Social media is irrefutably shaping the direction of growth for modern businesses, increasingly driving brand discovery and altering traditional marketing strategies.
The recent Digital 2023 global statshot and the 2023 State of Social Media report illustrate the profound influence and potential of social media in marketing, as well as the challenges and opportunities that lie ahead in the emerging digital economy.
The Power of Social Media in Brand Discovery: A Growing Trend
According to the Digital 2023 global statshot, adverts on social media are now the fourth biggest source of brand discovery, accounting for 26.8% of leads.
Unsurprisingly, this trend is even more pronounced among the younger demographic, with social media being the biggest source of brand discovery for 16-24 year olds (29.2%) and the second biggest for 25-34 year olds (28.4%).
This implies a seismic shift in traditional marketing methods, as the first internet-native generation becomes the primary target audience for businesses.
Other findings from the same report reveals that social media is the second most popular channel for online brand research, right behind search engines, playing a part in 44% of consumer brand research.
The rising popularity of social media vlogs (11.8%) and microblogs like Twitter (13.4%) as research techniques also highlight a promising goldmine for marketers in a step beyond SEO.
One key faction underpinning the growth in social media advertising is the rise in ad blockers usage, reaching 32.6% of consumers.
This has led to a growth in social media marketing, as conventional online advertising methods are stifled.
As for the primary reason for using ad blockers? According to 61.7% of users, it’s because of ‘too many adverts’, which signifies a changing trend in how consumers prefer to encounter ads.
Leveraging Social Media for Business Success in the Digital Decade
The 2023 State of Social Media report demonstrates the criticality of social media investment in the business world, as a staggering 96% of business leaders believe it is crucial for a business’s success. .
With 80% anticipating budget increases in social media marketing over the next three years, it’s clear that its dominance in the marketing world is about to rise exponentially.
Moreover, social media marketing data heavily influences 51% of businesses’ strategies, with 48% stating it is their primary source of business insights.
This emphasis on data-driven strategies is a testament to the transformative power of social media on businesses, especially customer service strategies where social media data forms a key component for 62% of businesses.
However, businesses are facing significant challenges, for instance, 42% of business leaders state that a lack of integrated or interoperable social media technology solutions is their biggest hurdle right now.
Despite these challenges, 59% believe emerging technologies such as AI will boost the productivity and efficiency of social media marketing, and 93% think investing in AI will provide the most scalability for businesses – adding fuel to the growing bubble around AI technologies.
The Unstoppable Rise of TikTok: Supercharging Growth
The rapid growth and cheap ad rates offered by platforms like TikTok highlight the evolving social media landscape.
Advertisers are increasingly shifting their ad spend from traditional platforms such as Twitter and Facebook to TikTok, citing lower costs and better levels of engagement.
This suggests a significant change in the marketing world’s pecking order, opening new avenues for innovative marketing strategies through TikTok marketing.
And as new consumer behaviours fuel new spending habits, social media’s ascendance in the marketing world is poised to grow exponentially, accelerated as businesses’ recognition of its potential.
As these digital platforms continue to evolve, so must marketing strategies to harness their full potential in this fast-paced, digital age.
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