Recent statistics indicate a vast and still growing appetite for social media, with the average user perusing their chosen networks anywhere from 30 minutes to 3 hours per day. And as Business Insider notes, much of that time is spent on mobile: “social media is one of the largest time buckets on mobile,” according to the article.
Business Insider conducted a study meant to ”analyze the considerations and potential benefits for brands working on each platform [Facebook, Twitter, YouTube, Pinterest, Instagram], and explore what brands and companies would benefit most from focusing their efforts on certain channels,” it writes.
You can download the entire study here by logging into your Business Insider account (or by signing up for a free two-week trial), or you can check out its summarizing article, which breaks down the study, marking key takeaways which we’ll also highlight below:
1. Brands Need to be Active on Social: Although hard to quantify, brands on social media are “definitely” seeing an impact, according to the study. It shows that “brands’ social media fans spend more annually on their products than non-fans and 70% of Pinterest users say they use the site to ‘get inspiration on what to buy.’” Bottom line: it’s all about relationship-building with the consumer/fan base, so even if the results of being active on social media aren’t apparent immediately, your efforts will work to foster loyal relationships moving forward.
2. Fortune 500 Companies Understand: More of these companies adopt Twitter than Facebook, with 73% of Fortune 500 companies running active corporate Twitter accounts, while 66% have Facebook accounts and 62% have corporate YouTube accounts. Just 2% have Pinterest accounts, but that’s still a fairly new social media avenue, by comparison.
3. Major Brands Should First Look to Twitter, then Facebook, But Should Perhaps Go Other Directions: ”Each brand will have its own unique personality and goals,” the article notes, and “Twitter (or Facebook, for that matter) may not be right for them.” Brands with small budgets should focus on just one or two networks, depending on their end goals, and those one or two may not be Twitter/Facebook. Figure out where your consumers/fans spend their time and meet them there to engage.
4. Some Platforms Aren’t Ideal for Certain Brands: In the same vein as the previous point, it’s important that brands don’t waste time and money on social networks that won’t benefit them, even if their budget does allow. ”A surprising number of small and medium-sized brands fall into the trap of believing they have to be on all the social media platforms. A well-crafted “platform-native” approach is always better than a diluted presence on a half-dozen networks,” writes Business Insider.
So, what kind of social media presence does your brand have? Do you need to bolster your presence, or perhaps it’s the opposite: maybe you’ve spread yourself too thin. Let us know what’s up in the comments section!
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