2020 hasn’t been my year, your year, or anyone’s year…besides Chinese entrepreneur Zhang Yiming.
Yiming and his team at TikTok have turned the world of social media upside down, and in doing so, his personal wealth has increased to $22.6 billion. No one would have predicted two immense outbreaks from China in one year, but nothing about 2020 has been expected.
TikTok Stats from 2020
I had the privilege of listening to Melanie Gaboriault, head of P.R. at Hootsuite, and world-renowned social media analyst Simon Kemp break down this year’s most prevalent digital marketing trends in Hootsuite’s Digital 2020 quarterly report. Aside from TikTok, the main subjects included the increase of the advertising audience on social media and the potential reach your ad can cover, the users’ intent of social media, where people are searching for information, and how to strategically span across the growing number of social platforms.
New Social Media Users
My jaw dropped at the numbers they were discussing when it came to new social media users in the last year. On Instagram alone, the ad audience has increased by over 100 million users. Instagram for Business is continuing to grow, as they’re able to serve more ads to people that spend more time on the platform.
It’s worth mentioning the report covered international statistics that may be influenced by the emergence of technology in developing nations. Regardless, the increase is noteworthy.
How People Are Using Social Media
What struck me as most interesting about the report was what they had to say about user intent on social media. According to the webinar, people are no longer just going to Facebook or Instagram for entertainment or to connect with friends. In 2020, after search engines, social media platforms are the second most frequented place to receive new information. People are using hashtags to identify products they like, find reviews from other customers and influencers, and hear all the latest news on any given subject through social media search bars.
Simon Kemp compared using hashtags to SEO: when you consistently use the same hashtags, the Instagram algorithm is more likely to place you at the top of the search and explore page. In fact, younger users are becoming more likely to go to social media platforms before search engines to learn new things.
If you’re going to shift your social media strategy towards providing valuable information, it takes time to build a rapport with your audience. 67% of adult Americans are skeptical of #fakenews.
What the Expansion of Social Media Means for Businesses
So, with the growth and expansion of social media in the business world, you may be enticed to join in on the fun and dive in on every platform you see. On average, users have active accounts on 8.8 platforms…which is a lot. From a brand perspective, it will be a major challenge to monitor, nurture, and engage on that many platforms. Kemp explained that every time you advertise on a new platform, “you’ll experience diminishing returns in the additional audience you’ll be able to reach in doing so.” He suggests choosing the platforms that are most appropriate for your audience, that best fit your brand personality and the content you produce, as well as the context in which you want to engage your audience. Ultimately, it’s more important to commit to an account over time and support its growth so it can eventually become an asset to your business.
Milk Street Marketing Knows Social.
There’s a lot to learn from the Digital 2020 report. As social media continues to grow and become a larger factor in business, it’s critical to stay ahead of the curve. Reach out to Milk Street Marketing to see how your business can leverage this information.
All stats came directly from https://hootsuite.com/pages/digital-2020.