24th July 20194 Min Read
Social media marketing continues to be a popular and effective tool for advertisers. Over the past year, new social media platforms popped up, advertisers learned how to harness existing platforms in new ways, and usage of networks shifted.
Learn more about the current state of social media by checking out the following key stats from 2018.
Facebook’s Growth Slowed and Stock Dropped 20% in Value in 2018
However, the social network was plagued with scandals this year – problems that ranged from privacy breaches to fake accounts that had a hand in global politics.
Because Facebook became so controversial, its growth slowed, and while the number of users of the platform increased slightly, the total number of users ended up being 20 million less than projected. Because of the slowed growth and security concerns, the value of Facebook plummeted, and its stock dropped 20% in value.
If you want to avoid Facebook or feel uneasy about using it, turn your attention to new and exciting social media networks that are growing like Vero, a social media platform that easily lets you get specific about just who you want to share each piece of content with.
Organic Reach is Now Lower than 2% for Businesses on Facebook
Companies still using Facebook to interact with customers saw a sharp decline in organic reachthis year.
While organic reach has been petering out for some time on the platform, the rate of organic reach was at (or lower than) 2% by the end of 2018. As a result, businesses have had to use paid ads, and the cost of Facebook advertising have risen by more than 35%.
80% of Users Will Try a Brand Based on a Friend’s Social Media Recommendation
Social media marketing is key for word-of-mouth promotion.
80% of social media users report they’ll try a new brand or buy from a new company if a friend recommends it on social media.
So, create social media pages, make your content shareable, and offer information that is helpful so that when a customer shares details about what you sell, their social media friends find it easy to make a purchase from you.
79% of People Like a Company Page Because They Offer Discounts
If you want people to like your company social media page, offer discounts and promotions.
79% of social media users report that they officially follow and like brand social media pages because that brand offers special promotions on the page.
By offering deals to your followers, you encourage people to link up with your page and to engage more with what you have to offer.
33% of Consumers Would Rather Contact a Brand via Social Media than Phone
Harness social media for marketing, but also use it to better foster customer relationships (which can be a helpful marketing tactic on its own).
33% of consumers say that they would rather get in touch with a brand via its social media pages than the telephone, whether that be to complain, ask a question, voice a concern, or simply get more information.
Get responsive on your social media pages so that you develop a reputation for being communicative and helpful on your profiles.
31% Will Recommend Your Company if They Have a Positive Social Media Experience
If someone does reach out to your company via your social media pages, and you respond quickly and helpfully, they are more likely to recommend your business to friends and family (aka word-of-mouth marketing).
In fact, 31% of people said they’d give you a positive review and sing your praises if you helped them on social media sites.
Pay attention to being a good social media users and offering service via your pages, and you can take advantage of some free marketing from happy customers.
Videos Get 21% More Interaction on Instagram than Photos
If you are planning to post ads or marketing content on Instagram, choose to use videos (including stories) rather than photos.
Videos get 21% more interaction on Instagram than photos do, so they’re a better way to engage followers and potential customers and to build buzz.
Focus on video ad creative that informs about your product and also engages, since Instagram is first and foremost an entertainment and networking platform (rather than one for e-commerce).
53% of Instagram Users Follow Brands on the Platform
Instagram is growing in popularity, and more and more brands are turning to the network now that Facebook is becoming harder and more expensive for them.
Luckily, 53% of all users on the platform follow brands, so there is a big, wide audience who may be paying attention to the content you’re sharing and products and services you’re selling.
85% of Large Companies are Now Investing in Social Media Ads (And the Majority of Small Businesses Are, Too)
But, it wasn’t only large businesses that paid for social media ads. 58% of small businesses (with just 1 employee) also bought social media ads, 68% of companies with 2-10 employees paid for them, as well.
If you want to harness a marketing type that can help you grow your business and get more exposure, look to social media in 2019.
By studying the state of social media as it stands now, you can predict how to best use it next year, then focus your efforts and budget on tools that will help your business thrive. Happy New Year!