According to recent a study published in and conducted by Business Insider, the appetite for social media is vast and still growing. On average, users spend 30 minutes to 3 hours per day on their chosen networks. They also note that much of that time is spent on a mobile device. The article reports, "Social media is one of the largest time buckets on mobile."
The study was designed to "analyze the considerations and potential benefits for brands working on each platform and explore what brands and companies would benefit most from focusing their efforts on certain channels," Business Insider stipulates. Instagram, YouTube, Pinterest, Twitter and Facebook are the platforms the study was concerned with.
There were four conclusions drawn from the study:
1. Major brands should look to Facebook and Twitter but should not limit themselves to these two social networks. The article states, "Each brand will have its own unique personality and goals. Twitter (or Facebook) may not be right for them." A brand's budget may only allow for them to work with one or two networks. However, Twitter/Facebook may not be the right choices for the particular characteristics of the brand. Find where the majority of your customers spend their time and concentrate on those sites.
2. Although difficult to quantify, social media are "definitely" making an impact on brand recognition, according to the study. Fans were reported to spend significantly more on a company's product than non-fans. Seventy percent of Pinterest users stated they browse the site to get inspiration on what to buy.
3. If a certain network is not increasing sales, try a different one. Business Insider writes, "A surprising number of small and medium-sized brands fall into the trap of believing they have to be on all the social media platforms. A well-crafted 'platform-native' approach is always better than a diluted presence on a half-dozen networks."
4. Twitter is working the best for large Fortune 500 Companies. 73% of these companies run active corporate Twitter accounts, 66% have Facebook accounts, 62% have YouTube accounts and only 2% have Pinterest accounts. Pinterest, however, is a relatively new social media site.
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