“If you make customers unhappy in the physical world, they might each tell 6 friends. If you make customers unhappy on the Internet, they can each tell 6,000 friends.”
Jeff Bezos, Amazon CEO
Social media has become the new mass media and a vital tool for businesses to promote their products and/or services, and connect with potential customers across the globe. From luxury car brands such as Lamborghini, to local businesses in the city, social media plays a key factor in what puts their business ahead of the curb. Check out these 5 statistics that help explain why social media packs a punch in the business world.
- There are now 3.2 billion social media users around the globe. That is about 42% of our total present population (Emarsys, 2019).
With such a vast audience, social media presents a platform to reach billions of people. This platform enables businesses to connect with people of different ages, backgrounds, and cities to promote their products and/or services. Integrating social media into one’s business plan plays a vital role in the outcome of success. For example, Lamborghini, along with other luxury automobile brands, do not invest in commercials to promote their products, but they do utilize social media platforms such as Instagram to connect people to their cars.
- 73% of marketers believe that their efforts through social media marketing have been “somewhat effective” or “very effective” for their business (Buffer, 2019).
Social media is one of (if not the most) effective way to market products and services. How one implements social media for a business will predict the possible impact . If a user is inconsistent and/or has content that lacks luster, chances are that many people will not be interested in that page. On the other hand, if a page has quality content, and is engaging, more people are willing to follow that page, interact with the user and their posts, and share the content with others. This allows the business to connect with users who support the product or services provided and also expand their audience. Even if the user only wants to post once a month, if they keep the content engaging, it can still help promote their business.
- 49% of consumers claim that they depend on influencer recommendations on social media to inform their purchasing decision (Four Communications, 2018).
Before investing in a product or service it is not uncommon for people to rush over to YouTube to watch unboxing tutorials and/or product reviews. Viewing these videos and reading the comments allows potential buyers to get a feel for a possible purchase. They are able to see the product be removed from its packaging and get a virtual first look. If the person reviewing the product is unhappy with their purchase and is able to show what makes it unappealing, potential buyers are likely to be persuaded by the person reviewing the product, and will change their minds on following through with the purchase. On the other hand, if a product receives lots of praise during its unboxing, potential customers are more likely to purchase the product.
- 366 million new people started using social media in the past year. That’s more than a million new people joining social media every single day (Hootsuite, 2109).
Currently, social media is occupied by 42% of the world’s population, and it is likely this number will continue to increase. Social media has become the new mass media and has taken the world by storm, a digital amalgamation of print, audio, and television. This makes social media the easiest way to connect with people across the globe. If a business wishes to expand its audience and reach more clients, using platforms such as Instagram, Twitter, Facebook, Youtube, etc, will allow that company to bring in customers from various areas of the world and aid in strengthening their business image.
- Digital consumers spend nearly 2.5 hours on social networks and social messaging every day (Hootsuite, 2109).
Every day, people spend almost 3 hours browsing through various social media platforms. What does this mean for businesses? It means that everyday, businesses have a 2.5 hour window to connect potential clients to their products and/or services. They may choose to advertise with an eye catching graphic, quality video, funny tweet, etc. Even if they miss that 2.5 hour window they are still able to create a timeline or feed that viewers can look back on. Carefully curating this feed helps a business present themselves well and essential serves as a digital resume for their work.