What are the Best Performing Social Media Platforms to Date?

by Mar 23, 2017Marketing, Social Media

What are the Best Performing Social Media Platforms to Date?

Knowing which social media platforms are the best performing can help any content marketer to target the right people. As of March 2017, the most visited social media platforms are:

Rank Platform Visitors (per month)
1. Facebook 1,860,000,000
2. YouTube 1,000,000,000
3. Instagram 600,000,000
4. Twitter 313,000,000
5. Reddit 234,000,000
6. Vine (Now Vine Camera) 200,000,000
7. Pinterest 150,000,000
8. Ask.fm 160,000,000
9. Tumblr 115,000,000
10. Flickr 112,000,000
11. Google+ 111,000,000
12. LinkedIn 106,000,000
13. VK 90,000,000
14. ClassMates 57,000,000
15. Meetup 30,020,000

(source: Dreamgrow)

It’s clear that Facebook dominates the market. This could be because of its wide offering and seemingly high amounts of engagement. Facebook makes it possible for your audience to never miss a post. It’s also no surprise that YouTube is the second-best platform in terms of visitors. Video content is becoming more popular and this social media platform gives anyone the space to create content and earn money from it.

Instagram is quickly reaching YouTube in popularity. Perhaps the new features it has introduced has generated more interest in the platform i.e. Advertising, live video and stories.

Twitter comes in fourth with 313,000 monthly visitors, almost half of Instagram visitors. This is because tweets quickly get lost in the maze of other tweets. Also, because Twitter has a character limit which makes it difficult for users to express their full thoughts.

Lastly, it is a surprise that LinkedIn comes in twelfth place as almost every CEO I speak to seems to use this platform to advertise their company. Perhaps LinkedIn is still seen as a professional network and many only log in when they’re actively searching for employment.

If we just had to look at the above we would say advertise on Facebook, YouTube, Instagram and Twitter, but we know better. We need to ask ourselves, ‘For whom are these social media platforms ‘the best’ for?’. Surely, we can’t lump all businesses into one box?

The better question to ask is, “Which social media platform is the most profitable for my business?” because every business is unique and their uniqueness means that sales and marketing should be unique as well.

How to find the best platform for your business?

It’s great to have research and statistics, but you should do most of the studies yourself to truly find what works for your business. It’s also worth noting that social media ROI (Return on Investment) is still difficult to measure. Only 13% of B2B marketers say that they can successfully measure the impact of social media marketing. 46% are still not sure whether advertising on social media has generated revenue for their business.

To properly calculate the ROI on social media efforts, one must track their analytics and make sure that each post has a call-to-action. Many businesses use Google Analytics as this platform can give insight into the smallest details. For example, if you create a Facebook post with a call-to-action that links to your product, you can track the success by following each click in Google Analytics. If the click leads to checkout, it was successful. If not, you have not been successful with the reader. Also, when a prospect buys from you, have them fill in a form indicating where they heard about you. This can help you to collect more evidence on whether social media is effective or not.

The Social Media Examiner lists a further four tools to measure social media ROI:

  1. Kissmetrics. This tool provides insight into your website visitors. It helps track their movements and lets you know what works and when people leave your site. What’s special about this tool is it helps you to separate ROI of each network, so if you want to see how Facebook is performing, you can easily do it on the tool.
  2. Customer Lifetime Value Calculator. This is a great tool for lead generation as it helps you to calculate the cost of each lead and whether it is worth it to continue advertising on a social media platform.
  3. RJ Metrics’ Cloud BI. This one is a Customer Lifetime Value Calculator on steroids. Not only does it calculate the cost of each lead automatically, but it will break it down to show you which social media platform sent you each lead in the first place.
  4. Cyfe. This is a fully equipped tool that allows you to track the effects of social media ads, engagement, Shopify orders and sales, or Google Analytics. You can also track social media mentions and expenses easily.

Choosing to use a tool, however, doesn’t release you from the responsibility of creating reports to distribute to your colleagues. Numbers are just numbers unless someone depicts the value of these numbers of key decision makers. Companies need a full-time employee solely dedicated to this role.