From Social Network Fatigue to Deals Fatigue to Follow Fatigue, businesses are facing a crossroads at the intersection of social and media. The future of social media comes down to one word, “value.” Without it, businesses will find it much more difficult to earn and retain friends, fans and followers.
As adoption of social networks soared in previous years, growth is now plateauing. eMarketer estimates that Facebook growth will hit only 13.4% this year after experiencing 38.6% acceleration in 2010 and a staggering 90.3% ascension the year before. Facebook isn’t alone in its sobriety either. The rate of Twitter user adoption fell from 293.1% growth in 2009 to 26.3% this year.
The GlobalWebIndex “Wave 5 Trends” report delivers insight into how consumers are using social networks and technology in general. According to the report, growth in social network usage among 16- to 24-year-olds in the US is stalling. And, in a few countries usage within this group is declining. In fact, one of the key insights shared in the report is subduing, “Facebook is no longer the one stop shop for the total internet experience.”
People are still embracing social networks. However, the severity of competition for consumer attention is now unmistakable. Once liberal with their likes, Retweets, and follows, consumers are becoming much more guarded and realistic. Therefore brands will now have to more effectively listen to markets to make more informed decisions about how social media impacts the enterprise and in turn customer experiences.
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