.
