How Do You Formulate a Winning Social Media Strategy for 2023?

How Do You Formulate a Winning Social Media Strategy for 2023?

Well, first things first: don’t do what everybody else is doing. 

We’ve all seen the same old tactics repeated time and time again on social media, from running contests to sharing memes. Sure, these tactics can help you get more likes, but if that’s all you’re aiming for, then you’re missing the point.

It also helps to understand the different social media platforms and how they have evolved over the years. What worked in 2018 may no longer be effective in 2023. Plus, we have new platforms cropping up all the time (TikTok, Clubhouse, etc.), so it pays to stay ahead of the trends. 

Lastly, creativity should be at the centre of everything you do. 2023 will be a year of experimentation and pushing the boundaries, so don’t be afraid to break out of your comfort zone and try something new. 

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General Social Media Usage Statistics in 2023

Here’s a quick snapshot of the statistics and trends to guide your social media strategy in 2023: 

  1. According to Statista, there are 4.89 billion social media users worldwide in 2023, equating to nearly 60% of the total global population. That’s a lot of potential customers waiting to be engaged, so get creative and make social media work for you. (source: Statista)
  2. An average social media user bounces between seven social media platforms monthly. They’ll move from Instagram to Twitter, Twitter to TikTok, etc. Staying active on all the platforms ensures your message is spread far and wide. (source: Datareportal)
  3. TikTok is the fastest-growing social media platform. Its growth between 2020 and 2022 is at a staggering 100%, with no signs of slowing down. (Source: Targetinternet)
  4. A typical working-age internet user spends more than 2 hours and 30 minutes daily on social media platforms. That’s 2% (3 minutes) more than they did at the start of 2022. (source: Datareportal)
  5. Social media now accounts for the biggest share of internet activity, with 38% of people’s time spent online devoted to social media platforms. That’s a 2.5% point increase from the start of 2022. (source: Datareportal)
  6. The number of social media users worldwide grew by 3% Year-on-Year between January 2022 and January 2023. That’s about a 137 million increase in users. (source: Smart Insights)

Social Media Advertising Statistics in 2023

Social media ads are increasingly becoming popular as businesses look for ways to tap into the ever-growing number of users. Here are some of the latest stats and trends to consider when creating an effective social media ad strategy:

  1. The spending on social advertising has reached US$268.70 billion (in 2023).

Growing annually with a CAGR of 9.40%, it’s projected to increase to US$384.90 billion by the end of 2027.

  1. Globally, most social media ad spending is generated in China (US$96.03 billion), followed by the United States (US$94.42 billion).
  2. Social media ad spending in Singapore now sits at US$607.70 million (in 2023). It’s expected to show a CAGR of 12.75% between 2023 and 2027, reaching US$977.20 million by the end of 2027.
  3. Retargeting ads are the most used social media ads, with 77% of surveyed B2B and B2C companies saying they use them in their campaigns.

Which Social Media Platforms Are Brands Using to Grow their Communities in 2023?

Which Social Media Platforms Are Brands Using to Grow their Communities in 2023? | MediaOne Marketing Singapore

Growing a social media community is a great way to engage with potential customers, build brand loyalty and boost sales. Here’s a look at which social media platforms are popular with most brands in 2023:

The six most popular social media platforms for brands in 2023 are Facebook, YouTube, Instagram, Twitter, TikTok, and LinkedIn.

Instagram is the most popular platform for brands looking to grow their social media community, with nearly 25% of surveyed brands using it.

It’s closely followed by Facebook (25%), YouTube (14%), TikTok (10), Twitter (7%), and LinkedIn (6%).

Source: Hubspot

TikTok, the latest social media platform to join the fray, is quickly gaining popularity among brands looking to engage with a growing number of younger users.

So, which platform should brands focus on when building their social media communities

The answer is it depends.

No two platforms are interchangeable or equally effective in building a social media presence.

Each platform has its own advantages, reach, and audience demographic.

First, you’ll have to consider your target audience and the type of content you want to share.

Then, you’ll need to decide what’s the most active platform for the audience.

For instance, Facebook and Instagram are the most suitable platforms for community building. For B2B, LinkedIn makes an excellent choice.

But if you want to target the Gen Zers, then TikTok is the way to go.

Reasons to Build an Active Online Community in 2023

90% of social media marketers think building an active online media community is critical to their online success in 2023.

The reasons:

  • One in every five social media users has joined or participated in an online community.
  • 22% actively participated in an online community in the last three months, while 20% have joined one.

Facebook Statistics

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Facebook is an advertising powerhouse. Whether or not your brand should focus on Facebook is a tough decision.

Here are some key Facebook stats to consider when forming a Facebook campaign strategy for 2023:

Facebook still stands as the most used social media platform, with 2.96 billion+ monthly active users, followed by YouTube (2.6 billion), WhatsApp (2 billion), and Instagram (1.22 billion) as of 2023.

Of the total 4.89 billion social media users globally, 93% are on Facebook, while 78% are on Instagram. 

56.6% of Facebook users are male, while 43.4% are female.

Facebook is particularly popular among men between the ages of 25 and 34 (accounting for about 17.6% of Facebook users), followed by men between 18 and 24 (12.6%).

Facebook is many marketers’ favourite social media platform. That’s not surprising, considering its massive reach. Plus, the increasing age means Facebook users have more spending power. 

Instagram Statistics

Instagram crossed the 2 billion monthly active users mark in 2022, making it one of the most active social media platforms. 

Brands are also signing up for Instagram in droves.

  • Instagram rules the social selling space. Consumers love it because it offers the best in-app shopping experience.

Marketers love it because it offers the highest return on investment (ROI).

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Instagram offers the highest ROI compared to other social media networks, according to a Jan 2023 HubSpot survey report. 

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HubSpot surveyed 1000 social media marketers, 33% of whom voted in favour of Instagram, 25% for Facebook, and 18% for YouTube.

TikTok came in fourth with 12% of the votes, while Twitter closes the top five list with 6%.

The biggest demographic of Instagram users is 18 to 34-year-olds, accounting for about 61.2% of its users. 

  • Social Media Engagement Rates
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TikTok has the highest engagement rate of all social media networks (at 4.25%). It’s followed by Instagram (at 0.60%), Facebook (at 0.15%), and Twitter (at 0.05%).

As you can see, Instagram’s engagement rate is four times higher than Facebook’s and 12 times higher than Twitter’s. 

Source: Social Insider

29% of marketers plan to spend more on Instagram marketing and advertisement than on other social networks (Source: HubSpot)

Instagram was once the go-to platform for creative content, but now it’s facing tough competition from TikTok. 

TikTok, with its fun and creative video content, has seen a meteoric rise in user growth in the past years and will continue to grow into 2023. 

It has the highest engagement rate of any social network and is particularly popular among Gen Zers.

TikTok Statistics

TikTok Statistics | MediaOne Marketing Singapore

TikTok is no longer a niche platform. It’s one of the world’s most popular social media apps, a must-have for any social media marketer.

Its rabid fanbase, rapid growth, and sky-high engagement rates make it an indispensable part of any social media strategy in 2023. 

Below are some key TikTok stats to consider when formulating a winning social media strategy in 2023:

It’s available in 150 countries and 75 languages.

TikTok is particularly popular among Gen Zers, with 60% of its users between 16 and 24. 

Younger consumers and budding influencers dominate the TikTok platform. That might change, but until then, it remains a Gen Zers platform.

Twitter Statistics

Twitter has cemented itself as the go-to platform for breaking news, political discussions, and brand campaigns. 

It’s also popular with journalists, prominent figures, and celebrities.

But even with this, Twitter remains a powerful platform for brands to reach their target audience and build relationships with them. 

LinkedIn Statistics

LinkedIn did a spectacular job of carving out a niche as the premier social media platform for professionals. It has become so popular that, in January 2023, it had over 900 million active users and 58 million registered companies. That’s a lot of potential customers and connections waiting to be tapped into.

The platform is a goldmine for B2B brands looking to leverage its vast network and market its products or services. 

Here are some interesting statistics you should know about LinkedIn:

  • LinkedIn now boasts over 900 million users spread across 200 countries
  • The US accounts for the highest number of registered users, with a total count of 199 million users
  • More than 58 million companies are registered on LinkedIn
  • According to HubSpot, Lead is 277% more effective at generating leads than Facebook and Twitter

Pinterest Statistics

Pinterest often doesn’t get its fair share of the spotlight compared to Facebook, LinkedIn, and Twitter. But the platform has a lot of potential to be tapped into.

Its diverse, big-spending audience is among the most dedicated and engaged of all the major social networks. 

Here are some interesting statistics about Pinterest:

YouTube Statistics

YouTube is the second largest social media platform, boasting over 2.5 billion users. It has a diverse user base, ranging from teenagers to mature adults, and offers a wide variety of video content. 

Here are some interesting statistics about YouTube in 2023:

  • YouTube has over 2.5 billion users as of January 2023
  • It is the second most popular social network after Facebook 
  • YouTube shorts get over 30 billion views daily
  • Men between the age of 25 and 34 account for the largest segment of YouTube users, at 12%. 
  • Women in the same age range account for 9% of YouTube’s users
  • Users spend an average of 19 minutes per day watching YouTube videos
  • 90% of all YouTube visits come from mobile

Online Consumer Trends Based on Generation

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1 in 5 Generation Z, Millennials, and Generation X have bought a product on social media in the last three months

So, what does each generation care about when shopping on social media:

Each generation has different needs, wants, and interests when shopping on social media.

Generation Z (18 to 24)

57% of Generation Z say they have discovered a new product on social media in the past three months, while 71% say it’s where they discover most of the products they buy

Overall, social media is also considered the #1 way for Generation Z to discover new products, according to 38% of those between 18 and 24.

Generation Z also accounts for the most significant users of social, with 93% of them using it actively (spending about 4 hours and 20 minutes per day on the platform).

So, what does Generation Z care about:

  • Care the most about shipping: They want to know how the ordered item will get to them
  • They love online shopping, hate other types of shopping
  • They’re interested in good service
  • They’re interested in learning more about the company
  • They’re primarily searching for home goods

Millennials (Between the Ages of 25 and 34)

90% of millennials use social media for an average of 4 hours daily, 20 minutes lower than Gen Z.

50% of millennials say they have discovered a new product on social media in the past three months.

59% say it’s where they discover most of the products they buy 

When shopping online, millennials care:

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  • Most about good deals and discounts
  • Shopping online for groceries
  • Use Facebook, Pinterest, Twitter, Instagram, and Amazon to shop online
  • Curious about new shopping trends, such as bitcoin shopping
  • Mostly shop for home items online

Generation x (Ages 35 and 54)

One in three Generation X prefers to discover new products by running a search query.

58% say search is where they discover most of the products they buy.

Additionally, 40% of generation X have discovered a new product through online search in the past three months.

When shopping online, Generation X care:

  • Frequently mentioned, fast delivery and deal hunting
  • Seasonal shopping and voucher
  • Searches on social media while online shopping
  • Love shopping for groceries online
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What Device does Generation X use to shop online? 

  • 66% of Generation X say they prefer to use their mobile devices to shop online
  • 21% prefer to use their computers, while 9% prefer to use tablets.

TV Ads Are Still Highly Relevant to Generation X 

  • Generation X is still highly likely to purchase a product after seeing it advertised on TV.
  • 41% say they have discovered a new product through a TV ad in the past three months.
  • 55% say TV ads are where they discover most of the products they buy.

Baby Boomers (Ages 55 and Above)

Baby boomers’ shopping habits are much different from younger generations. 

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TV ads play a significant role in baby boomers’ shopping habits.

53% of baby boomers have discovered a new product through a TV ad in the past three months.

62% say TV ads are where they discover most of the products they have bought.

When shopping online, what do baby boomers care about?

  • Baby boomers have trust issues. So, they care the most about money-back guarantees
  • Most of them specifically search for Amazon or Tesco
  • They look for seasonal and holiday shopping items
  • They love shopping for gifts and home items
  • They’re more interested in local shops

Establish Brand Trust to Sell on Social Media

The biggest challenge marketers face when it comes to selling on social media is trust. 

The more you move up the generational ladder, the more trust becomes an issue.

For example, baby boomers tend to be sceptical of online purchases and are likelier to only shop with companies they recognize and trust.

So, when formulating a social media strategy for 2023, you’ll need to find ways to build trust and credibility with each generation.

Here are some of the concerns you want to address:

  • Is your company legitimate?
  • Can consumers get a refund?
  • Are your products or services high-quality enough?

Use testimonials and user-generated content to build trust with your audience.

What Concerns Do Social Media Users Have? 

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  • Legitimate Companies (54%): Some sellers on social media aren’t legitimate companies they can trust 
  • Refunds (48%): They can’t get a refund or return an item if they’re not happy with it 
  • Quality (44%): The products or services aren’t high-quality enough 
  • Data Security (36%): Their personal or credit card data isn’t safe and secure when shopping online
  • Not Meeting Expectations (33%): The product or service won’t meet their expectations 
  • Long Deliveries (33%): It will take too long to get their item

Social Media for Customer Service

1 in 5 Generation Z, Millennials, and Generation X say they have contacted a brand online through DM in the past three months.

76% of social media marketers say their companies already offer social media support.

Social media is a great way to build customer relationships and provide excellent customer support.

Cross-posting Won’t Fly in 2023

You can’t just post the same thing on every platform and expect to get good results.

It might have worked in the past, but it won’t work in 2023.

You must understand that each social media platform has its unique language and culture.

Only 17% of social media marketers still embrace cross-posting. In other words, more than 80% of social media marketers have shifted away from cross-posting in favour of creating tailored content for each platform. 

48% of social media marketers are tweaking their content to fit each platform’s requirements, while the remaining 34% choose to start from scratch every time they post.

Source: HubSpot

Social Budget Under the Microscope

In 2022, social media marketers had to deal with budget cuts due to the pandemic.

However, things are starting to look up in 2023, and social media budgets are expected to increase. 

However, this doesn’t mean you should go on a spending spree. Social media budgets are still under the microscope; you must make every penny count.

Companies will want you to account for every cent they spend and prove that the investment was worth it.

57% of social media marketers say the way they spend their budget and drive results is being scrutinized even more than it’s been in the past. So, don’t be surprised if you’re asked to justify your budget more than ever before. 

But despite all this, 91% are confident that their social media marketing efforts will help them reach their goals.

Also, while 50% of social media marketers expect their budget to increase, 41% don’t expect it to change. 

That means that you need to be more creative with what you have and find ways to drive results without spending a fortune.

Funny, Trendy, and Relatable Content

Funny, Trendy, and Relatable Content | MediaOne Marketing Singapore

Funny, trendy, and relatable content will be key to success on social media in 2023.

Before this, social media was all about aesthetics. But now, consumers want their content to be funny, meaningful, and relatable.

It’s time to stop relying on stock images and create content that resonates with your audience.

68% of users say they prefer social media content to be authentic rather than glossy and staged. 

That’s your chance to give your audience the content they crave. Think outside the box, get creative, and let your brand’s personality shine through.

  • 50% of consumers rank funny content as their favorite type of social media post
  • 36% rank relatable content as their favorite

However, funny content doesn’t always offer the highest ROI, trendy and relatable content does.

Despite all this, 66% of marketers say funny content is their top priority in social media marketing. 

That means you must be strategic with the type of content you create and ensure it fits your brand’s goals.

Learn to mix it up and offer your audience variety. You can’t go wrong with funny, trendy, and relatable.

Short Form Videos Have the Highest ROI

One of the social media trends we covered in 2021 was that TikTok would create a ripple effect in the social media marketing space. 

The platform is still growing in popularity, and more brands continue to flock to it daily.

But it turns out the TikTok trend was only, but the beginning and short-form videos have become a staple of social media marketing in 2023.

Short-form videos have become the go-to format for driving engagement and ROI on social media.

  • 83% of social media marketers say short-form videos are their most effective content form in 2023.
  • 57% of Generation Z prefer learning about products and services through short videos.
  • 42% of millennials say the same.
  • As for social media marketers, 54% say short-form videos are their most successful content type. 
  • In fact, 33% say they plan to invest more in short-form video content in 2023.

About the Author

Tom Koh

Tom is the CEO and Principal Consultant of MediaOne, a leading digital marketing agency. He has consulted for MNCs like Canon, Maybank, Capitaland, SingTel, ST Engineering, WWF, Cambridge University, as well as Government organisations like Enterprise Singapore, Ministry of Law, National Galleries, NTUC, e2i, SingHealth. His articles are published and referenced in CNA, Straits Times, MoneyFM, Financial Times, Yahoo! Finance, Hubspot, Zendesk, CIO Advisor.

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