Whether you’ve got a local or multinational business, having an online presence is important.
You’ll learn a few remarkable social media business statistics for 2023 in this resource.
The increasing popularity of social media platforms like Instagram, Facebook, Twitter, etc., has fueled content creation.
This, in turn, has opened up a world of subscription-based services, monetization avenues, and exciting collaborations within the social media market.
That’s all? No. Consequently, an ever-increasing number of individuals are ready to join the social media bandwagon.
With this increasing number of users, social media has evolved into a bustling hub teeming with potential business customers.
Therefore, as a business, you need to be aware of all the changes in social media platforms if you want to utilize them for your benefit.
Having said that, we’ve curated a list of social media business stats for 2023. So, let’s go!
- 1 Key Statistics
- 2 General Social Media Business Statistics in 2023
- 3 Social Media Business Usage Statistics
- 4 Social Media Customer Statistics in 2023
- 4.1 7. Approximately 63% of Customers Expect Businesses to Offer Customer Service via Social Media.
- 4.2 8. Almost Everyone on Social Media Users Connects with Brands or Businesses on Their Preferred Platforms.
- 4.3 9. Nearly 55% of Buyers Seek Business Information on Social Media.
- 4.4 10. 77.6% of Small Businesses Use Social Media to Engage with Customers and Promote Their Businesses.
- 5 Social Media Business Statistics by Platform
- 6 Other Social Media Business Statistics
- 6.1 15. 78% of Consumers Are Willing to Buy from A Company After Having a Positive Social Media Experience.
- 6.2 16. 80% of Business Executives Find It Crucial to Allocate Additional Resources to Social Media Marketing.
- 6.3 17. 91% of Businesses Are Planning to Increase Their Social Media Marketing Budgets in The Upcoming Years.
- 6.4 18. Around 67% of B2B Businesses Use Twitter as A Social Media Marketing Tool.
- 7 FAQs
- 8 Conclusion
- 9 Sources
- Around 40% of people worldwide use social media for business purposes.
- About 312.61 million businesses use social media platforms actively.
- Only 63% of small businesses invest in social media to expand their reach.
- Around 71% of small- to medium-sized businesses use social media for marketing.
- 52% of businesses using social media post at least once daily.
- Nearly 55% of buyers seek business information on social media.
- Around 90 million small businesses utilize Facebook Pages, Messenger, and Groups.
- 78% of consumers are willing to buy from a company after having a positive social media experience.
General Social Media Business Statistics in 2023
1. Around 40% of People Worldwide Use Social Media for Their Businesses.
According to recent social media business stats, a whopping 40% of the global population leverages social media platforms for business purposes.
This indicates a significant adoption rate, highlighting the widespread recognition of the potential benefits that social media platforms can offer to businesses worldwide.
With such a portion of the population actively utilizing social media as a tool for their entrepreneurial ventures, it underscores the importance of using these platforms effectively to tap into a vast network of new & potential customers and establish a strong online presence.
(Source: The University of Maine)
2. 93.79% of Businesses, on Average, Use Social Media.
No doubt, social media has become an important part of businesses. So it comes as no surprise that around 93.79% of businesses worldwide use social media.
It means that almost all businesses worldwide are using social media to market their products or services. In fact, they also use it to engage with their clients.
Another study reveals that a whopping 82% of marketers believe that social media marketing is one of the most important operations of their businesses.
So, if anyone isn’t utilizing social media, they are at a huge loss.
(Source: Global Reach)
3. About 312.61 Million Businesses Use Social Media Platforms Actively.
Recent data reveals a remarkable presence of active social media usage among businesses, with a staggering 312.61 million enterprises actively utilizing various social media platforms to boost their businesses by promoting their products and services.
Moreover, they also use these platforms to interact with their customers.
On the other hand, considering the business landscape in America, it is estimated that an impressive 30.57 million enterprises actively engage with social media platforms.
These statistics indicate that business owners have already discovered the potential of social media.
(Source: Global Reach)
4. Only 63% of Small Businesses Invest in Social Media to Expand Their Reach.
Out of the total small businesses in the world, only 63% reported investing in social media to expand their reach.
This finding suggests that many small businesses have not fully embraced social media as a growth strategy.
However, 22% of the small businesses without social media presence do have various plans to create social media within two years.
Businesses that use social media for marketing their brands believe it’s an amazing tool for presenting their authentic brand image to wider audiences.
In fact, even those operating with limited resources also found it to be an affordable investment.
(Source: Agility PR)
Social Media Business Usage Statistics
5. Around 71% of Small- to Medium-Sized Businesses Use Social Media for Marketing.
It comes as no surprise that social media is on the verge of becoming the most valuable marketing tool for businesses worldwide, especially small to mid ones.
According to recent data, approximately 71% of small- to medium-sized businesses have embraced it as a powerful marketing tool.
These social media business stats also demonstrate how significant it is to have a social media presence.
Also, most businesses leveraging the platform indicate a shift towards digital marketing strategies.
In fact, they can expand their reach, build brand awareness, and connect with their target audience, ultimately driving growth and success.
(Source: Hootsuite Blog)
6. 52% of Businesses Using Social Media Post at Least Once Daily.
An impressive 52% of businesses that use social media maintain a daily posting frequency.
It highlights these businesses’ huge commitment and dedication to consistently engaging audiences on social media platforms consistently.
Such consistent and frequent interaction (posts) with their audience plays a significant role in driving brand loyalty, fostering customer relationships, and ultimately contributing to the overall success of these businesses.
Although it isn’t possible to post on all platforms daily, you should consider posting on at least one.
(Source: Hootsuite Blog)
Social Media Customer Statistics in 2023
7. Approximately 63% of Customers Expect Businesses to Offer Customer Service via Social Media.
According to newly established results, six in every ten customers expect businesses to offer customer service via social media.
So, it’s important to utilize social media platforms for interacting with customers because satisfying them is one of the most important things in any business.
Moreover, adding customer service via social media offers an extra means of advertising and promoting your brand to a larger demographic than ever before.
Although there are businesses that still haven’t included this concept, you shouldn’t be one. In fact, you should use all the things that connect you with your customers.
(Source: Smart Insights)
8. Almost Everyone on Social Media Users Connects with Brands or Businesses on Their Preferred Platforms.
A remarkable 90% of social media users actively engage with various brands or businesses via their preferred platforms.
This stat highlights the immense potential for business organizations to connect with their target audience and establish meaningful relationships in the digital landscape.
Moreover, the high level of user engagement signifies the importance of maintaining an active and engaging presence on social media platforms to effectively connect with the modern consumer base and capitalize on the opportunities provided by digital marketing.
(Source: Smart Insights)
9. Nearly 55% of Buyers Seek Business Information on Social Media.
According to various experts, more than half of the potential customers search and seek information about a brand or business on social media.
It emphasizes the significance of social media in the business landscape.
In fact, social media isn’t just a place to connect with friends or share videos; it’s way more valuable than that.
So much so, social media holds substantial value as a reliable source of information about a company and its products or services.
As a business owner, you should engage with your customers-base and post content that is relevant to your company.
10. 77.6% of Small Businesses Use Social Media to Engage with Customers and Promote Their Businesses.
Using social media as a marketing strategy is now manageable, as numerous successful businesses have witnessed tangible benefits from advertising on social media platforms.
In fact, small business owners, as well as marketing executives, are also on board with this concept.
However, different businesses use social media platforms for different purposes.
For instance, 55% of small businesses use it for advertising their products or services so as to increase their potential audience.
This, in turn, results in higher conversion rates and revenue for the company.
While some businesses only use social media to reach out to more customers and promote their brand, others use it to interact and engage with their customers.
Well, most of them use social media for both purposes. In fact, 77.6% of small businesses use it to engage with customers and promote their business.
(Source: BIA Kelsey)
Social Media Business Statistics by Platform
11. Around 90 Million Small Businesses Utilize Facebook Pages, Messenger, and Groups.
An astounding 90 million small businesses have found their home on Facebook Pages, Messenger, and Groups.
While these numbers may not appear staggering at first glance, the fact that 90 million small businesses are actively utilizing them is a monumental achievement on its own, right?
This underscores the significant impact and immense potential that Facebook Groups, Page (and the platform in general) hold as a valuable resource for businesses, especially smaller ones.
In fact, a huge range of small or medium businesses can fall into this classification.
However, small businesses and even larger ones are using groups to connect with their customers in new and innovative ways.
No doubt, engagement on Facebook Groups increased by 84% last year.
12. Around 71% of Businesses Based in The US Now Use Instagram.
Instagram is currently one of the most popular social media platforms out there, captivating millions of users worldwide.
In fact, 7.77 billion people are active on this platform and log in daily.
So, you can understand that its global reach and influence can’t be overstated.
Being the most influential social media platform, Instagram extends beyond just a platform for personal use.
It, in fact, has become an ideal space for brands to showcase products, engage with customers, and drive sales.
Recent data shows that more than 200 million businesses in the world use Instagram.
That’s not all; approximately 71% of businesses based in the United States have embraced Instagram as a vital marketing platform.
13. Half of Instagram Users Follow at Least One Brand.
Recent social media business stats reveal that a significant proportion of Instagram users, precisely 50%, actively follow at least one brand on the platform.
That’s a vital piece of news for businesses when it comes to choosing social media for building brand awareness.
With a staggering 50% of Instagram users following at least one brand, tapping into an organic audience on your business profile is remarkably easy.
That way, they have a huge opportunity to boost their reach via Instagram. So, no matter if you run a local brand or a multinational company, using Instagram is a smart move.
14. Over 200 Million Businesses Use Facebook Pages to Connect with Customers.
It comes as no surprise that businesses, especially new and smaller ones, are using and getting success on social media platforms like Facebook.
In fact, one-third of businesses believe that their Facebook Page has helped them in getting most of the new clients.
As a result, more and more businesses are increasing their Facebook presence using different tactics. And one such is by creating a Facebook Page.
It’s the easiest and most effective method of reaching consumers.
That’s why more than 200 million businesses around the world are utilizing Facebook Pages to acquire and connect with customers.
(Source: Facebook About Page)
Other Social Media Business Statistics
15. 78% of Consumers Are Willing to Buy from A Company After Having a Positive Social Media Experience.
It would be best if you never underestimate the profound impact of a positive experience with your brand on social media.
In fact, a substantial 78% of consumers display a strong willingness to buy from a business following a positive experience on social media. So, users are driven by their experience on social media.
Along with encouraging a consumer to make a purchase from a brand, a positive experience on social media acts as an important factor for retaining customers.
Data shows that consumers are more likely to select a brand over others if they have a positive social media experience.
(Source: Force 4)
16. 80% of Business Executives Find It Crucial to Allocate Additional Resources to Social Media Marketing.
While social media has the power to create a welcoming and approachable image for big brands, it allows small businesses to expand their reach and engage with both local and wider audiences.
However, without proper tools and resources, it won’t be useful.
Luckily, businesses nowadays see social media as an important tool for business growth, and more of them are positive about investing in social media marketing.
In fact, eight out of ten business executives find it crucial to allocate additional resources to social media marketing.
(Source: Force 4)
17. 91% of Businesses Are Planning to Increase Their Social Media Marketing Budgets in The Upcoming Years.
Earlier, having a budget and resources for social media marketing posed significant challenges for marketers.
However, there has been a notable shift as social media marketing budgets are now witnessing a surge across all sectors.
Well, these budgets aren’t experiencing a minor increase; instead, they’re receiving a significant boost.
As per the latest social media business stats, 91% of executives are planning to increase their social media marketing budgets by over 50% in 2024.
(Source: Sprout Blog)
18. Around 67% of B2B Businesses Use Twitter as A Social Media Marketing Tool.
Twitter has emerged as a prominent social media marketing tool for B2B businesses, with approximately 67% of them utilizing the platform to reach and engage their target audience.
There are more than 229 million daily Twitter users, so you shouldn’t be surprised by the figures.
Nowadays, having good brand-customer relationships is really important, not only for local businesses but also for multi-directional companies.
With that being said, 77% of Twitter users develop a better impression of the brand when they respond to tweets.
What Are the Statistics on Social Media?
Social media has solidified its presence in our daily lives, with over 60% of the world’s population actively engaging on these platforms.
In fact, around 4.80 billion individuals are now part of the social media landscape, and within the past year alone, an impressive 150 million new users have joined this digital community.
Moreover, people dedicate an average of 2 hours and 24 minutes each day to social media activities which reflects its undeniable appeal.
It shows the pervasive influence and captivating nature of social media in our modern society.
How Many Businesses Fail on Social Media?
According to the latest social media business stats, most small and medium-sized businesses fail to capitalize on social media.
In fact, two-thirds of small enterprises fail to take advantage of social media marketing campaigns.
Is Social Media a Fast-Growing Industry?
Yes, in fact, social media is one of the fastest-growing industries, with more than 4.74 billion active users.
That’s all for today; in this resource, we’ve discussed social media business statistics which reveal the increasing popularity of social media among businesses.
In fact, it is expected to grow even bigger in 2023. If you aren’t already taking advantage of these platforms, it’s high time you should also jump into the train.