WEBVTT - Sprout Social CMO on Social Media Trends

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Bloomberg

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<v Speaker 1>Quick Takes Tim Stinovic on Bloomberg Radio. Well, social media,

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<v Speaker 1>it's incredibly important, not just to you Katie Greifeld, who

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<v Speaker 1>right now is probably looking at her Twitter. She is

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<v Speaker 1>she here's something that just happened. Preparing she had to

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<v Speaker 1>go and charge her phone. And it was tough for

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<v Speaker 1>you to be away from it for like twenty minutes.

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<v Speaker 1>Right I was try heaving. I hope you couldn't hear

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<v Speaker 1>that on air, but it was pretty nervous. Okay, well

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<v Speaker 1>it's okay, Um, it's your birthday, so we're gonna cut

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<v Speaker 1>you a little slack. Social media not just important to

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<v Speaker 1>Katie but also to brands. The social media management and

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<v Speaker 1>analytics company Sprout Social has released it to annual Sprout

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<v Speaker 1>Social Index. They do this each year and it's a

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<v Speaker 1>survey of marketers and consumers to try to get a

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<v Speaker 1>understanding of the current media market the future media market.

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<v Speaker 1>The company has been doing this for quite a while.

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<v Speaker 1>This year they surveyed more than two thousand customers uh

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<v Speaker 1>for these results. Jamie Gelpin is the chief marketing officer

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<v Speaker 1>of Sprout Social. She joins us to be a zoom

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<v Speaker 1>from Cago. Jamie, how are you? I'm doing great? Hi

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<v Speaker 1>Tim and Hi Katie. Happy birthday. Thank you so much, Jamie.

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<v Speaker 1>I appreciate it. It's good to have you with us. Jamie. Hey,

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<v Speaker 1>big takeaways from this because I'm wondering when it comes

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<v Speaker 1>to social media. You know, consumers were really fickle, right.

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<v Speaker 1>We move from platform to platform and brands have to

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<v Speaker 1>to understand how to engage us on these platforms. What

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<v Speaker 1>did you find this year that was different than the

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<v Speaker 1>previous eight. Yeah, we do move platform to platform, but

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<v Speaker 1>we don't give up the old platforms like we just

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<v Speaker 1>keep adding. Um, Katie, you you hate to leave your phone.

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<v Speaker 1>That's probably because you have literally thousands of apps that

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<v Speaker 1>you're just going back and forth between Twitter and Facebook.

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<v Speaker 1>Really out here, Jamie, But you're right, she's also a

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<v Speaker 1>big TikTok or Jamie, She's gonna go the oh. I'm

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<v Speaker 1>I'm also a big TikToker. Can't wait to talk about it. Um,

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<v Speaker 1>and I'm not. I can't exactly say that I'm in

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<v Speaker 1>the millennial generation either, so um so I love this report.

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<v Speaker 1>First of all, this is probably my favorite day. Yesterday

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<v Speaker 1>when we were least it at Sprout. We've been doing

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<v Speaker 1>this for nine years and what's really cool about it

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<v Speaker 1>is we've seen these trends like EBB and flow right

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<v Speaker 1>and it's what's powerful about this data is it's a

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<v Speaker 1>juxtaposition between what brands says. We ask brands and then

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<v Speaker 1>we also ask consumers, and then we put those two

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<v Speaker 1>together to see, Okay, what do we need to be

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<v Speaker 1>thinking about both from a brand perspective, a marketing perspective,

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<v Speaker 1>but really the overall company. And I will say I'm

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<v Speaker 1>going to add another big old platform to this story

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<v Speaker 1>because probably the biggest thing that stood out for me

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<v Speaker 1>UM from this year's report is not just the interest

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<v Speaker 1>but the quick and outsized investment in new technologies metaverse

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<v Speaker 1>a r VR like that really came to the forefront

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<v Speaker 1>and it probably UM the trend for me is like

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<v Speaker 1>really reminiscent of the early two thousand's. Yes, I can

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<v Speaker 1>go that back that far as a marketer. We have

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<v Speaker 1>the Internet, that's barely like we were just coming out

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<v Speaker 1>of a o L. We didn't have the Internet, UM,

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<v Speaker 1>but social was just like coming on that scene right

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<v Speaker 1>Like Facebook just opened up. You didn't have to have

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<v Speaker 1>a dot e d u email anymore. My Space friends

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<v Speaker 1>stirre right and and marketers were really slow to adopt it.

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<v Speaker 1>But that is not the case with metaverse. Like we

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<v Speaker 1>learned from that that we are we are jumping in.

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<v Speaker 1>Six of marketers are planning to invest a quarter of

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<v Speaker 1>their budget and metaverse activities in the next twelve months.

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<v Speaker 1>Does that mean we actually have a definition for what

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<v Speaker 1>the metaverse is? Mm hmm. The metaverse is going to change,

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<v Speaker 1>just like we didn't have this. I believe the definition

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<v Speaker 1>of social has also changed tremendously, Like it is going

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<v Speaker 1>to change, but brands are trying to figure it out, right,

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<v Speaker 1>Like we just had Fashion Week UH for the first

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<v Speaker 1>time in the metaverse most recently, and we've got like

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<v Speaker 1>QSRs like Chipotle playing around um with different activations, and

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<v Speaker 1>so we're going to see a lot here UM. But

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<v Speaker 1>this is just the beginning. And I'm really I'm really

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<v Speaker 1>proud of marketers and brands for for jumping in a

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<v Speaker 1>lot so than we've seen in another UH and other times.

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<v Speaker 1>The metaverse is definitely one of my bat signals. I

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<v Speaker 1>could spend an hour on it, but I do want

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<v Speaker 1>to get to TikTok because it takes up so much

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<v Speaker 1>of my day. I feel ancient when I'm on that platform.

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<v Speaker 1>Sometimes I look at think about the video I'm watching

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<v Speaker 1>when I say, is this a high schooler? Am I

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<v Speaker 1>watching a high school right now? But it feels like

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<v Speaker 1>that they've just really burst onto the scene. I mean

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<v Speaker 1>a few years ago, I definitely didn't even know what

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<v Speaker 1>TikTok was. How what what do we know about that rise?

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<v Speaker 1>Looking at this index? Yeah, so I think this is

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<v Speaker 1>again like brands exponentially investing in in things like the metaverse,

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<v Speaker 1>similar with TikTok, Like it is literally consumer behavior and

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<v Speaker 1>consumer usage of TikTok has doubled in the last two years.

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<v Speaker 1>You mentioned like you you didn't know about it a

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<v Speaker 1>couple of years ago. We didn't really know about it before,

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<v Speaker 1>and in that time it has become the number one

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<v Speaker 1>biggest platform for usage across It seems like we might

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<v Speaker 1>have lost Jamie Gilpin. We're gonna work to get her

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<v Speaker 1>connection back, Katie. I'm going through the report here from

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<v Speaker 1>Sprout Social, and one thing that I find so fascinating

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<v Speaker 1>about this is one of the one of the takeaways

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<v Speaker 1>that they got was that the top platforms consumers and

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<v Speaker 1>brands anticipate using the most over the next twelve months. Uh,

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<v Speaker 1>these are the top five. Okay, consumers inticipate using Facebook

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<v Speaker 1>the most. Respondents said that, then YouTube, then Instagram, then TikTok,

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<v Speaker 1>then Snapchat. So two of the top five that consumers

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<v Speaker 1>end up using the most or think they're going to

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<v Speaker 1>use the most in the next couple in the next

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<v Speaker 1>twelve months. Those are owned by Meta Platforms, a company

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<v Speaker 1>who shares have just been absolutely beat up as it

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<v Speaker 1>tries to transition the amount. Interesting to see Facebook in

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<v Speaker 1>the top spot there, I mean, I've I wouldn't have

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<v Speaker 1>expected to see them if you I just think my

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<v Speaker 1>own personal usage, I really don't. I opened it today

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<v Speaker 1>because it's my birthday. But let's get back to Jamie

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<v Speaker 1>Gilp in the cmo at Sprout Social who joins us

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<v Speaker 1>from Chicago. Jamie, I don't know if you could hear

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<v Speaker 1>me say that, but I was pretty surprised to see

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<v Speaker 1>what one of the takeaways that two of the plot

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<v Speaker 1>five platforms and in fact just one number one and

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<v Speaker 1>number three Facebook and Instagram. How do you how do

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<v Speaker 1>you reconcile that with the way that meta platform cameraparent

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<v Speaker 1>company of Facebook Stock has just been getting beat up.

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<v Speaker 1>Oh I could you can spend a day on metaverse.

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<v Speaker 1>I can spend a day on the stock market right now,

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<v Speaker 1>especially with tech stocks. We are also a tech stock

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<v Speaker 1>UM and so I think UM user behavior, like how

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<v Speaker 1>the platforms are bringing us is not is literally no

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<v Speaker 1>indication on stock price right now. There's lots of other

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<v Speaker 1>things that go into that. But if we just stick

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<v Speaker 1>on behavior, which is what I'm more passionate about, UM

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<v Speaker 1>of consumers, this kind of lends to the comment I

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<v Speaker 1>made before, like we don't leave the platforms that we

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<v Speaker 1>started on. So consumers that started on Facebook or Twitter,

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<v Speaker 1>or Instagram or LinkedIn right like or or YouTube, we're

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<v Speaker 1>still on those. Those are still on our phone. We're

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<v Speaker 1>still going to those on a daily a daily basis.

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<v Speaker 1>But we're also adding now TikTok and now the metaverse

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<v Speaker 1>and now the metaverse, and so it's really about like

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<v Speaker 1>the compounding usage, not just that we're leaving those those

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<v Speaker 1>platforms altogether. And Jamie and the last thirty seconds we

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<v Speaker 1>have with you, what was the big surprise for you

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<v Speaker 1>in this report? You know, it's not necessarily a surprise,

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<v Speaker 1>but probably more of a takeaway for brands Um, we

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<v Speaker 1>we know this like consumers, whether it's generational differences or not,

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<v Speaker 1>like we want authenticity, we want uncurated, we want real,

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<v Speaker 1>off the cuff type of content from each other, but

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<v Speaker 1>we also wanted from brands. And so TikTok, I think

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<v Speaker 1>is like the perfect example of a platform that that

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<v Speaker 1>made use of this just natural trend that consumer trends

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<v Speaker 1>that consumer was actually driving where you know, we don't

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<v Speaker 1>want the curated content, right, and so how do brands

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<v Speaker 1>really get comfortable in that type of environment where they

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<v Speaker 1>are not super produced? Right? We're just being real? Um,

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<v Speaker 1>and being real that's the name of a new social platform,

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<v Speaker 1>to be real. We can't forget about that one. Jamie Gilpin,

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<v Speaker 1>chief marketing officer at Sprout Social, joining us BA Zoom

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<v Speaker 1>from Chicago, that is going to do it for this

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<v Speaker 1>Wednesday edition of Bloomberg Business Week. For the entire Bloomberg

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<v Speaker 1>Business Week team, I'm Jim Stentovic signing off for Katie

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<v Speaker 1>Grayfeld as well.