As marketers, analyzing and understanding our past and present is key to strategizing for the future, and no one knows this better than Mary Meeker of venture capital firm Kleiner Perkins. Meeker’s annual report on internet trends is the perfect blend of where the digital world has been, where it is now, and where it’s heading. From social media usage statistics to digital advertising ROI, the 294-page report covers it all and then some.
However, its length is just as impressive as its usefulness, so we’ve done the heavy lifting and compiled the report’s top takeaways:
We’re stuck to our screens.
Ten years ago, the average American spent 2.7 hours a day consuming all types of digital media. Now, that number has more than doubled, with users spending more than 3 hours a day on mobile platforms alone. As people become increasingly attached to their smartphones, make sure your marketing efforts reflect the change and align with mobile.
Video remains valuable.
To no one’s surprise, video is still on the rise. As different social platforms continue to prioritize video content in their feeds, marketers are using this opportunity to extend the reach of their brands. If you haven’t experimented with video yet, you might want to start.
Regulations will rattle the industry…
...but that’s okay. In the wake of Facebook’s Cambridge Analytica scandal, Meeker reminds us that while brands should be aware of the consequences of their products and actions, preventing progress does more harm than good. For businesses, this means taking regulations like GDPR in stride and continuing to innovate.
Social platforms are still developing their own e-commerce capabilities, but they’re already playing a huge role in advertising and how consumers discover products and services. Social media referrals to e-commerce sites have risen four percent since 2015, and more than 50 percent of users surveyed in 2017 bought a product online after seeing it on a social platform. Though algorithm updates don’t make it easy, marketing on social media remains invaluable for your brand.
Speaking of algorithms…
Facebook’s overall ad click-through-rate is on the rise, so marketers can breathe a sigh of relief that yes, users are still engaging in their ad content. However, as competition for ad space increases, the platform’s ad rate is rising faster than its ad reach. Something to keep in mind when advertising on Facebook and analyzing your KPIs.
As the marketing industry faces changes and challenges, one thing is certain: Digital marketing isn’t going anywhere. Regulations like GDPR might cause us to reevaluate our practices, but the increasingly mobile landscape also provides new opportunities for fresh tactics. So make 2018 the year you conquer video or get on board with a mobile-first marketing strategy. Meeker’s report provides a rough roadmap to success, but it’s up to you to get your brand there.