- More than 40% of digital consumers use social networks to research new brands or products.
- 78% of people who complain to a brand via Twitter expect a response within an hour
- 28% of marketing agencies that face difficulties when determining the impact of social media efforts.
- When it comes to social media, there are plenty of opportunities and dangers for brands to be aware of.
We can all fall into a routine when it comes to our marketing strategies. Sometimes it can seem like we are including a tactic in our marketing strategy simply because we feel we’re supposed to include it, such as social media. But do we really understand the true importance and benefit of social media when it comes to marketing and our brand as a whole?
How does social media impact a brand? How can we use social media to strengthen our marketing strategies? How do you measure social media ROI? These are all questions we want to settle and we’re using social media statistics to do it.
How does social media impact a brand?
Since its inception, social media has acted as a virtual gathering of your friends, family, and some people you sort of know to share thoughts, options, memories, and more. This constantly on, increasingly mobile, integrated part of our lives has given us an outlet to say and share things like we haven’t before. For brands, this means there are opportunities and dangers to be aware of. We’ve compiled the main positive and negative social media impacts for brands using social media statistics.
Social media positive impact opportunities for blogs
- Social media consumer advocates. Social media platforms are like a megaphone for your die-hard customers. They have an outlet to share with everyone how much they love your product. So give them every chance to do so and be sure to reward and acknowledge them when they do. According to Instagram, 80% of Instagram users follow at least one business on Instagram, and more than 200 million people visit at least one business profile every day. And 71% of consumers who have had a good social media service experience with a brand are likely to recommend it to others as reported by Ambassador.
- Positive brand and product awareness. According to GlobalWebIndex, more than 40% of digital consumers use social networks to research new brands or products. This creates an opportunity for your brand or product to shine so make sure the information they see is positive and authentic. Don’t go paying for reviews because it will backfire even worse when you get found out.
- Social media advertising is worth the investment. Brands have seen a hugely positive impact of social media advertising, from ROI to awareness and conversions. Instagram Business states that 60% of Instagram users claim they’ve discovered at least one new product on the platform. And half of Generation Z and 42% or Millenials say social media is the most relevant ad channel, according to Adobe. Furthermore, Nielsen’s Global Online Survey found that 2 out of 3 respondents said they were either highly or somewhat influenced by advertising with a social context. So you might consider social media ads over other digital ad platforms.
Social media negative impact dangers for brands
- Negative brand and product awareness. The pendulum swings both ways on this one and it can feel like the negative impact hits harder. Brandwatch says that 96% of the people that discuss brands online do not follow those brands’ owned profiles. This is usually because the comments about the brand are negative. It may seem overwhelming but try to respond to every negative review or comment about your brand or product on social media to try to resolve the issue the customer had. Even if they don’t become a returning customer, it shows potential future customers that you’re trying to turn things around.
- Response time is critical. For certain social media platforms, consumers demand a fast response time for their concerns. 78% of people who complain to a brand via Twitter expect a response within an hour as reported by Lithium. That’s a fast turn around time, so make sure you have a system in place to address those comments quickly and efficiently.
How can we use social media to strengthen our marketing strategies?
Let’s learn from what these social media statistics are showing us and develop a social media marketing strategy that is built to last. Based on the positive impact and negative impact social media statistics, there are a few key steps brands and businesses can take to ensure they have a solid social media marketing strategy:
(Infographic provided by Juicer.io)
- Create opportunities for your social media brand advocates to shine. If you are offering your followers chances to share their opinions through contests or polls, you’re giving your brand advocates a chance to rave about your brand.
- Reward and encourage loyal brand followers. Offer up discount codes or contests with prizes that reward those dedicated followers on your social media accounts. If they’re following your account and paying attention to it, then they deserve a little treat.
- Display your social feed loud and proud. Having a social feed on your website streamlines the transition from your social profiles to your site and vice versa. Using something like a social media aggregator to put a feed on your site creates an interactive window into your brand for visitors.
- Encourage positive online reviews. Yes, there is a way to encourage positive reviews specifically. Brands can do this by including information with their products and through their customer communication to urge them to review the product and what that review would mean to the brand as a whole. Brands should also make sure to mention that if customers have any issues, to reach out to the brand first before going online to write a review on social media.
- Consider social media paid advertising. Even small businesses and brands are seeing great returns from using social media advertising. Find out the social media channel where your target audience is and give it a go.
- Be proactive in responding to negative comments and reviews on social media. Try to rectify any grievances a customer has and do so in as timely a fashion as possible to make sure your brand doesn’t pay the price further down the line.
How do you measure social media ROI?
I’m sure some of us can relate to the social media statistics from MDG that state how 44% of businesses are not able to measure the impact of social media on their business, with only 20% saying they were able to quantify the success of the social media efforts. So how do we change that? First, decide on what social metrics are the most important to your brand or business. Here are some of the main social media metrics your business can track to measure social media ROI:
- Engagement (Views, likes, shares, etc)
- Amplification (Share of voice, etc)
- Conversions (Click-through rate, goal conversion, revenue, etc)
And common social media metrics brands can track for social media advertising are:
- Audience reach and growth
- Conversion rate
Some brands and businesses are going to value certain ROI metrics more than others. But if you’re looking to track all of them, then more power to you. Once you’ve decided which metrics you’re going to track for your brand’s social media marketing and advertising, you need to make sure you have a way to properly measure those metrics. This might be through the social media’s business profile or using a third-party tool online. Whichever you choose, make sure you have a measurement system in place that works and that you have a way to analyze and understand the information you gather.
Use a consistent method for analyzing your social media data and track the differences each period to measure the ROI of your social media marketing strategies. Rise above the 28% of marketing agencies that face difficulties when determining the impact of social media efforts. Take control of your social media marketing and measurement to take your brand to the next level.
Have questions? Reach out to us today.