Think again if you think social media is only popular among teenagers and young adults. Three out of every four American adults aged 25 and older use it, and they spend an average of 90 minutes per day on social networks. So why does this matter? The answer is simple: social media presents you with an opportunity to connect with people who already like and trust your brand and reach people who are not aware that your small business exists. But, more importantly, it is a great way to generate new leads and boost revenues.
When you share photos, videos, and special offers and actively engage with your followers, you will create more significant online connections and conversions. That is why social media marketing should be an essential part of your marketing 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.
1. 50% of people follow brands on social media.
A positive customer experience will strongly influence a person’s decision to continue supporting a brand. 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% buy from brands they follow.
2. 93% of people access social media via mobile.
It seems like 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 daily in the U.S., and 15% of people purchase something on their mobile devices after clicking on posts or paid advertisements.
3. 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 it to their friends, family members, or co-workers.
4. 70% of people research brands on social networks.
Consumers have an abundance of options to choose from in virtually every industry, which can prolong their decision-making. In addition to perusing customer reviews online, people use social media to help influence their purchase decisions. A nationwide survey conducted by a leading market research firm indicates that 70% of people research products and services on various social networks. Next, video content is becoming the go-to medium for product reviews, tips, unboxing videos, and “how-to” advice. Marketing-savvy small business owners produce YouTube videos and post links to their videos on social media.
5. Social media costs 88% less.
There is a reason why social media is such a popular part of the marketing mix. Social media marketing costs 88% less than traditional marketing strategies such as flyers, print advertisements, direct mail, and local radio advertisements. In addition, social media marketing is cost-effective is because it can be managed by one person in-house or outsourced to an expert. In addition, it is not uncommon for small business owners to oversee their 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 and drive website clicks.
6. Ad spending topped $59 billion in 2021.
Large corporations have multimillion-dollar social media advertising budgets each year. You have probably seen many paid ads from well-known brands appear in your Facebook, Twitter, and Instagram feed. However, small businesses also advertise, albeit with much smaller budgets. They spend anywhere from $100 to thousands of dollars each month. In 2021, social media ad spending in the U.S. topped $59 billion, and industry analysts expect spending to increase by 15% in 2022.
7. 85% of Instagram users follow brands.
There are close to 160 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. As of this post, 75% of all businesses in the U.S. are using Instagram to promote their products or services. In addition, Instagram has proven to be a powerful sales tool, 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.