According to Statistica, 76% of the U.S. population has at least one social networking profile and by 2020 the number of worldwide users of social media is expected to reach 2.95 billion (650 million of these from China alone). Of the social media platforms, Facebook is by far the most dominant – as of the end of the second quarter of 2018 Facebook had approximately 2.23 billion active users worldwide (Statistica). Mobile devices have become the dominant platform for Facebook usage – 68% of time spent on Facebook originates from mobile devices.
From an internet marketing perspective social media is becoming more and more important. However, many businesses are unsure whether embracing social media has improved the bottom line as it is difficult to correlate social media marketing activities with increased sales. According to Business 2 Community:
- 90% of adults aged 18 to 29 use social media (compared with 35% of those over 65)
- One third of millennials say that social media is their preferred way to communicate with businesses
- 84% of CEOs and VPs say they use social media to help make purchasing decisions
- All 100 of the top global brands maintain at least one company YouTube channel, and more than half (27 of 50) of CEOs in top global companies have appeared in a company video
- Despite the lack of metrics or executive involvement, the share of overall marketing budgets devoted to social media marketing is expected to increase from about 10% on average to nearly 25% by 2021