As the Internet and mobile devices become more popular, the number of people using social media is expected to reach 6 billion by 2027, up from 4.59 billion in 2022.
Businesses can reach large audiences through social media platforms, so it's no wonder that advertising spending in the social media advertising space is expected to reach US$219.8 billion in 2024. It is also estimated to grow at a CAGR. From 2024 to 2028 he is 3.86%.
Don't miss: Research: 66% think short-form content is the most engaging format
These are the results of GoodFirms' latest social media marketing research, which also reveals that the main benefits of social media marketing include cost effectiveness, increased brand awareness, increased customer engagement, and improved customer experience. It became clear.
But when it comes to deciding on the right platform to use, 93.5% of brands use LinkedIn.
Additionally, 92.8% of companies said LinkedIn offers the highest engagement rate.
Instagram came in second as the most popular platform among marketers, with 71.4% of participants saying so and 68.3% using Facebook as part of their marketing efforts.
Interestingly, TikTok came in 6th place with only 33.9% of marketers considering the platform to execute their marketing strategies. TikTok slipped to eighth place behind Whatsapp (17.1%), where the platform company spends most of its budget.
It is also important for brands to approach social media management efficiently by focusing on multiple social media platforms, keeping content types and target audiences in mind, and creating content that is suitable for all platforms. .
Social media marketing challenges
While we have discussed the numerous benefits of social media marketing, these benefits do not translate into where marketing funds are allocated.
In fact, 39.7% of participants said they allocated less than 25% of their marketing budget to social media marketing.
Meanwhile, 11.6% of companies surveyed allocated more than 75% of their marketing budget to social media marketing, and 15.8% said they allocated 50-75% of their budget.
As for why companies are hesitant to invest further in this space, they cited issues with social media's ever-evolving algorithms, which can be difficult to keep up with. Social media algorithms aim to give users easy access to relevant results, so marketers need to be flexible and nimble with their social media campaigns.
Frequent changes to social media algorithms can reduce customer reach, change the metrics used to measure the effectiveness of social media campaigns, and require you to adapt to algorithm changes.
Social media trends also come and go. So another big challenge marketers face when implementing a social media strategy is whether they can jump on viral trends before they become obsolete.
Especially with so much competition between brands, marketers who fail to adapt to new trends may see their brand become less relevant among their customers.
To avoid this, keeping an eye on market changes and analyzing competitors' marketing campaigns can help your company stay on top of the latest trends. Having a dedicated social media team or social media agency can also be very helpful in helping your brand stay relevant.
Additionally, collecting customer data is critical to creating personalized experiences for customers, but data security is also a growing concern.
Businesses need to understand these privacy concerns and find solutions to minimize data security and privacy risks. Social media platforms can pose a threat to important information, damage your brand image, and lead to serious financial losses.
What kind of content are marketers posting?
The success of your social media strategy depends on the type of content used. Blog posts are extremely popular among businesses, with 92.6% of businesses admitting to blog posting as part of their marketing strategy.
Similarly, 87.1% of companies surveyed said they post images on social media, and 79.2% of companies said they also use articles in their social media strategy.
Surprisingly, short-form videos did not take the top spot, with 74.7% of survey respondents primarily investing in this format. This contradicts data from a recent report by Munch, an AI-powered automation platform for social media. It highlighted that his 66% of consumers find short-form videos to be the most engaging format.
According to the report, video content is no longer an option but a necessity for businesses and brands looking to succeed, with 42% of businesses preferring Instagram and 26% posting such videos on Facebook. I like it. TikTok doesn't rank in the top three platform choices for marketers.
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