Speaker 1: This is Bloomberg Business Week with Carol Messer and Bloomberg
Speaker 1: Quick Takes Tim Stinovic on Bloomberg Radio. Well, social media,
Speaker 1: it's incredibly important, not just to you Katie Greifeld, who
Speaker 1: right now is probably looking at her Twitter. She is
Speaker 1: she here's something that just happened. Preparing she had to
Speaker 1: go and charge her phone. And it was tough for
Speaker 1: you to be away from it for like twenty minutes.
Speaker 1: Right I was try heaving. I hope you couldn't hear
Speaker 1: that on air, but it was pretty nervous. Okay, well
Speaker 1: it's okay, Um, it's your birthday, so we're gonna cut
Speaker 1: you a little slack. Social media not just important to
Speaker 1: Katie but also to brands. The social media management and
Speaker 1: analytics company Sprout Social has released it to annual Sprout
Speaker 1: Social Index. They do this each year and it's a
Speaker 1: survey of marketers and consumers to try to get a
Speaker 1: understanding of the current media market the future media market.
Speaker 1: The company has been doing this for quite a while.
Speaker 1: This year they surveyed more than two thousand customers uh
Speaker 1: for these results. Jamie Gelpin is the chief marketing officer
Speaker 1: of Sprout Social. She joins us to be a zoom
Speaker 1: from Cago. Jamie, how are you? I'm doing great? Hi
Speaker 1: Tim and Hi Katie. Happy birthday. Thank you so much, Jamie.
Speaker 1: I appreciate it. It's good to have you with us. Jamie. Hey,
Speaker 1: big takeaways from this because I'm wondering when it comes
Speaker 1: to social media. You know, consumers were really fickle, right.
Speaker 1: We move from platform to platform and brands have to
Speaker 1: to understand how to engage us on these platforms. What
Speaker 1: did you find this year that was different than the
Speaker 1: previous eight. Yeah, we do move platform to platform, but
Speaker 1: we don't give up the old platforms like we just
Speaker 1: keep adding. Um, Katie, you you hate to leave your phone.
Speaker 1: That's probably because you have literally thousands of apps that
Speaker 1: you're just going back and forth between Twitter and Facebook.
Speaker 1: Really out here, Jamie, But you're right, she's also a
Speaker 1: big TikTok or Jamie, She's gonna go the oh. I'm
Speaker 1: I'm also a big TikToker. Can't wait to talk about it. Um,
Speaker 1: and I'm not. I can't exactly say that I'm in
Speaker 1: the millennial generation either, so um so I love this report.
Speaker 1: First of all, this is probably my favorite day. Yesterday
Speaker 1: when we were least it at Sprout. We've been doing
Speaker 1: this for nine years and what's really cool about it
Speaker 1: is we've seen these trends like EBB and flow right
Speaker 1: and it's what's powerful about this data is it's a
Speaker 1: juxtaposition between what brands says. We ask brands and then
Speaker 1: we also ask consumers, and then we put those two
Speaker 1: together to see, Okay, what do we need to be
Speaker 1: thinking about both from a brand perspective, a marketing perspective,
Speaker 1: but really the overall company. And I will say I'm
Speaker 1: going to add another big old platform to this story
Speaker 1: because probably the biggest thing that stood out for me
Speaker 1: UM from this year's report is not just the interest
Speaker 1: but the quick and outsized investment in new technologies metaverse
Speaker 1: a r VR like that really came to the forefront
Speaker 1: and it probably UM the trend for me is like
Speaker 1: really reminiscent of the early two thousand's. Yes, I can
Speaker 1: go that back that far as a marketer. We have
Speaker 1: the Internet, that's barely like we were just coming out
Speaker 1: of a o L. We didn't have the Internet, UM,
Speaker 1: but social was just like coming on that scene right
Speaker 1: Like Facebook just opened up. You didn't have to have
Speaker 1: a dot e d u email anymore. My Space friends
Speaker 1: stirre right and and marketers were really slow to adopt it.
Speaker 1: But that is not the case with metaverse. Like we
Speaker 1: learned from that that we are we are jumping in.
Speaker 1: Six of marketers are planning to invest a quarter of
Speaker 1: their budget and metaverse activities in the next twelve months.
Speaker 1: Does that mean we actually have a definition for what
Speaker 1: the metaverse is? Mm hmm. The metaverse is going to change,
Speaker 1: just like we didn't have this. I believe the definition
Speaker 1: of social has also changed tremendously, Like it is going
Speaker 1: to change, but brands are trying to figure it out, right,
Speaker 1: Like we just had Fashion Week UH for the first
Speaker 1: time in the metaverse most recently, and we've got like
Speaker 1: QSRs like Chipotle playing around um with different activations, and
Speaker 1: so we're going to see a lot here UM. But
Speaker 1: this is just the beginning. And I'm really I'm really
Speaker 1: proud of marketers and brands for for jumping in a
Speaker 1: lot so than we've seen in another UH and other times.
Speaker 1: The metaverse is definitely one of my bat signals. I
Speaker 1: could spend an hour on it, but I do want
Speaker 1: to get to TikTok because it takes up so much
Speaker 1: of my day. I feel ancient when I'm on that platform.
Speaker 1: Sometimes I look at think about the video I'm watching
Speaker 1: when I say, is this a high schooler? Am I
Speaker 1: watching a high school right now? But it feels like
Speaker 1: that they've just really burst onto the scene. I mean
Speaker 1: a few years ago, I definitely didn't even know what
Speaker 1: TikTok was. How what what do we know about that rise?
Speaker 1: Looking at this index? Yeah, so I think this is
Speaker 1: again like brands exponentially investing in in things like the metaverse,
Speaker 1: similar with TikTok, Like it is literally consumer behavior and
Speaker 1: consumer usage of TikTok has doubled in the last two years.
Speaker 1: You mentioned like you you didn't know about it a
Speaker 1: couple of years ago. We didn't really know about it before,
Speaker 1: and in that time it has become the number one
Speaker 1: biggest platform for usage across It seems like we might
Speaker 1: have lost Jamie Gilpin. We're gonna work to get her
Speaker 1: connection back, Katie. I'm going through the report here from
Speaker 1: Sprout Social, and one thing that I find so fascinating
Speaker 1: about this is one of the one of the takeaways
Speaker 1: that they got was that the top platforms consumers and
Speaker 1: brands anticipate using the most over the next twelve months. Uh,
Speaker 1: these are the top five. Okay, consumers inticipate using Facebook
Speaker 1: the most. Respondents said that, then YouTube, then Instagram, then TikTok,
Speaker 1: then Snapchat. So two of the top five that consumers
Speaker 1: end up using the most or think they're going to
Speaker 1: use the most in the next couple in the next
Speaker 1: twelve months. Those are owned by Meta Platforms, a company
Speaker 1: who shares have just been absolutely beat up as it
Speaker 1: tries to transition the amount. Interesting to see Facebook in
Speaker 1: the top spot there, I mean, I've I wouldn't have
Speaker 1: expected to see them if you I just think my
Speaker 1: own personal usage, I really don't. I opened it today
Speaker 1: because it's my birthday. But let's get back to Jamie
Speaker 1: Gilp in the cmo at Sprout Social who joins us
Speaker 1: from Chicago. Jamie, I don't know if you could hear
Speaker 1: me say that, but I was pretty surprised to see
Speaker 1: what one of the takeaways that two of the plot
Speaker 1: five platforms and in fact just one number one and
Speaker 1: number three Facebook and Instagram. How do you how do
Speaker 1: you reconcile that with the way that meta platform cameraparent
Speaker 1: company of Facebook Stock has just been getting beat up.
Speaker 1: Oh I could you can spend a day on metaverse.
Speaker 1: I can spend a day on the stock market right now,
Speaker 1: especially with tech stocks. We are also a tech stock
Speaker 1: UM and so I think UM user behavior, like how
Speaker 1: the platforms are bringing us is not is literally no
Speaker 1: indication on stock price right now. There's lots of other
Speaker 1: things that go into that. But if we just stick
Speaker 1: on behavior, which is what I'm more passionate about, UM
Speaker 1: of consumers, this kind of lends to the comment I
Speaker 1: made before, like we don't leave the platforms that we
Speaker 1: started on. So consumers that started on Facebook or Twitter,
Speaker 1: or Instagram or LinkedIn right like or or YouTube, we're
Speaker 1: still on those. Those are still on our phone. We're
Speaker 1: still going to those on a daily a daily basis.
Speaker 1: But we're also adding now TikTok and now the metaverse
Speaker 1: and now the metaverse, and so it's really about like
Speaker 1: the compounding usage, not just that we're leaving those those
Speaker 1: platforms altogether. And Jamie and the last thirty seconds we
Speaker 1: have with you, what was the big surprise for you
Speaker 1: in this report? You know, it's not necessarily a surprise,
Speaker 1: but probably more of a takeaway for brands Um, we
Speaker 1: we know this like consumers, whether it's generational differences or not,
Speaker 1: like we want authenticity, we want uncurated, we want real,
Speaker 1: off the cuff type of content from each other, but
Speaker 1: we also wanted from brands. And so TikTok, I think
Speaker 1: is like the perfect example of a platform that that
Speaker 1: made use of this just natural trend that consumer trends
Speaker 1: that consumer was actually driving where you know, we don't
Speaker 1: want the curated content, right, and so how do brands
Speaker 1: really get comfortable in that type of environment where they
Speaker 1: are not super produced? Right? We're just being real? Um,
Speaker 1: and being real that's the name of a new social platform,
Speaker 1: to be real. We can't forget about that one. Jamie Gilpin,
Speaker 1: chief marketing officer at Sprout Social, joining us BA Zoom
Speaker 1: from Chicago, that is going to do it for this
Speaker 1: Wednesday edition of Bloomberg Business Week. For the entire Bloomberg
Speaker 1: Business Week team, I'm Jim Stentovic signing off for Katie
Speaker 1: Grayfeld as well.