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Businesses of all sizes are beginning to view social media differently—as a full-fledged business function that is far more than a marketing tool.
FREMONT, CA: The digital shift is well underway. Accelerated by 2020's events, this wave of transformation represents a sea change in how organizations and consumers view, use, and value social media—and we have the statistics to prove it.
Businesses are debating when to increase their social media efforts; the time has come. The sooner companies embrace social media as a crucial business function, the further the strong social current will carry them along.
Consider the following statistics that demonstrate the critical nature of social media marketing for businesses of all shapes and sizes.
55 percent of consumers discover new brands via social media: Social media is a platform for discovery, and it's now nearly as usual for customers to learn about brands or companies via social media via television or radio advertisements.
Users no longer need to watch or listen to advertisements in the age of streaming. They have the option of fast-forwarding, changing the channel, or selecting from an unlimited library of commercial-free entertainment. However, advertisements and brand content are integrated into or adjacent to a social stream on social media and appear to be very similar to the content users consume from their friends, family, and other relationships.
Simultaneously, the value of radio and television advertising is decreasing, so if a firm is searching for a worthwhile investment to redirect advertising resources, consider social.
When marketers examine the 55 percent of customers who learn about new brands via social media, they see that Gen Z and Millennials are particularly prone to use social media for brand discovery. As the purchasing power of these digital natives grows, the scale of social networks will expand as well, reaching over 243 million users in the United States by 2025. If a brand is not prepared to take advantage of growing networks, those consumers will most likely discover the competitors first.
68 percent of customers agree that social media allows for interaction with brands and businesses: While traditional marketing and advertising are one-way media, relying on corporations' monologue to win over a consumer, social media empowers discourse and provides consumers with unique options to engage.
At least two in five consumers report engaging with a brand or company via social media by "liking" their posts or following them. Additionally, users regard social media as a feedback loop via which they may report product concerns, submit reviews, and privately engage businesses.
Social media has enormous potential for consumer involvement, the main objective for many businesses, and a beneficial influence on customers' purchasing decisions. Responsive brands that are always reacting to and communicating with their customers are better positioned to meet their requirements, increase personalization, and personalize their content in ways that foster stronger ties with their customers.