If you think social media is only popular among teenagers and young adults, think again. Three out of every four American adults aged 25 and older use social media, and they spend an average of 90 minutes per day on social networks. Why does this matter to your small business? The answer is simple: social media presents your business with an opportunity to connect with people who already like and trust your brand, and to reach people who are not aware that your business exists. More importantly, social media is a great way to generate new leads for your business.
When you share photos, videos, and special offers, and actively engage with your followers, you will create greater online connections… and eventually conversions. That is why social media marketing should be an important part of your business strategy, even if you use it sparingly. In this Balboa Capital blog article, you will learn seven amazing social media statistics for businesses that you might know about, and that might encourage you to kickstart your social media marketing campaign.
50% of people follow brands on social media.
A positive customer experience will strongly influence a person’s decision to continue doing business with a company. Additionally, consumers who have a good experience with a business are five times more likely to follow the brand on social media. Half of all Americans who use social media follow their favorite brands on one or more social networks, and 80% of them buy from brands they follow.
93% of people access social media via mobile.
It seems like it was only yesterday that desktop computers and laptop computers ruled supreme. Well, the way we work, shop and stay connected has changed dramatically. Smartphones and tablets are the devices of choice, and 93% of people use them to access social media on a daily basis in the U.S., and 12% of people purchase something on their mobile devices after clicking on social media posts or paid social media advertisements.
70% of people recommend brands to others.
Businesses that actively respond to comments, “likes,” mentions, and direct messages on social media are viewed more favorably than those that rarely engage with followers, or that do not engage at all. The numbers prove this, too. Research shows that 70% of people who have a good experience with a business on social media are likely to recommend the business to their friends, family members and/or co-workers.
60% of people research brands on social media.
Consumers have an abundance of options to choose from in virtually every business sector, which can prolong their decision-making. In addition to perusing customer reviews online, people are using social media to help influence their purchase decisions. The results of a nationwide survey conducted by leading market research firm indicate that 60% of people research small businesses’ products and services on the various social networks.
Social media costs 88% less.
There is a reason why social media is such a popular part of the marketing mix these days. It costs 88% less than traditional marketing strategies such as flyers, print advertisements, direct mail, and local radio advertisements. Social media marketing is cost-effective is because it can be managed by one person in-house, or outsourced to a social media expert. In addition, it is not uncommon for small business owners to oversee their social media accounts themselves, or have a family member assist them. Social networks are free to use, and they offer paid advertising to boost posts, gain followers, drive website clicks, and generate sales.
Social media ad spending topped $40 billion in 2020.
Large corporations have multimillion-dollar social media advertising budgets each year. You have probably seen a slew of paid ads from well-known brands appear in your Facebook, Twitter and Instagram feeds. Small businesses are also advertising on social media, albeit with much smaller budgets. Small businesses spend anywhere from $100 to many thousands of dollars each month on social media advertising. In 2020, social media ad spending by companies of all sizes in the U.S. topped $40 billion, and industry analysts expect spending to increase 14% in 2021.
85% of Instagram users follow brands.
There are close to 120 million Instagram users in the U.S., and 85% of them follow at least one business account. Additionally, 60% of Instagram users follow five or more business accounts, and 25% of users visit a business profile daily. As of this post, 75% of all businesses in the U.S. are using Instagram to promote their products or services. Instagram has proven to be a powerful sales tool for small businesses, as 28% of Instagram users have purchased something directly from an Instagram ad.
Social media is no longer an option for your small business. It is a much-needed part of the marketing mix that can help you reach new customers, increase website traffic, generate sales, and grow your brand.