By 2018, there will be 2.67 billion social media users worldwide. Wow! That means more than 33 percent of the world’s population will be using social media to communicate, stay informed and share various aspects of their lives. The U.S. is by far the most active on social media. 78 percent of Americans have a social network profile. Facebook, Instagram, Twitter, Snapchat, and Pinterest, have a combined net worth of more than $284 billion and nearly 3 billion monthly active users. With that many engaged eyes, it is no surprise that they are converting eyes to dollars. Advertising revenue on these social nets has grown from $16 billion to nearly $31 billion in the past two years. And that doesn’t include YouTube’s revenues. YouTubers upload more than sixty hours of video every minute. With that vast amount of “engaging” content, YouTube monetizes over 3 billion video views per week.
For the first time in our history, we have five generations active in the economy and on social media. Each generation has their preferred communication styles. Each generation also uses social media differently. For example, Millennials spend 58 hours a week online while Baby Boomers spend less than half that amount of time surfing the net. Generation X relies heavily on what others think about products and services with 68 percent of Gen X’ers making purchasing decisions based on reviews.
With so many social media platforms and generational differences to consider, how do you know where to invest your marketing dollars to drive awareness, engagement, and sales?
When advising D. Knight Marketing Consulting Group clients on their social media marketing strategies, we like to use this very clear and informative infographic from Personal Money Service. It is a great visual that talks about the largest social networks and how the different generations use them.