Its sometimes hard for to understand the power of social media if you haven't grown up with it, but its kind of like the power of chocolate. Once you try it, its easy to get hooked. Not everyone who tries it will be drawn to it, but even if you don't like it, having it can make people who love it gravitate towards you. Basically, chocolate.
According to SocialMediaToday.com "the amount of time people spend on social media is constantly increasing. Teens now spend up to nine hours a day on social platforms, while 30% of all time spent online is now allocated to social media interaction."
Social media advertising is projected to reach $36 billion globally in 2017. Market research shows that 500 million Tweets, 4.5 billion Likes on Facebook, and 95 million photos and videos uploaded to Instagram - daily!
Last year BrandWatch.com provided some interesting social media business statistics:
Social networks earned an estimated $8.3 billion from advertising in 2015
38% of organizations plan to spend more than 20% of their total advertising budgets on social media channels in 2015, up from 13% a year ago
78 percent of people who complain to a brand via Twitter expect a response within an hour
The top 3 content marketing tactics are blogging (65%); social media (64%); and case studies (64%)
Over 3 million companies have created LinkedIn accounts, but only 17% of US small businesses use LinkedIn
The average CEO has 930 LinkedIn connections.
Social media is here to stay, so small businesses can take a note from the large companies and integrate it into their business growth plan.