It seems that 2020 wasn’t exactly the year we were all expecting, as it took quite a turn back in March when COVID-19 caused a worldwide pandemic. But because of it, the events of 2020 really changed the thinking of practically everybody, including how people lived their lives, as well as how businesses did, well, business.
More specifically, 2020 was the year that really showed how important social media was for a brand’s success. Since everything was placed in lockdown, the world of the internet became even more of a focus for businesses, and more specifically, social media.
Social media listening platform Sprout Social commissioned a survey, which was conducted by The Harris Poll, hat shows us the extent to which social media has really found its place at the core of marketing strategies, as well as consumer engagement.
Some of the significant data points from the survey includes:
- 85% of executives report that social data will be a primary source of business intelligence for their company moving forward;
- 91% of executives anticipate their company’s social media marketing budget will increase over the next three years, and the majority expect it will increase by more than 50%;
- 78% of consumers are more willing to buy from a brand and 77% will choose a brand over a competitor after a positive experience with a brand on social media;
- Social media is the #1 preferred way for consumers to learn about brands — even ahead of TV, email and print advertising;
- The majority of Americans (54%) increased their use of social media over the past year, with Gen Z (65%) and Millennials (63%) driving the greatest surge in usage and
- 62% of consumers believe businesses that don’t have a strong social presence will not succeed in the long run, yet fewer than half of executives describe their current social media strategy as “very effective.”
Source – Sprout Social