If you feel like the social media landscape is becoming an increasingly complicated place, you’re not alone.
A statement announcing the recently-released results of a Capterra survey captured the dynamics like this: “From the recent arrival of Meta’s Threads and Twitter’s rebranding to TikTok’s introduction of text-only posts, marketers are challenged with navigating today’s increasingly fragmented and rapidly changing social media landscape.”
Capterra’s 2023 Social Media Landscape Survey
Fielded in July 2023 shortly after the launch of Threads and before Twitter turned X, Capterra’s 2023 Social Media Landscape Survey found that 80% of marketers with an X or Instagram account were likely to give the new platform a try. However, 66% of those polled said they thought the introduction of Threads would weaken the value of Instagram and Facebook as a marketing tool.
“Marketers are open to adopting new platforms such as Threads, but they need to have a clear return on investment (ROI) before dedicating [a] budget, especially since new platforms require ramp up time to learn and establish a brand presence,” Capterra said. “In fact, 70% say they wouldn’t invest in an X alternative unless there are excellent benefits.”
Capterra said the top reason marketers would consider investing in a new social media offering is to engage with new customers and prospects. Additionally, findings indicated that marketers tend to keep an eye on competitors’ moves before taking the leap themselves.
“…40% of marketers only like to try a promising new or emerging social media platform when they see competitors use it successfully for marketing,” Capterra said. “Waiting allows marketers to observe how competitors position themselves on a new platform and craft their own differentiated strategies.”
Additional findings indicated that since Elon Musk took the helm of X, among the marketers surveyed:
- 69% — said their business “has used or created an account on an emerging social media platform as either an addition or alternative to X”
- 35% — of those who “had paused advertising on X after Musk’s takeover have already returned to previous levels”
- 43% — said their company “never paused or suspended ad campaigns at all—indicating a willingness to see through disruptions and uncertainty”
Capterra noted that although decentralized social networks like Mastodon, Post, and Bluesky have grown in popularity, they remain challenging for marketers since they don’t have the same reach as more established platforms and can be complex to use. In fact, of the marketers who adopted Mastodon after Musk took over X, 61% have stopped using the platform.
Determining social media investments
In the full report, Capterra noted that among the marketers surveyed, results were mixed in terms of determining social media investments.
“Marketers say that when it comes to how their organization allocates resources, budget, or spending for social media advertising, 53% allocate resources fairly evenly across multiple platforms or apps while 47% focus a significant portion of resources on one or two main platforms or apps,” the report said. “…The decision to allocate resources evenly or focus on one or two main platforms depends on factors such as company goals, available resources, and platform features or dynamics, among other factors.”
Describing the pros and cons of each approach, Capterra noted that evenly allocating resources enables a wider audience reach and platform diversification. However, doing so may also spread resources too thin and create more complexity.
On the flip side, the report noted that companies which focus on one or two primary platforms can enjoy a more focused marketing strategy and deeper audience engagement. But, doing so can also lead to increased risk, since reliance is concentrated on just a few platforms. Plus, the audience may be more limited and potential opportunities may be missed.
If your marketing team is thinking about investing in a new social media platform, Capterra has some advice. The company recommends considering whether:
- Your business has the resources needed to manage an additional platform
- The platform offers the safety and security needed
- You’re just “jumping on a trend” or if the platform has a feature you actually need
“Experimenting with new social media platforms should be encouraged, but avoid overcommitting,” Meghan Bazaman, senior marketing analyst at Capterra said in the statement. “Marketers need to assess whether they are equipped to manage another platform, if the app delivers on safety and security, and if the platform offers must-have capabilities or features.”
If you’d like to learn more about how we can help you adapt to the evolving marketing, please contact us today.