Social media networking has transformed the role of marketing and if you haven’t jumped on the bandwagon yet, you may quickly be left behind by your competitors. That’s because social networking is fast becoming the cornerstone of consumer experiences.
The COVID-19 pandemic led to an explosion in social media traffic. When lockdowns were mandated, people used their social media networks to connect with friends, family and colleagues. When physical stores closed, consumers went online to shop; as retail profits reduced, businesses went online and used social media to connect with their customers.
At the beginning of the pandemic 46% of people said that they were spending longer on social media than before the pandemic. So how does this massive uptick in social media usage help businesses increase their revenue?
How consumers interact with brands via social media platforms
Consumers use different social media platforms for different reasons. A survey in 2021 found that Instagram, Pinterest, LinkedIn, Reddit and Twitter are the top platforms used by consumers to find information about products or brands. Another 2021 survey found that 43% of consumers use social media to discover new brands, 36% to purchase products and 33% to recommend brands to their followers.
Clearly, people’s reliance on social media to remain connected, socialise and shop has been steadily growing over the past decade and it’s been significantly increased by the pandemic. As a method of communication and a business strategy, social media is growing exponentially. This means that businesses need to understand the role these platforms play in the buyer journey.
That’s because many consumers actually expect brands to interact with them on social media platforms, even wanting brands to understand their needs based on their social media activity. Consumers also expect brands to respond quickly when they are contacted via social media platforms. In fact, social media platforms are the preferred method of learning about brands (33%) compared to word-of-mouth (16%), TV (20%) and print ads (4%).
Many businesses, however, already use social media as their primary method of communicating with existing and prospective customers (customer service and support come easily to mind). In fact, more than 90% of executives expect to increase their social media marketing budgets over the next three years with more than half expecting it to rise by at least 50%.
Opportunities for brands to leverage social media platforms
The growth in communication between consumers and brands on social media platforms is expected to continue growing year on year. Then there’s the opportunity for selling via social media platforms, making it very easy for consumers to buy your products or services as they interact with friends online.
This is why businesses need to start investing in social media marketing – because you have access to an enormous amount of consumers and social data. This data can help you understand and engage your customers, learn their preferences and personalise your marketing. It can also help you sell products straight from your channel (a strategy that is already starting to explode).
Many marketing managers now realise that social data has become a key resource that can be used to drive their company’s strategic decision-making, as well as their marketing strategies. Are you ready to leverage social media marketing for your business?
Social media is here to stay. So if you want to give your competitors a run for their money – Book an initial Jam Session today!