Social Media Statistics of 2023 and Trends for 2024

Social media stands as the core of global connectivity, reflecting the dynamic shifts in communication, culture, and commerce. As we approach the end of 2023, the social media sphere continues to be a crucible of innovation, redefining the way individuals, businesses, and communities interact and evolve. 

In this article, we will explore some of the most prominent trends and insights that have shaped the digital narrative in 2023 — looking into what they mean and what they promise for the new year — and we’ll delve into some of the major predictions for 2024. 

10 major insights from 2023 and what they mean

According to a LinkedIn Business report, 89% of B2B marketers rely on LinkedIn for lead generation, and 62% say it generates leads successfully. Furthermore, InMail has a 300% higher response rate than email, with a 10-25% hit rate on LinkedIn. Sponsored InMail has an open rate of 52% on LinkedIn. 

This statistic relative to 2023 reveals one fundamental truth: people seek personal connections, authenticity, and a genuine touch. And, as we will see, this is the fil rouge that will come back time and again, and that brings together all the insights of the running year. This explains why LinkedIn has become such an important tool for lead generation — as people build stronger connections with their network, they also forge bonds of trust.

Sending a LinkedIn message or InMail adds a bit more of a personal touch than a cold email does — it’s more personal, it’s more genuine, and it comes attached to a personal photo and profile of a real person interested in starting a conversation. And, naturally, people react to that.

44% of internet users aged 16 to 64 use social media as a primary source of information when they’re researching brands. (Source: Tagbox)

The majority of consumers — from Gen Z to Boomers — regard social media as the primary source of information about brands: whether it’s to make a decision about a purchase or about a vacancy, social media is a decisive platform for brands. It’s not only crucial to have a solid online presence but also to spread awareness and cultivate loyalty, hence the following statistic:

81% of brands use social media marketing to raise brand awareness and loyalty, and 60% to increase brand engagement. (Source: Meltwater)

Brand loyalty is the key for companies to stay on top of the curve and ace their social media strategy. Being authentic, transparent, and open on social media is the key to forging long-term relationships with your audience and with current customers, thus generating brand loyalty. It goes without saying that this aspect of social media is going to be predominant in the new year, even though one need not look too far to see the importance of building relationships reflected in today’s scene too:

57% of consumers think their favorite brand working hard to build a relationship with them is important or critically important. (Source: Marigold Consumer Trends Index)

Having a favorite brand is a matter of loyalty and satisfaction mixed with trust and authenticity. A lot of aspects come into play here, of course, but regardless of the factors, it’s safe to say that the importance consumers put on brands actively trying to grow a relationship with their customers will only grow in the new year. Which is why we urge companies to pay more and more attention to this and start mobilizing their employees as an integral part of their strategy to be able to achieve this.

According to a Meltwater report, 19.33% of organizations have an employee advocacy strategy in place, and 12.59% are planning on setting up one.

This can, with relative certainty, be attributed to the above statistic. Leveraging the authentic voice of your workforce — of each individual employee and their own 100% personal and individualized experience — is the only way for companies to forge genuine bonds with their audience. The human element cannot be replaced, fabricated, or imitated, and it’s actually what makes the difference between you and any other competitor out there. The way you interact with your customers and audience says a lot about your work ethic, commitment, attention, etc.

88% of respondents trust recommendations from people they know. (source: Edelman Trust Barometer) and 82% of consumers proactively seek referrals from people they trust before making a purchasing decision, according to Nielsen.

People trust people, not logos. They want and are actively seeking a human connection even if they’re purchasing from a big corporation. And we’re not the only ones saying this. In fact, as much as 80+% would go as far as asking for recommendations from peers.

Understanding this dynamic and acting upon it will help companies unlock the potential of authenticity and word-of-mouth to really get ahead in 2024.

According to LinkedIn, Video is 5x more likely to spark a conversation than any other type of content shared on their platform. 

In an age when people’s attention span is severely reduced, people’s attention is called for from every direction. Video becomes the preferred way to communicate sincerely about your brand. Grabbing people’s attention becomes easier with video, and that’s naturally why employees are more likely to re-post that kind of content. If you think of how popular social media platforms like TikTok and Instagram have become by favoring short or long video formats, this is no surprise.

3 forecasted trends for 2024

TikTok’s popularity will scale even more

We’re pretty much going for a safe bet here — it can’t be denied, and I think everyone has seen the signs of it. TikTok is here to stay, and with its immense popularity among Gen-Z and even Millennials and growth potential, this could be a real launching pad for brands who want to scale their social media presence.

The current number of TikTok users is 1.677 billion, and we expect it to slowly grow into billions.

Video will continue to rule

The data doesn’t lie. People’s attention is grabbed by video — long and short format alike. 

This is not only noticeable in the engagement rate, with video being 5x more likely to spark a conversation than any other type of content (LinkedIn Business), but also in the fact that social media platforms like Instagram are gradually giving more relevance to Reels. About 62% of Instagram active users use the app to research products and brands, and the app’s algorithm favors Reels, heavily prioritizing this type of content. 

Brand authenticity will become even more essential

We hinted at this already (as you might have noticed), and it’s no secret that we’re naturally all for it. However, it’s no secret that consumer behavior is ever-evolving, and as the data from 2023 shows, consumers nowadays demand authenticity from brands.

One way for brands can nurture authenticity is by empowering their employees to play a more proactive role on social media — with a formal employee advocacy program, brands can restore the missing link between the big corporation and its consumers and rebuild those connections to foster long-term relationships. And there’s a slew of other benefits to follow, of course.

The data paints a vivid picture of a digital ecosystem in constant motion, shaped by the whims of user preferences, technological advancements, and cultural influences. As we look ahead to 2024, the forecast is one of promise and transformation, and it’s important to understand the shifts in consumer and user behavior to mobilize one’s brand and stay ahead of the curve. The key? Appropriating trends of 2023 and predictions for the new year and incorporating them into your own strategy.