Social Media SWOT Analysis (2024)

Did you know? There are about 4.70 billion social media users worldwide, and new accounts get created every 6.4 seconds. Each user spends an estimated 142 minutes daily on social media.

Table of Contents

1. Connects distant family members and friends: Social media started as a platform for family and friends to keep tabs on each other. That role has not yet changed. There are stories of loved ones finding each other on social media and others finding love/companion on these platforms.

2. Connects businesses directly with their audience: Businesses have always had a tough time connecting with their audiences. Social media gives businesses the opportunity to know their customers better and connect at a personal level. That ensures better customer services that help with business growth.

3. Brand-building: Social media marketing serves as a strong basis for businesses to grow their brands. About 77% of marketers say that social media marketing helps companies achieve significant success. Posting organic content helps business rapidly build their brand with their audience.

4. Drives traffic to websites: Whether you are running a personal blog or business website, social media can help increase traffic flow. The majority of the social media platforms allow the posting of content and website link. Compelling content can motivate the audience to follow your links and learn more about what you do.

5. Access to a wide audience: 4.70 billion people are actively using social media platforms. From YouTube to Facebook and other platforms, social media accounts for most online engagements. The chart below shows a rough percentage of this uptake.

6. Free to join: Social media networks do not charge anything to join. All that you need is a phone number or email address to create your account. Furthermore, some platforms even allow you to start consuming content without creating an account.

7. A significant source of entertainment: No one hates a good laugh. You can turn to social media when you are having a dull moment or just need to be entertained. Users normally publish funny clips and memes that are sure to make your day.

8. Go viral: Many people have gone viral as a result of social media, something that has positively impacted their lives. In some cases, going viral creates an avenue for social media users to contribute to certain people’s money. You could be in some financial challenges and become rich overnight after going viral. Going viral not only helps you make money but also can be the start of a new career path.

9. Provides significant insights: If you are a business person, you can use social media as a way to learn about your customers. There are different listening tools that uncover important conversations about your business. Similarly, students and people from all walks of life can learn about other cultures courtesy of social media. What do other people like and what is life like in other countries?

1. Online life may differ from reality: Social media may not be the problem here, but it acts as a gateway for some people to present a fake lifestyle. Living in that assumed life that differs from reality can mess up people’s psychology. When your friends start posting pictures of themselves in exotic places, you feel pressured that your life is not going as well as it should.

2. Wastage of time: Facebook, Twitter, and other social platforms are a major cause of productivity loss. That explains why most companies lock access to the platforms during normal working hours. Even at your personal level, you may find yourself procrastinating a lot of things because you wasted time on social media. According to a Forbes, people spend an average of 1,300 hours on social media in a year.

3. Social media addiction: Getting addicted to social media is a real problem for which people undergo treatment. Once all the notifications for likes and follows are on your social platforms, your brain switches to spending time on the platforms. Most people can barely go about their time without checking what is happening on their social media sites. And when they log in to their accounts, they can stay there until late into the night.

4. Takes away self-confidence: Some people hand ended up developing self-image issues due to social media. They tend to post photos of themselves seeking validation, only to be turned down by a few negative comments. That brings up significant body image concerns for some people.

5. Social media bullying: Social media bullying can be manifested in individuals and businesses. At a personal level, it can even drive one to commit suicide. There is substantial evidence that social media bullying can lead individuals to adopt suicide-like behaviour.

Social Media Opportunities

1. The rising uptake of smartphones: More people are adopting smartphones, and a majority of them are installing social media apps during the initial setup. Younger generations are more likely to own a smartphone, both from established and growing economies. The reducing cost of buying a smartphone has something to do with this, which directly leads to the number of social media users.

2. Venture into new markets: For a long time, social media giants like Facebook have been locked out of certain markets like China. However, recent developments point toward a positive trend. Even though the platform is still locked in China, VPN technology helps bypass this block. China-linked TikTok’s success in the U.S. can also serve as a way of allowing social media platforms to operate in all countries freely.

3. Emerging sources of revenue: Different social media platforms are competing to retain their relevance. As a result, they keep adding various ways for users to make money. Influencers can take up these opportunities to grow their wealth and businesses.

4. Marketplace: With close to 3 billion users per month, it is understandable why Facebook defines the direction that the social media platforms take. The recently created Facebook Marketplace gives opportunities to buy and sell items locally, as well as ship them overseas.

Ad-block extensions are working against some social media sites like YouTube, Reels, and Facebook Watch
Online marketing appears to be taking a slow dive
Privacy concerns have led to many people being cautious of using social media platforms and turning off locations and permissions to reduce tracking chances
Social media platforms have a fragile business model that is always dependent of user engagement.

References & more information