All in on Digital: How Businesses View Social After an Unprecedented Year
Last year, COVID-19 turned the world upside down, and from a business standpoint, the events of 2020 highlighted how important social media is for success.
With the world in lockdown, businesses needed to get creative to reach consumers and make sales. Brands turned to social media to maintain current customers and attract new ones as well. Social media, however, is more than just a place to talk to followers, though, and business leaders are starting to make this realization!
Together with the Harris Poll, Sprout Social recently surveyed over 1,000 U.S. consumers and 250 business executives to get a sense of how they utilize social media, and the impact digital has on their organizations. Keep reading for some of their key findings.
Social is a critical part of the consumer journey
Consumers agree that social media is an integral part of their daily lives. Over the last year, 54% of users say their consumption has grown, with 34% saying their usage will continue to increase over the next three years.
How people use social media is also changing, with research showing that 43% of Gen Z and 49% of Millennials have bought items directly from a social platform. Businesses need to understand the role that social media plays in the consumer journey, as it will be critical for sales.
90% of executives acknowledge that social will soon become the primary outlet for brands to connect with existing and potential buyers. Knowing that the world is moving towards a social-first future, businesses are prioritizing social media investments now. The survey revealed that 91% of executives plan to increase their social media marketing budget over the next three years.
Social is the future of business intelligence
In addition to being a critical communications outlet, more than half of the executives surveyed believe that social media will become the most important resource for data and insights that inform key business decisions.
What’s more, is that 90% of execs agree that businesses will need to understand how to more effectively utilize social media insights to get to know their consumers.
Above all, businesses are planning to take advantage of the impact social media can have on their bottom line. When people have a positive social media experience with a business, 78% are more willing to buy from them. The survey also revealed 77% of consumers will choose the brand they had a positive social media experience with over a competitor.
A social-focused strategy will push your company forward
It’s one thing for business leaders to say they will implement a strong social strategy, and it’s another to put the wheels into motion!
Here are a few things your business should keep in mind as you double down on social media:
Get your entire team on board: Every employee of your business needs to see how important social is for your strategy to be successful. As a leader, make a point to champion social media and social data within your company.
Invest in social: Prioritize building and growing your social team – in-house and outsourced (with Bennington Brookstone!)
Evaluate your tools: Evaluate your existing tech stack, identify what tools you need to support your social strategy, and look for software that is easy to implement across your teams.
Are you ready to keep up with the changing times? Call, DM, or email us at sbellem@bbrookstone.com to get started. We would love to help you stay on top of your social media game.
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