The 4 social media platforms that matter most

New York--A recent study from L2 shows that Facebook, Instagram, YouTube and messaging app WeChat, which is not widely used in the U.S., have the best reach and engagement rates while Vine, Tumblr, Pinterest and Google+ are on the decline.

The New York-based think tank’s recent “Intelligence Report: Social Platforms” looked at 382 brands use of 17 social media platforms, and analyzed the platforms based on reach, engagement, advertising, e-commerce and marketing.

Not surprisingly, Facebook remains at the top of the social media hierarchy. The platform’s access to consumer data “arguably bests Google,” according to L2, and the company’s acquisitions, like those of Instagram and social messaging service WhatsApp, will help it retain its dominance. Brand participation on the site is now near 90 percent.

L2 also said Facebook has “managed the greatest bait-and-switch in marketing history.” 

It convinced brands that they needed to build up their Facebook community and following and, yet, with a recent algorithm change that dramatically has decreased organic reach, brands now must advertise to ensure any real visibility and engagement.

But where Facebook is lagging behind, social commerce, another platform is trailblazing. 

WeChat is a mobile messaging app that originated in China and is not (yet, perhaps) big in the United States. WeChat also has WeChat Shopping and WeChat Payment that allow brands to sell their products directly to consumers via the app.

Brand adoption of mobile commerce-born WeChat has skyrocketed 25 percent in the past year, the most of any platform, L2 said. While a number of major brands such as Tommy Hilfiger, Maybelline New York and Neutrogena have integrated commerce on the platform, a third of brand accounts with a presence on WeChat are linking to e-commerce-enabled brand or retailer sites.

Instagram continues its robust growth as engagement numbers skyrocket--its engagement rate is nearly 18 times that of parent company Facebook. With usage dramatically increasing among the Millennial generation, Instagram limits advertising to brands that spend seven figures or more on Facebook, creating “social’s first VIP room of advertisers,” L2 said.

When it comes to YouTube, L2 took a close look at the way the videos influence consumer purchasing decisions, especially when it comes to beauty brands. According to the company, more than three-quarters of beauty consumers said that the site does influence their purchasing, compared with 49 percent who say that television does, showing the platform’s reach and influence.