Social media is an inevitable part of modern day life for people in their daily lives and for businesses too. From socialising on the internet to finding entertainment, consuming news and shopping, it's well integrated into the daily lives of billions of people around the world. Here are the facts for 2020 that you need to know, as well as the top 10 advantages of using social media for your business.
Social Media Facts
These are some of the most pertinent facts about social media in 2020 according to HubSpot:
- Almost half of the world’s population uses the internet
- 73% of marketers say social media has been somewhat to very effective for marketing purposes
- 71% of people who have a good interaction with a brand via social media will recommend it
- Social media is the most relevant place to share adverts (at 50% for Gen Z and 42% for Millennials)
- 54% of people use social media to research before making a purchase
- 37% of social media users use the platforms as a source of inspiration
- Social media users increased by 9% in the last year (that’s an increase of 321 million people)
- Social media users spend more than 2 hours a day on social media
Top 10 advantages of Social Media for business
- Visibility: It is a no brainer that having a solidified presence on social media will increase your brand’s visibility. In addition to this, you will be able to remain relevant in the online space and increase your reach to new audiences by using tags, hashtags, searches and advertising.
- Branding: Through the content you publish on these platforms, you can create your brand image or use this as an extension of your existing one. Based on your aesthetic and online storytelling, people will develop brand recognition. This should be done holistically by your business by sharing things from updates to insight on your company culture.
- Direct lines of communication: Social media provides you with direct lines to your customers. This can be helpful in creating connections, sharing testimonials and building loyalty for your brand. To be successful in this regard, you need a well defined brand voice and high quality content that demonstrates value and solutions in the lives of your customers.
- Reputation management: Your business can manage its reputation online, from providing customer service to develiving crisis communication as needed. This is important in regulating the perception of your brand. Your business should manage your community well by developing a style guide and being consistent and responsive for best practices, as social media is always active.
- Networking: Networking within the communities available on social networks will further develop your business relations with customers and suppliers. To do this, you’ll need to encourage engagements and share user generated content, which can increase the chances of a sale by 50%. For people to want to build connections with your brand, make sure you maintain the relations and share relevant content that is of interest.
- Marketing: Social media forms a big part of your online marketing. Marketers who use these platforms can benefit from cost effectiveness when compared to traditional marketing, highly precise targeting, partnerships with influencers and the promotion of content in multimodal ways. Campaigns should be introduced across various relevant networks and tailored to meet the needs of that platform for optimal results.
- Conversion rates: Social media can greatly improve your revenue through increasing your conversion rates. You can target potential customers through networks directly, as well as drive more traffic to your website with links and call to action requests. Part of your strategy should be to generate, nurture and convert leads through the techniques available on social media.
- Authority: Having a presence on social media will improve your rankings to search engines. It is therefore a critical part of your search engine marketing and should be optimised with search engine optimisation for the most effective results. The content you produce can also set you apart based on the knowledge and expertise you share.
- Insights: The analytics available on social media can be very telling for your business, presenting you with otherwise undetected and missed opportunities for growth. Utilise these figures to assist you in improving your posts and product offerings.
- Monitoring: Through social media, you can monitor your industry and your competition, which can be useful tools for your own strategies. You can also monitor the conversations happening among your audience to see what matters most to them. Finally, experiment with posting styles and techniques so that you can perform A/B testing. You can then monitor the results and find a strategy that works for you.
If you can’t beat ‘em, join ‘em. Your business is likely to have a presence on social media whether you decided to actively join the networks or not. It is for that reason, along with the many advantages presented by these platforms for your business, it is best to have an active involvement in the perception and messaging that circulates about your brand.
Need help handling your social media?
Chat with us at Nexa. We’re here to help every step of the way.