Social Media Marketing Statistics in 2023.

Social Media Marketing Statistics in 2023.

Social Media Marketing Statistics in 2023.

Social media has emerged as an integral component of our daily existence, facilitating connections with cherished individuals, admired public figures, commercial entities, and fostering purposeful dialogues. It has also become an effective marketing tool allowing advertisers to reach, engage and influences their target consumers. But how is the social media landscape and what are the trends and challenges that marketers need to know in 2023? Here are some of key statistics and insights to help you plan your SMM Panel (social media marketing) strategy.

 

Social Media Usage Statistics:

In 2023, there are estimated to be 4.89 billion total SMM panel users worldwide accounting for about 62% of the global population. This number is expected to grow to 5.85 billion by 2027.

The average person bounces between seven different social networks per month, highlighting the need for a multiplatform approach to social media marketing.The amount of time internet users spend on social media is now higher than ever 151 minutes per day. This is equivalent to about 10% of their waking hours. The most used social media platform in the world is Facebook, with 2.9 billion monthly active users across the world. It is followed by YouTube, with 2.5 billion monthly active users. The fastest growing social media platform in 2023 is TikTok, which has surpassed 1 billion monthly active users in less than five years since its launch. It is especially popular among Gen Z and millennials, who make up about 60% of its user base.


Social Media Platforms Statistics:

The SMM panel or social media app market in 2022 was valued at $49.09 billion, and it is expected to grow at a compound annual growth rate (CAGR) of 26.2% from 2023 to 2030. The main driver of this growth is the increasing global adoption of 5G technology, which enables faster and smoother streaming and sharing of content. The most popular type of content on social media is video, which accounts for about 80% of all internet traffic in 2023. Video content is also more likely to generate engagement, views and shares than other types of content. The most effective social media platform for marketing in 2023 is Instagram, which has over 1.4 billion monthly active users and a high engagement rate of about 1.22%. Instagram also offers various features for marketers, such as Stories, Reels, IGTV, Live and Shopping. The most influential social media platform for purchasing decisions in 2023 is Pinterest, which has over 478 million monthly active users and a high conversion rate of about 2%. Pinterest users are also more likely to spend more money online than nonusers, with an average order value of about $50. The most challenging social media platform for marketing in 2023 is Twitter, which has over 353 million monthly active users and a low engagement rate of about 0.03%. Twitter also has a high level of competition and noise, making it harder for marketers to stand out and reach their audiences.

 

 Social Media Advertising Statistics:

 Social media advertising spending worldwide in 2022 was approximately $230 billion, and it is expected to surpass the $300billiondollar mark by 2024. The U.S. remains the largest social media ad market globally, followed by China and Japan. Social network advertising spending per user worldwide in 2022 was about $47, and it is expected to increase to about $65 by 2025. Mobile devices account for about 80% of all social network ad spending worldwide, as more users access social media on their smartphones and tablets.

 The average cost per click (CPC) for social media ads in 2023 is about $0.50, but it varies depending on the platform, industry, location and audience. The lowest CPCs are found on Facebook ($0.19), while the highest CPCs are found on LinkedIn ($5.26). The average click through rate (CTR) for social media ads in 2023 is about 1%, but it also varies depending on the platform, industry, location and audience. The highest CTRs are found on Pinterest (2%), while the lowest CTRs are found on Twitter (0.25%). The average return on ad spend (ROAS) for social media ads in 2023 is about $5.20, meaning that for every dollar spent on social media ads, marketers can expect to earn about $5.20 in revenue. The highest ROAS are found on Instagram (10.7%), while the lowest ROAS are found on Snap chat (1.9%).

 

 Influencer Statistics:

 Influencer marketing is one of the most effective ways to leverage social media for marketing, as it allows brands to reach and influence their target audiences through trusted and authentic voices. In 2023, the global influencer marketing industry is expected to be worth about $13.8 billion, up from $9.7 billion in 2020. The most popular type of influencers on social media are microinfluencers, who have between 10,000 and 100,000 followers. Microinfluencers have higher engagement rates, lower costs and more niche audiences than macroinfluencers or celebrities. The most popular platform for influencer marketing in 2023 is Instagram, which accounts for about 68% of all influencer marketing campaigns. Instagram also offers various features for influencers and brands, such as Stories, Reels, IGTV, Live and Shopping. The most popular industry for influencer marketing in 2023 is fashion, which accounts for about 25% of all influencer marketing campaigns.

 

 Social Media and Mental Health Statistics:

Social media can have both positive and negative effects on mental health, depending on how it is used and consumed. On one hand, social media can provide a sense of belonging, support, inspiration and entertainment. On the other hand, social media can also cause stress, anxiety, depression, loneliness and low self-esteem. The most common mental health issue associated with social media use is social comparison, which is the tendency to compare oneself with others based on their online profiles and posts. Social comparison can lead to feelings of inadequacy, envy and dissatisfaction with one is own life.

 

 Social Media Trends for 2023:

 Social media platforms are constantly evolving and innovating to meet the changing needs and preferences of their users and advertisers. Some of the major trends that will shape the future of social media marketing in 2023.


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