It’s a new year, and new trends are emerging on the social media landscape. We’ve got the most important changes and developments from Morrison Foerster in this brand new infographic. Find out what social channels are working best and what brands you should be watching for creative and strategic inspiration.
2016 Social Media Trends
“Companies are dedicating significant resources to social media marketing,” reports Morrison Foerster–a claim that’s backed up with hard numbers like these…
- $7.52 billion: U.S. spending on social media marketing in 2014
- Marketing execs are expected to dedicate 13.2% of their budgets to social media in 2015.
- 66% of companies have a dedicated social media team.
- North American B2C organizations report using an average of 7 social media platforms each.
What Are the Most Popular Platforms? Best Engagement Rates?
Facebook remains the most popular social media platform for both B2C and B2B marketers, with Twitter closely behind in second place. (Also, LinkedIn ties Facebook for the top spot amongst B2B marketers.)
We expect to see Instagram continue its rapid spread through the marketing industry, as more brands are waking up to its strong engagement rates. Though Instagram’s engagement rates have fallen from 4.2% to 2.2% year-over-year, that figure is still significantly higher than Facebook’s current engagement rate: 0.2%. As consumers continue in mass exodus to mobile platforms, mobile-based Instagram makes more sense for marketing and advertising.
Does Social Media Marketing Really Work?
The evidence says, “yes.”
- 54% of B2B marketers have generated leads from social media.
- When people follow a brand on Twitter, 72% are more likely to make a future purchase from that brand.
- For online merchants, the average order value influenced by social media in 2014 was $143.46.
What Challenges Do Brands Face on Social?
Brands face two main challenges:
1. Connecting social efforts with sales.
- Nearly half of top marketers have been unable to demonstrate social media spending’s effect on their businesses.
- Only 15% of marketing officers have been able to demonstrate social media’s quantitative effect on their businesses.
- 60% of social media practitioners cite “measuring ROI” as one of the top three most challenging aspects of their social media campaigns.
2. Interpreting and acting on the data generated by their social media campaigns.
- Only 41% of organizations agree that their company is fully capitalizing on the data that social media provides.
- 50% of social media practitioners identify “tying social activities to business outcomes” as one of the top three most challenging aspects of their social media campaigns.