You’ve played with the idea of making social media accounts for your business, but it just seems like too much to keep up with with very little benefit. You have 50 tasks on your to-do list every day and making sure you’re active on social media Is a task that could push your to-do list over the edge.
But what if I told you the work you put into social media can turn into more money and clients for your company?
A large percentage of people on social media have six-figure household incomes, so those conversations you’re having – even with those you believe are just fans – can ultimately turn into a relationship with an investor. In addition, people have shown that social media influences their purchasing choices – from buying from a brand they see often to purchasing pieces in racehorses whose ads they see on their feeds.
For Ashley Forston, seeing a tweet about shares available in a racehorse ultimately led to her buying a piece of the horse, something she said she wouldn’t have done otherwise.
“I wouldn’t have bought into him if I wouldn’t have seen him on social media,” she said. “Most of the partnerships you see when doing searches online are still in the thousands of dollars to just join plus the upkeep. Without social media and seeing the offer to join for a reasonable rate, I would have just assumed that partnerships were out of my reach.”
Last month we talked about the importance of interacting with followers so we won’t go back over that again (if you’re interested, you can read the blog here). Instead, let’s break down six important numbers to get a better understanding of the audience you can reach and how their purchasing behavior is influenced by social media.
1) 2.77 Billion – According to Statista, there are an estimated 2.77 billion people using social media around the world in 2019. North America is the top region when it comes to social media popularity with 79 percent of people in the United States using social media.
2) 2.5 Billion – According to Facebook’s second quarter conference call in late July 2018, 2.5 billion people used Facebook, WhatsApp, Instagram, or Messenger each month with nearly 1.5 billion using Facebook every day. Numbers from Hootsuite show that 68 percent of Americans use Facebook.
3) 326 Million – Hootsuite reported in January that 326 million people use Twitter every month with 46 percent of Americans visiting Twitter at least once a day. If you want to reach an international audience as well, you’re in luck. With Twitter operating in 33 different languages, 80 percent of Twitter users are international.
4) $100,000 – Thirty-two percent of people on Twitter earn $75,000 or more a year with Statista reporting that Twitter is most popular with those whose household income is over $100,000. That means that many of the people you talk to on Twitter have the potential to buy a share in one of your horses or use your services. Facebook is pretty steady across all income levels with 86 percent of internet users in the U.S. whose household makes $100,000 or more using Facebook just one percentage point above those who use Facebook in a household that earns less than $30,000.
5) 78 Percent – Social Pilot reports that 78 percent of American consumers have discovered products on Facebook with 53 percent of Twitter users saying they bought a product they first saw on Twitter and 81 percent saying Twitter impacts their decisions on which products to purchase more than television. Ambassador says that 33 percent of people would rather contact a company through social media than on the phone, so this also opens up a valuable stream of communication that you may not be utilizing right now. One more important statistic for Twitter is that people are 31 percent more likely to remember what they saw on Twitter compared to when they are just browsing online. Spending time posting on social media not only brings you in more buyers, it also makes you more recognizable.
6) 40 Percent – When they see a new brand or product they are curious about, more than 40 percent of digital consumers head to social media to do their research. If you don’t have social media accounts, you have already put yourself on the back foot with those who want to research your company losing interest when nothing pops up on their searches. You have an even better chance of catching their attention if you run Facebook ads with Hootsuite reporting that American Facebook users click eight Facebook ads a month on average and 42 percent of Millennials (those born from about 1981 to 1996) feel social media is the most relevant ad channel.
Now you may be wondering how these numbers are important to businesses in the equine industry. One thing to keep in mind is that 58.3 million Facebook users in the U.S. are between 25 and 34 with 42.4 million in the 35 to 44 age range while 43.2 percent of Twitter users are 25 to 34 and 28.4 percent of the users are age 35 to 44. The median income in the United States for those age groups in 2018 sat at $62,294 and $78,368, respectively.
It should also be noted that according to the 2018 AHP Equine Industry Survey, 22 percent of equestrians fall in the 25 to 34 age range and 20 percent in the 35 to 44 age range, the second and third biggest age groups behind the 23 percent in the 45 to 59 range.
If you have any questions about how to improve your social media presence, Pyrois Media offers both social media consulting and management services. See our Services page or email Melissa@PyroisMedia.com for more information. We’re happy to answer any questions or concerns you may have about social media and help your business succeed.
Do you have a topic you’d like to see covered here? Email Melissa@PyroisMedia.com with your suggestions and you could see it in a future blog!