17 Must-Know Social Media Stats for Small Businesses

Unlock the Power of Social Media: Essential Insights and Strategies for Small Business Success in 2023

February 13, 2024

How Can Small Businesses Leverage 17 Essential Social Media Stats for Success in 2023?

Quick Answer:

Small businesses can thrive by tapping into the 4.89 billion global social media users, leveraging platforms where 82% of US internet users engage. By focusing on Facebook and Instagram, incorporating engaging videos, and utilizing influencer marketing, businesses can significantly enhance visibility and sales in 2023.

Quick Overview

As a small business owner, you know better than anyone that in the digital age, understanding social media trends is a must. But with the social media landscape changing faster than you can say “hashtag,” it can be pretty tough to keep up. 

That’s why we decided to create this comprehensive list of must-know social media stats to help you stay in the know. Here’s everything you should know about social media in 2023.

  1. Global Social Media Usage
  2. Social Media in the US
  3. Facebook's Dominance
  4. Instagram for Business
  5. TikTok's Rapid Growth
  6. Content Preferences on TikTok
  7. The Power of Visuals
  8. Video Content's Popularity
  9. The Rise of Live Streaming
  10. Social Media Engagement
  11. Influencer Marketing
  12. Content Sharing Off-Platform
  13. Social Media as Customer Service
  14. Social Media Advertising
  15. Global Market Opportunities
  16. Conclusion and Strategy Development

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1. Worldwide Social Media Users are Increasing

There are an estimated 4.89 billion social media users worldwide in 2023. That’s nearly half the global population! And with such a vast pool of potential customers, every business should have a booming social media presence. Otherwise, they’re missing out on a massive audience.

2. US Social Media Users are Also Increasing

Here in the United States, social media is practically a national pastime. A whopping 82% of internet users are on social media, and we’re expecting this number to hit 257 million by the end of 2023. That’s a lot of potential customers you’re missing, so it’s in your best interests to ensure your brand is visible and engaging on these platforms.

3. Facebook is Still the #1 Social Network

Even with all the new kids on the block, Facebook is still the top dog. It’s the go-to platform for 90% of marketers worldwide, and in the US, 70% of adults use it. Moreover, a quarter of Facebook users in the US are between 25 and 34. So, if your small business isn’t on Facebook, it’s time to set up shop!

4. Instagram is a Great Place for Sellers

Got something to sell? Instagram might just be your golden ticket. Consumers love its smooth in-app shopping experience, and as a result, this is the social media network where marketers see the highest ROI. So, make 2023 the year you get creative with your Instagram posts and reels to showcase your products in the best light.

5. Young Users are on Instagram

Instagram is also a hot spot for the younger crowd, with 61.2% of users between the ages of 18-34. So, if your business targets younger demographics, you might want to add Instagram to your social media strategy.

6. TikTok is Experiencing Exponential Growth

Of course, don’t sleep on TikTok! Its user base doubled between 2020 and 2022, and today it boasts over 1 billion active users globally. This platform is perfect for fun, engaging content that could help your small business reach new heights.

7. TikTok Users Crave Entertainment

That said, what kind of content works best on TikTok? Well, TikTok users are all about having fun. A whopping 78.9% are looking for entertaining, fun, and engaging content. Users are mostly interested in uplifting content to help them pass the time, so keep this in mind when crafting your TikTok marketing strategy. The more fun and engaging, the better!

8. Why You Should Invest in Visuals

People love visuals. In fact, they’re 40 times more likely to share images, videos, and graphics on social media. So, get creative and make your content visually stunning to increase its shareability. That means more eyes on your brand, which ultimately results in more business.

9. Video Content is King

When it comes to sharing, videos take the cake. 51% of people are more likely to share videos. And an impressive 93% of brands report that posting a video online resulted in a new customer acquisition. So, if you haven’t experimented with video content yet, now’s the time!

10. Don’t Sleep on Live Streaming

Live streaming is big business on social media. In fact, 71% of live stream viewers have made purchases through social media. So, that just goes to show that live product demos, Q&As, or behind-the-scenes looks at your business could be a powerful sales tool.

11. People Spend a TON of Time on Social Media

As of January 2022, the average internet user spent a little under 2.5 hours daily on messaging apps and social media. Assuming that people sleep around 8 hours per night, that’s a little over 15% of their day. That’s a lot of screen time your small business could capitalize on with engaging content and timely interactions.

12. Social Media Guides Consumer Behavior

Social media is a major compass for consumers, guiding 43% of them on what they should buy, especially among 18-29-year-olds, where 49% have specifically purchased something after seeing it in a social media ad. That’s why crafting eye-catching, persuasive social media ads could significantly boost your sales.

13. Influencer Marketing is Super Valuable

Influencers have a major impact on consumer decisions, helping 49% of consumers decide what to buy. In fact, 80% of consumers have reportedly purchased something after an influencer recommendation – that’s the power of influencer marketing

So, when amping up your social media presence, collaborate with influencers in your industry who align with your brand. This could be a wise move for your small business to help you reach new audiences and boost your digital credibility.

14. Lots of Content Sharing Happens Off-Platform

According to RadiumOne, a surprising 69% of content sharing happens outside social media platforms, or what they call “Dark Social.” That means your social media content could reach more eyes than you realize through emails, instant messages, and texts. So, keep making share-worthy content because it could pay off without you knowing.

15. Social Media = Customer Service

Social media isn’t just for memes and food pics. It’s a customer service tool, too. 70% of customers expect to receive customer service through social media, and 90% of users use social media when interacting with their favorite brands. Plus, engaging with customers on social media can lead them to spend 20 to 40% more on your products and services. So remember to be responsive, helpful, and friendly whenever you’re dialed in!

16. Social Media Ad Spending is Expected to Skyrocket

Ad spending on social media is skyrocketing. By 2027, mobile social media ad spending is projected to hit $130.5 billion. And guess what? Social media recently surpassed paid search as an advertising channel. This strongly indicates that investing in social media advertising is a smart move that could pay off big time.

17. Don’t Forget About the Global Market!

Ready for this? As an industry, we’re projected to spend $268 billion on social media advertising in 2023 alone. If your small business isn’t investing in social media, you could miss out on a significant piece of this gigantic pie.

Use These Statistics to Create Your Own Social Media Marketing Strategy

Now that we’ve taken you on a whirlwind tour of the hottest social media stats of 2023, it’s time to take these juicy tidbits of knowledge and turn them into a dynamite social media strategy. Whether it’s hopping onto the TikTok trend train, collaborating with influencers, or crafting engaging video content, put these insights to work for your small business.

Remember, social media isn’t just about broadcasting your message—it’s about creating meaningful connections with your customers. So, listen, engage, and keep the conversation going. We can’t wait to see what you’ll achieve.

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Essential Insights: 17 Key Social Media Metrics for Small Business Success