- The social media landscape is increasingly fragmented due to new and upcoming platforms like Threads and Mastodon.
- So, what do marketers think of trying out new social media platforms?
- Capterra’s recent Social Media Landscape Survey tried to find the answer.
The social media landscape is heating up, with multiple platforms like Threads entering the scene and competing for user acquisition. Simultaneously, the landscape is getting increasingly fragmented. In this scenario, marketers need to navigate various platforms and decide on the right one that can help them optimize their budgets and gain more user attention.
So, what do marketers think about trying various social media platforms for professional use, especially new entrants like Threads? Capterra’s Social Media Landscape Survey tried to find out the answer.
Here are a few insights from the study and what to look for when considering new platforms.
See more: How To Build a Profitable Social Media Marketing Funnel
Marketers Adopt Multiple Strategies To Invest in Social Platforms
In the world of social media, where audiences go, companies and marketers usually follow. With users spread across platforms, marketers have adopted different strategies to allocate their social media budgets. Regarding how their companies allocate budgets and resources to social media platforms, 53% of marketers said they allocated resources fairly evenly across multiple platforms. On the other hand, 47% focused a significant proportion of their budgets on one or two main platforms.
The decision to allocate resources on multiple or a selected few platforms depends on several factors, such as goals, platform dynamics and features, and available resources.
The most important features of social media platforms when it comes to marketing
Source: Capterra’s 2023 Social Media Landscape Survey
That said, there are pros and cons associated with each approach.
Pros and cons of allocating resources evenly across multiple platforms
Allocating resources evenly across platforms has two primary advantages. The first is that it offers a broader reach to the audience and increases visibility. Secondly, it allows for diversification. It helps marketers access specific features of the platform. Among businesses that allocate resources evenly across platforms, they are more likely to adopt new and emerging platforms soon after their release (25%) and report high value from them. This is compared to companies that invest in one or two platforms (14%). Further, this approach reduces risk as problems with one platform won’t impact their marketing much.
The downside is that resources are spread thin, potentially leading to less impactful campaigns. Further, this approach leads to added complexity. Managing multiple platforms may be time-consuming and a hassle.
Pros and cons of allocating resources to one or two platforms
When it comes to allocating resources and budgets to one or two platforms, there are certain advantages. Firstly, this allows for a more focused approach. It also makes sense for marketers to be present on big platforms with larger and well-established user communities. Some of the top social media platforms marketers currently use are established brands, including Instagram (96%), Facebook (90%), YouTube (82%), X (80%), and TikTok (71%). Another major advantage is that the approach leads to better user engagement.
The downside is that big changes or volatility on these platforms can significantly affect the social media marketing strategy. Further, it can lead to a limited audience and missed opportunities.
Organizations Want To See Positive Benefits Before Investing in New Platforms
The study found that when experimenting with new or emerging platforms, marketers are open to adopting them; however, they need to have markedly positive benefits before investing in them. In fact, 70% of respondents said their organizations wouldn’t invest in X/Twitter’s alternative without witnessing excellent benefits.
The top reason marketers would consider investing in a new platform for advertising or marketing is to engage with potential or new customers.
Many Marketers Are Watching Their Competition
While marketers usually follow users, consumers, and influencers, many also look to their competitors while considering a new social platform. About 40% of the study respondents said they like to try a new or emerging platform when they see competitors using it successfully. This approach helps marketers observe how their competitors position themselves and develop appropriate strategies. Further, about a third of respondents said their companies like to try new platforms only when a large enough number of consumers are using them.
Marketers Are Exploring Decentralized Platforms
Traditional social media platforms are not perfect. There are also privacy and data security concerns associated with many of them. As such, there has been a trend of users exploring and moving to more secure and decentralized social platforms. Mastodon and Bluesky are examples of decentralized social platforms. Threads seems to be attempting to move in this direction.
So, could decentralization be the future of social networks? According to the study, 80% of marketers are somewhat familiar with decentralized social media, and 98% believe decentralization is very or moderately important regarding social media for business. However, there are certain challenges with them.
For example, these platforms are slowly gaining traction and don’t have many active users. Further, regular users usually find them difficult to understand. Even many tech-savvy marketers have stopped using them.
See more: How Marketers Can Successfully Leverage Social Media Influencers in Their Campaigns
Brands Continue To Advertise on X Despite Disruptions
Elon Musk’s takeover of Twitter (now X) caused nothing short of chaos in the social media landscape. About 69% of marketers said they used or created an account on emerging social media platforms since Musk’s takeover of Twitter. Nonetheless, 35% of them who paused advertising on X returned to their previous levels. Another 43% never paused or suspended advertising on the platform, indicating they intend to see through uncertainties and disruptions.
Is an Emerging Platform Right for You?
If your company is looking to invest in emerging platforms, especially Threads, ask yourself the following questions:
- Is your business ready to manage another platform?
- Will the platform deliver on safety and security?
- Are you looking for a particular feature or jumping on a trend?
When exploring new social media platforms, marketers should evaluate whether they add value and effectiveness to their efforts. Despite the urge to jump on new trends, marketers should give sufficient time to vet new platforms before joining. Ultimately, it is good to be curious and experiment but unwise to overcommit.
When exploring new social media platforms for your marketing efforts, what are your considerations? Tell us on LinkedIn, X, or Facebook. We’d love to hear from you!
Image source: Shutterstock
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