Social media has transformed the speed at which consumers demand marketers respond to their needs. It’s imperative for brands to be agile—to adapt to consumers’ dynamic behaviors and synchronize with culture. Brands that can’t provide real-time, relevant content and experiences will become obsolete. Today my employer, sparks & honey, a NYC-based ad agency that synchronizes brands with culture, released an “Unscrambling the Myths about Social Media” report to help brands stay in sync with shifting online habits.
Here are three of the eleven out-of-sync myths and in-sync truths about social media every marketer needs to know.
Out-of-sync Myth: Instagram is just for sharing pics.
In-sync Truth: In many markets, it’s a burgeoning e-commerce platform.
Explanation: Small retailers generated anywhere between 25-40% of daily sales via Instagram while larger retail brands are leveraging the platform to promote and preview new products, and host photo contests that require participants to purchase a product to participate
Out-of-sync Myth: Twitter is a reliable barometer of broader public opinion.
In-sync Truth: Twitter’s skewed demographics make it an inaccurate indicator.
Explanation: Twitter serves as a statistically unsound proxy for the broader country, skewing young (45% are 18-29, more than double that age group’s share of the overall population), educated (40% have a Bachelor’s Degree vs. 20% of the overall population) and affluent (48% earn $75,000+ vs. 39% of the overall population).
Out-of-sync Myth: Watching TV online is more popular than watching live-streamed game play.
In-sync Truth: Each month millions of visitors go to Twitch, a broadcasting gaming video platform to watch other users play games.
Explanation: Twitch reports 12 billion minutes watched per month, over 45 million unique viewers per month, 900,000 broadcasters per month, and 6 million total videos broadcasted per month. Twitch users watch an average 106 minutes of content per day.
Uncover the truth for the rest of the common myths here or below. And if you enjoy it, feel free to share it with your network of friends. You can also test your friends’ social media knowledge with this fun “Social Media IQ” test.