Marketers are forced to navigate today’s more fragmented and rapidly evolving social media ecosystem, which includes the recent advent of Meta’s Threads and Twitter’s redesign, as well as TikTok’s introduction of text-only posts.
According to Capterra’s 2023 Social Media Landscape Survey, which was conducted in July 2023, shortly after the app’s launch, 80% of marketers with an X (formerly Twitter) or Instagram account believe they’re likely to use Threads. At the same time, 66% believe it will eventually make Instagram and Facebook less effective for marketing purposes.
Marketers are receptive to new platforms like Threads, but they must have a clear return on investment (ROI) before allocating funding, especially because new platforms require ramp up time to understand and create a brand presence. In fact, 70% believe they would not invest in an X alternative unless the benefits were exceptional. The #1 reason for marketers to invest in a new social media platform or app for marketing or advertising (40%), is to engage with new or potential customers.
Marketers follow their customers, but when it comes to new social media platforms, they also turn to their competition. Indeed, 40% of marketers will only attempt a promising new or upcoming social media platform if they see competitors successfully using it for marketing. Waiting helps marketers to see how competitors position themselves on a new platform and develop differentiated tactics of their own.
“Experimenting with new social media platforms should be encouraged, but avoid overcommitting,” says Meghan Bazaman, senior marketing analyst at Capterra. Marketers must determine whether they are prepared to handle another platform, whether the app provides adequate safety and security, and whether the platform provides essential capabilities or features.”
A majority of marketers said their organizations have experimented with new platforms since Elon Musk’s X takeover. In fact, 69% of businesses say they have used or opened an account on a new social media site as an addition or alternative to X. Nonetheless, 35% of marketers who had delayed advertising on X following Musk’s takeover have already returned to former levels, while 43% claim their organization never paused or suspended ad campaigns at all, demonstrating a determination to persevere in the face of disruptions and uncertainty.
Decentralized social networks like Mastodon, Post, and Bluesky have grown in popularity since they do not rely on a centralized authority like Meta’s ownership of Facebook, Instagram, and now Threads.
Despite their growing popularity, decentralized platforms continue to provide challenges for marketers because to lower adoption rates compared to traditional platforms and the complexity in creating and using accounts. In fact, 61% of advertisers that used Mastodon before Musk’s X takeover have abandoned the site.
Finding the correct mix between existing platforms and new rivals is critical for marketers looking to maximize their brand’s social media presence and develop their following. The full report can be accessed here SOURCE: Marketing Report