Current Trends and Insights in Social Media Marketing
Intro
Social media marketing has evolved into an indispensable facet of modern business strategy. As platforms like Facebook, Instagram, and LinkedIn increasingly dominate our digital landscape, understanding the underlying statistics becomes crucial. From engagement rates to conversion metrics, every piece of data serves as a compass guiding the marketing efforts of entrepreneurs, customer relationship management (CRM) specialists, and sales professionals. This article will dissect various facets of social media marketing statistics, shedding light on emerging trends and potential challenges that lie ahead.
Entrepreneurial Best Practices
Building a Resilient Mindset
Success in social media marketing demands an adaptability that comes from a resilient mindset. Entrepreneurs who embrace change rather than resist it tend to thrive in the ever-shifting world of digital marketing. The landscape is often like a game of chess; anticipate the opponent's move or risk being left in the dust. Statistics show that brands which frequently pivot their strategies often maintain a competitive edge. For instance, companies that swiftly adjust their advertising methods based on real-time analytics can see a 10-15% increase in engagement over those that stick rigidly to their original plans.
Strategies for Effective Networking
Networking is not just a buzzword; it’s an art form, especially in the realm of social media. Building relationships with influencers and other businesses can dramatically amplify your reach. A solid approach includes engaging authentically on platforms where your target audience hangs out. Regularly participating in discussions and sharing valuable content helps position you as a thought leader in your industry. Here are some steps you can take to enhance your networking strategies:
- Identify key influencers in your niche and engage with their content.
- Share user-generated content to connect with your audience personally.
- Attend webinars or virtual events to broaden your contact base.
CRM Strategies
Utilizing Data for Personalization
In an age where consumers yearn for personalized experiences, data becomes the backbone of successful CRM strategies. Social media platforms provide a treasure trove of user information that, when leveraged appropriately, can help businesses tailor their offerings to meet specific customer needs. It’s vital to analyze demographic data, engagement patterns, and buying behaviors. Incorporating insights into your marketing can yield results; for example, brands using targeted advertisements based on user data have seen conversion rates soar by up to 30%.
Automating Customer Interactions
Automation may sound impersonal, but when done right, it fosters a richer customer experience. Automated chatbots can handle routine inquiries, freeing up valuable time for your team to focus on strategy and complex questions. They can also operate around the clock, ensuring that customer queries don’t fall through the cracks. Consider this statistic: businesses implementing automated customer interactions reported a significant reduction in response time, improving satisfaction rates by as much as 20%.
"The data illustrates the effectiveness and reach of social media marketing, enabling informed decisions in marketing strategies."
In summary, navigating the intricate realm of social media marketing statistics requires both insight and agility. Just as the market is dynamic, so too must the strategies employed by entrepreneurs and marketing professionals. By building a resilient mindset and utilizing data-driven CRM strategies, brands can not only adapt but thrive in a competitive landscape.
Prelude to Social Media Marketing Statistics
Defining Social Media Marketing
Social media marketing is more than just posting on platforms like Facebook, Instagram, or Twitter. It encompasses a broad spectrum of activities—from brand promotion and customer engagement to driving website traffic and sales conversions. At its core, it is about leveraging social networks to connect with the desired audience. You can consider it akin to having a conversation in a crowded room; it’s not just about shouting your business name, but about engaging with those who show interest, addressing their queries, and creating a space where conversations can flow.
When discussing this expansive field, it’s crucial to recognize its dynamic nature. Each platform has its unique user base and content preferences. For instance, Instagram’s visual-centric layout caters primarily to younger demographics, while LinkedIn offers a more professional networking approach. Understanding these nuances can enable marketers to fine-tune their strategies and messaging to resonate better with specific audiences.
Importance of Statistics in Marketing
Numbers in marketing are like a compass for sailors; they guide decisions amidst the vast sea of choices. The significance of statistics in social media marketing cannot be overstated. First and foremost, they help track and measure the effectiveness of campaigns. By analyzing metrics such as engagement rates, click-through ratios, and conversion rates, businesses can discern what’s working and what’s not.
Moreover, statistics can illuminate trends over time. For example, they might reveal that video content garners ten times the engagement compared to static posts. Such insights allow marketers to pivot strategies to align with consumer behaviors.
“Without data, you're just another person with an opinion.”
In addition, statistical insights can drive budget decisions. Knowing where your audience spends most of their time can influence whether to allocate resources to platforms like TikTok, with its ever-increasing popularity, or traditional giants like Facebook that might be losing some steam. Ultimately, statistics in social media marketing act as a powerful tool for informed decision-making, enabling businesses to carve out a competitive edge in this ever-evolving landscape.
Understanding the foundations laid out in this section not only enriches our comprehension of social media marketing but also sets the stage for explosive growth through informed strategies.
Current State of Social Media Marketing
The realm of social media marketing is constantly shifting like sand underfoot, influenced by endless factors ranging from user behavior to platform updates. Understanding the current state engages businesses directly in the dialogue about how they can reach potential customers. In an age where consumers are bombarded with countless marketing messages, finding the right channels and tactics becomes paramount. This section sheds light on what’s trending, who’s involved, and how growth has unfolded, providing those in the field, especially entrepreneurs and sales professionals, a clearer view to navigate the landscape.
User Demographics Across Platforms
Recognizing user demographics is just as vital as knowing a ship’s heading before setting sail. Different social media platforms attract distinct audiences, each with unique preferences and behaviors. For example, Facebook boasts a wide array of users spanning various ages, but a striking trend shows that it’s particularly popular among older demographics, especially those aged 30-65. In contrast, Instagram captures a younger crowd, with about 67% of users aged between 18 and 29.
Such data allows marketing professionals to tailor their strategies to resonate with the audience they wish to engage. A marketer wanting to sell luxury products to an older population might find Facebook to be a goldmine. On the flip side, businesses aiming to reach Gen Z should pivot towards platforms like TikTok or Snapchat.
In summary, understanding user demographics not only informs methodical targeting but also enhances the efficacy of campaigns by ensuring ads land where the desired audience is busy scrolling through their feeds.
Growth of Social Media Users
The ascent of social media users has been nothing short of astronomical, almost like a rocket leaving a launch pad. As of recent estimates, around 4.9 billion individuals globally are active on social media platforms. This figure represents substantial growth over just a few years, fueled largely by increased mobile access and the desire for online connection.
"In 2021 alone, social media user counts surged by more than 12% worldwide, a staggering increase that highlights its criticality in global communication and commerce."
This user expansion doesn't merely indicate more bodies behind screens; it underscores the increasing importance of digital marketing in business strategy. Companies that ignore this growth risk falling behind, as platforms evolve from mere social networks to comprehensive business environments where sales, customer service, and brand loyalty interact seamlessly.
To illustrate this growth:
- Active Users: More than 4.9 billion users as of 2023.
- Yearly Growth Rate: A growth rate of 12% year-over-year, indicating rising engagement.
- Access Devices: Growth driven by mobile devices, leading to new advertising opportunities.
Understanding this dynamic helps businesses set realistic goals, invest strategically in advertising, and adapt content to fit rapidly changing consumer behaviors. Keeping an eye on these statistics helps create strategies around not only acquiring customers but also retaining engagement in a crowded marketplace.
Key Statistics by Platform
Understanding the key statistics by platform is crucial for marketers. Each social media site has its own unique ecosystem, with varied user behaviors and preferences. By delving into the specific metrics of these platforms, businesses can better tailor their strategies to suit the audience they aim to reach. This allows them to allocate resources more efficiently, identify high-performing content, and ultimately drive conversions.
Facebook Marketing Insights
Facebook continues to reign supreme in the social media realm, boasting over 2.9 billion monthly active users. This platform is not just about connecting with friends; it has transformed into a robust marketing tool.
- Engagement rates are critical. Posts with images grab 2.3 times more engagement than text-based ones. It's paramount for marketers to utilize strong visuals to capture attention.
- The average ad conversion rate on Facebook typically hovers around 9.21%, which speaks volumes about its effectiveness as an advertising platform.
Moreover, Facebook's targeting capabilities allow businesses to hone in on specific demographics, including age, interests, and behaviors. This means that a local coffee shop can serve ads directly to coffee lovers in its vicinity, rather than a broader audience that may or may not convert.
"Effective use of Facebook Marketing can lead to potential revenue generation that is unparalleled across other platforms."
Instagram Engagement Metrics
Instagram showcases a different fabric of engagement, primarily driven by its visual-first approach. Over 1 billion monthly active users use Instagram to connect, share, and consume content. The metrics tell a compelling story:
- Instagram posts with at least one hashtag have been shown to receive 12.6% more engagement than those without. This underlines the necessity of utilizing relevant hashtags to enhance visibility.
- Stories on Instagram have become an influential feature, with 500 million users interacting with them daily. Businesses that use Stories can witness higher engagement and direct customer interaction.
Marketers should also be aware that about 70% of users on Instagram follow at least one business. Thus, businesses stand to benefit from organic reach simply by being present on the platform.
Twitter Revenue and Reach
Twitter, with its short and snappy updates, has managed to carve out its niche. While it has about 450 million monthly active users, the revenue generation is where the magic lies:
- On average, Twitter's ad revenue is reported to be $4.25 per user, which is significantly noteworthy for advertisers aiming to expand their outreach.
- The platform sees 500 million tweets sent daily. This sheer volume of content makes Twitter a fast-paced environment, perfect for real-time engagement and brand communication.
However, it's vital to approach Twitter with a strategy grounded in timely interactions and succinct messaging. The metrics suggest that regular engagement can lead to stronger customer loyalty and brand recognition.
LinkedIn for Professionals
LinkedIn stands out as the quintessential platform for professionals, with over 930 million users primarily focused on networking, career growth, and industry insights. It serves as a goldmine for B2B marketers:
- About 61 million LinkedIn users are senior-level influencers, illustrating the potential to connect with key decision-makers. This feature makes it invaluable for businesses targeting such a demographic.
- LinkedIn boasts an average click-through rate (CTR) of 0.39% for sponsored content, which is relatively high within the context of digital advertising.
For professionals and organizations looking to expand their reach, leveraging LinkedIn's unique features—like Company Pages and LinkedIn Groups—can foster community building and lead nurturing.
In sum, diving into the statistics by platform equips businesses to enhance their social media marketing efforts. By understanding user dynamics and engagement metrics across various sites like Facebook, Instagram, Twitter, and LinkedIn, companies can forge more effective strategies tailored specifically to their target audience.
Impact of Social Media Marketing on Business Outcomes
In the realm of today’s business landscape, social media marketing is not just a trendy buzzword; it has become a cornerstone for achieving significant business results. The significance of understanding the impact of social media marketing on business outcomes is immense. Companies, regardless of their size, are increasingly leveraging these platforms to drive conversions and foster long-term customer relationships.
By dissecting various elements within this scope, it becomes clear the way social media shapes the interaction between businesses and consumers. Key talking points often revolve around two main aspects: conversion rates and customer retention. Each of these constituencies holds valuable implications for anyone looking to enhance their marketing strategies.
One of the most striking benefits of social media marketing is its ability to not only increase reach but also facilitate seamless communication with potential customers. This open channel of dialogue can shift how businesses operate and respond to consumer needs.
Social media marketing is reshaping how we understand and achieve business outcomes, driving engagement and facilitating conversion.
Conversion Rates Linked to Social Media
The linkage between social media marketing efforts and conversion rates ought to be carefully analyzed. Essentially, conversion rates measure how well a marketing strategy turns potential customers into actual buyers. In the world of social media, this metric reveals how influenced an audience is by campaigns and discussions happening around a brand.
Here’s how social media aids in enhancing conversion rates:
- Targeted Advertising: Platforms like Facebook and Instagram provide businesses with the unique capability to filter audiences based on interests, demographics, and behaviors. This precision in targeting leads to higher conversion rates, as the ads reach viewers more likely to engage.
- User-Generated Content: Customers tend to trust peer reviews and recommendations over traditional marketing tactics. By encouraging and showcasing user-generated content, businesses can create a sense of community around their brand, which often translates into increased conversions.
- Engaging Visual Content: Visual content is king on social media. Posts that utilize eye-catching images or videos generally see higher click-through rates. As users engage visually, they are more likely to follow through with a purchase.
Data suggests that brands with strong social media presence can see conversion improvements ranging from 50% to 100%. This is particularly notable for e-commerce businesses that utilize platforms like Instagram Shop or Facebook Marketplace.
Customer Retention through Engagement
Another pivotal aspect of social media marketing is its role in customer retention. Retaining customers is often less expensive than acquiring new ones, and social media provides a fantastic avenue for keeping customers engaged long-term.
Key considerations include:
- Building Relationships: Social media allows businesses to create a relationship with their customers, one that goes beyond mere transactions. Regular interaction builds rapport and fosters a community, encouraging loyalty and repeat purchases.
- Active Feedback Channels: Platforms serve as a conduit for feedback. Businesses can not only share updates and content but also solicit input from their audience. Companies that actively listen can adapt more quickly, meeting customer expectations.
- Exclusive Offers and Promotions: By providing exclusive deals or promos to followers, businesses encourage customers to stay connected. These incentives provide extra motivation for customers to remain engaged with the brand.
Challenges in Social Media Marketing
In the ever-evolving landscape of social media marketing, obstacles are not just hurdles; they are crucial elements that require attention and strategic responses. As platforms innovate and change, marketers face numerous challenges that can impede their efforts to reach audiences effectively. Addressing these challenges can lead to more robust marketing strategies and better business outcomes. It's important not just to recognize these difficulties but to understand their implications and devise strategies to navigate them successfully.
Market Saturation and Competition
Over the years, the digital realm has transformed into a battleground where brands vie for attention. As more businesses hop on the social media bandwagon, the waters of audience engagement become murkier. This saturation can create a double-edged sword—while it indicates a healthy interest in online marketing, it also intensifies the competition, making it harder for brands to stand out.
One of the ways to tackle this challenge is through differentiation. Companies need to carve out a unique niche or voice that resonates with their target audience. For instance, a small bakery can share behind-the-scenes baking processes, while a tech firm might consider discussing its innovation pipeline. Beyond that, focusing on customer experiences that matter can create a loyal following that transcends algorithm shifts.
"In a crowded marketplace, it’s not enough to simply make noise; it’s essential to tell a compelling story that sets your brand apart."
With the rise of user-generated content and community-driven platforms, brands that foster genuine relationships with their audiences tend to thrive.
Changing Algorithm Dynamics
Algorithms are the backbone of social media platforms, dictating what content users see and when. These dynamic systems can be treacherous for marketers who rely on organic reach. It can feel like trying to hit a moving target; one minute, your content might go viral, and the next, it’s buried under a mountain of others.
Understanding algorithm behaviors is crucial. For instance, platforms like Facebook often prioritize posts that generate significant interactions, such as comments and shares. Therefore, engagement has become a key metric.
Marketers must thus cultivate impactful content that not only attracts clicks but also prompts discussions. Utilizing techniques like storytelling, interactive polls, or even contests can keep audiences engaged. Another useful approach is to leverage data analytics tools that monitor algorithm changes so that businesses can adapt their strategies accordingly. Often, what works today may not yield the same results tomorrow.
Emerging Trends in Social Media Marketing
In today's fast-paced digital environment, staying abreast of emerging trends in social media marketing is critical. As audiences continue to evolve, social media platforms adapt, rolling out features that warrant attention. The trends not only influence the style of content but also the very nature of interactions that brands can expect with their consumers. Understanding these trends can provide a competitive edge, enabling marketers to align their strategies with current expectations and behaviors.
Rise of Video Content
Video content has rapidly surged to the forefront of social media interactions. Platforms like Facebook and Instagram have incorporated video-first features, demonstrating their dominance in user engagement. With the sheer demand for dynamic content, businesses find videos to be highly effective in transmitting messages quickly and engagingly.
- According to recent statistics, 80% of consumers prefer watching a live video to reading a blog post.
- The ability to convey stories through audiovisual means has fundamentally changed audience expectations. Users are more likely to interact with brands that utilize engaging video content, creating emotional connections that static images cannot evoke.
Moreover, platforms like TikTok have popularized short-form video content, encouraging brands to experiment and create bite-sized, digestible content that resonates with viewers on a personal level. The key takeaway is that integrating video effectively into marketing strategies can dramatically increase retention and recall rates—a relevant consideration for any marketer in the bustling landscape.
Influencer Marketing Evolution
As social media evolves, so too does influencer marketing. Originally characterized by partnerships with major celebrities, the landscape now favors micro-influencers, who often command highly engaged and niche audiences. This shift suggests that authenticity can play a significant role in consumer decision-making.
- Micro-influencers typically have 1,000 to 100,000 followers but can offer a higher engagement rate compared to those with larger followings.
- Consumers often perceive these individuals, who share relatable content, as more trustworthy, leading to higher conversion rates.
Recent statistics indicate that 61% of consumers trust influencer content over brand messaging. It's a powerful reminder that businesses should focus on cultivating genuine relationships with influencers, allowing for more organic promotion that aligns with target audience values.
AI Integration in Marketing Strategies
Artificial intelligence is not just a buzzword; it's transforming how brands approach social media marketing. From personalized content recommendations to automated customer service, AI tools are becoming pivotal in streamlining processes and enhancing user experiences.
- Utilizing AI, marketers can analyze vast amounts of data to understand audience behavior and preferences more acutely.
- Chatbots, for instance, provide instant support to users, improving customer satisfaction rates.
"By 2024, it is estimated that AI-optimized marketing campaigns will drive a 10% increase in ROI for many brands."
Brands integrating AI into their social media marketing report enhanced targeting and tailored messaging, which is crucial in a crowded marketplace. Additionally, predictive analytics driven by AI can forecast trends and behaviors, allowing marketers to stay one step ahead of their competitors.
In summary, being aware of the emerging trends allows marketers not only to adapt but also to innovate. From embracing video content to fostering authentic relationships through influencer partnerships and leveraging AI, these strategies are increasingly imperative to capture audience attention and loyalty in a world saturated with competing messages.
Measuring Success in Social Media Marketing
When it comes to social media marketing, measuring success is like trying to find a needle in a haystack. With countless metrics and data points, it’s easy to get lost in the sea of numbers. But understanding the effectiveness of your campaigns is crucial. It helps marketers refine their strategies and allocate resources effectively. Without a proper measurement framework, one could easily miss the mark, wasting both time and money.
Keeping tabs on performance provides insights into what resonates with your audience and what doesn’t. This can be the key to unlocking higher engagement and conversion rates. The more you analyze your performance, the better you'll understand your audience’s preferences and behaviors. Just think about it: in today’s fast-paced digital world, having the ability to swiftly adapt your strategies based on solid data can set you apart from competitors.
Key Performance Indicators (KPIs)
KPIs in social media marketing serve as yardsticks against which you measure your marketing success. Selecting the right KPIs is essential because they give you a clear picture of how your strategies are performing. For instance, consider these significant KPIs you might track:
- Engagement Rate: This reflects how well your content resonates with your audience. Higher engagement often indicates stronger connections.
- Conversion Rate: This metric tells you the percentage of users who take a desired action, like making a purchase or signing up for a newsletter, after interacting with your post.
- Reach and Impressions: These figures indicate how many people have seen your post and how often. It helps gauge the visibility of your brand on social media.
- Click-Through Rate (CTR): A crucial metric for understanding how compelling your call-to-action is.
These KPIs not only help in measuring success but also assist in identifying areas for improvement. They can significantly influence strategic decisions, ensuring that your social media efforts contribute constructively to your broader marketing goals.
"Success is not in what you have, but who you are." - Bo Bennett
Analytics Tools for Businesses
Once you've identified the relevant KPIs, the next step is to use analytics tools that can illuminate the data behind those metrics. Many businesses rely on social media platforms’ built-in analytical tools, like Facebook Insights or Instagram Analytics, to track performance. But to get a well-rounded overview, consider third-party tools as well.
Here are a few notable tools:
- Google Analytics: This tool connects your social media efforts to website traffic. It allows you to see which platforms are driving clicks and conversions.
- Hootsuite: This offers a centralized dashboard for tracking multiple accounts and their performance, making it easier to manage your social media presence.
- Sprout Social: It not only helps track KPIs but also analyzes audience behavior and engagement, providing actionable insights.
- Buffer: A straightforward tool for scheduling posts and tracking engagement metrics at the same time.
These tools grant businesses a clearer understanding of their social media landscape. Analyzing the information collected by these platforms can drastically refine marketing tactics. Integrating advanced analytics into your marketing efforts ensures your strategies stay effective and results-driven.
In the fast-changing social media world, measuring success is absolutely vital. Effective metrics and analytics tools create a roadmap for future growth and optimization.
Future Outlook for Social Media Marketing
As we cast our gaze forward, the landscape of social media marketing is poised for significant shifts. The ever-changing technology, evolving consumer preferences, and the introduction of innovative platforms dictate the necessity of this section. Understanding the future of social media marketing equips businesses with the foresight to adapt their strategies, seize new opportunities, and, ultimately, drive growth in an increasingly digital marketplace.
The importance of grasping the future outlook lies in making informed decisions. By anticipating trends, businesses can tailor their marketing efforts to align with where their potential customers are headed. Moreover, foresight can mitigate risks associated with market volatility and help brands stay relevant in their respective sectors.
Predictions for User Engagement
In the rapidly evolving world of social media, predicting user engagement is akin to reading the runes — not always clear but essential to marketing strategies.
Several notable trends are already surfacing:
- Increased Visual Content: Image-oriented platforms such as Instagram and Pinterest are set to increase their dominance. The adage "a picture is worth a thousand words" couldn't hold more truth. As such, brands must invest in high-quality visuals to capture attention.
- Live Streaming and Authentic Interaction: Users are progressively gravitating toward real-time interactions with brands. This paints an important picture: building authentic relationships by using tools like live streams can boost engagement drastically.
- Mobile-First Experience: With a majority of users accessing social media through their smartphones, optimization for mobile use will not be an option but a necessity. A clunky interface won’t cut it anymore; fluid and responsive design is the name of the game.
- Personalized Experiences: Tailored content is set to reign supreme. Users have a robust preference for interactions tailored to their interests. Hence, personalization through data analytics will shape engagement strategies moving forward.
"Brands that harness user data responsibly to create personalized experiences will see higher engagement levels."
These predictions hold considerable weight for any brand aiming to enhance user interaction and drive marketing success.
Potential Changes in Consumer Behavior
Observing consumer behavior is like watching ripples in a pond; it reflects larger trends that are crucial for businesses’ sustainability and growth. Factors shaping these behaviors in the context of social media include:
- Heightened Awareness of Social Responsibility: Consumers are placing increasing importance on ethical branding. Businesses that prioritize social issues are more likely to see consumer loyalty. This means that consumers are now more critical of where they spend their money.
- Demand for Transparency and Trust: Modern consumers crave authenticity. They are more inclined to engage with brands that convey transparency in their messaging and operations.
- Evolving Buying Habits: The rise of social commerce illustrates how buying habits are shifting. The seamless integration of shopping experiences within social platforms is transforming consumer behaviors. Users desire an effortless path from discovery to purchase.
- Influence of Reviews and User-Generated Content: Peer opinions matter more than ever. Customers frequently turn to social media for reviews and recommendations. Hence, maintaining a solid online reputation becomes paramount for brands.
Epilogue
The conclusion of this article serves as a pivotal juncture, stitching together the myriad themes and insights gleaned throughout our exploration of social media marketing statistics. Understanding how these statistics interact with the wider business landscape is crucial for entrepreneurs, CRM specialists, and sales professionals, who are always on the lookout for data-driven strategies. Statistics act not only as numbers but as narratives that unveil consumer behavior patterns, helping in strategizing future campaigns.
Synthesis of Key Insights
From reviewing user demographics to performance metrics, our analysis reveals a powerful story of a constantly evolving milieu. Here are the key takeaways that stand out:
- Diverse User Engagement: Different platforms host unique user bases with distinct preferences, meaning a well-rounded marketing strategy should acknowledge these differences.
- Impact of Video Content: The rise of video in social media marketing can't be overstated. It's crucial for businesses to integrate video into their marketing approach to maintain relevance.
- Recognition of Influencers: The growing importance of influencers across various platforms highlights an opportunity for businesses to tap into established networks for greater reach.
"Understanding social media statistics is like reading the pulse of the market. In today's fast-paced world, data is king."
Strategic Implications for Businesses
Organizations must take the insights from social media metrics and translate them into actionable strategies. This process involves:
- Targeted Marketing: Utilizing demographic data and engagement statistics can help craft targeted marketing campaigns that resonate with specific audiences.
- Dynamic Adaptation: Equipped with analytics tools, businesses can pivot strategies quickly to align with changing trends or consumer preferences.
- Resource Allocation: Knowing which platforms yield the best engagement rates allows for more efficient resource allocation, ensuring that marketing budgets are employed wisely.
In summary, the conclusion synthesizes the myriad of insights we've gathered, emphasizing that understanding social media marketing statistics is more than a trend; it is an essential strategy for modern businesses to thrive in a competitive landscape.
