Is Social Media Dying for Businesses? Here’s What You Need to Know

The social media landscape is constantly evolving, and some might argue its golden age is behind us. While people haven’t abandoned social media entirely, engagement and organic reach for brands have undoubtedly decreased.  A recent study shows a global decline in daily social media usage, making it harder for businesses to connect with their audience organically.

GWI’s research highlights this shift: while 54% of users connect with loved ones on social media, only 27% rely on it for purchases. This suggests a move away from social media as a primary buying platform. 

The Rise of Ad-Free Social Media

Privacy concerns have driven up the cost and complexity of paid social advertising. Platforms like TikTok and Meta are testing ad-free subscriptions, mirroring Snapchat’s successful Snap Plus (5 million users, $240 million projected revenue in 2024). While this model can be lucrative for platforms, it presents a challenge for brands seeking to reach potential customers.

So, what does this mean for brand marketers?

Don’t panic! Social media still holds value, but brands need to adapt their strategies. Users are now prioritizing connection and learning. Here’s how to leverage this shift:

• Target Communities: Identify relevant communities within your chosen platforms and position your brand as a valuable resource.
• Educate and Engage: Share informative content, tips, and advice that resonates with your audience.
• Prioritize Quality: Focus on creating high-quality, educational content that establishes your brand expertise.
• Offline Integration: Promote in-person events and encourage social media followers to participate.
• Responsive Communication: Actively respond to comments and questions, fostering a sense of community and respect.

The takeaway? Social media remains a viable business tool, but success hinges on a strategic shift. By prioritizing community engagement, educational content, and responsive communication, brands can still thrive in the evolving social media landscape.