Nearly half of executives expect social marketing budgets to double in the next three years

Social media was already the preferred channel for consumers to interact with each other before the pandemic , and the crisis has further fueled its popularity . New findings suggest this trend could have a significant impact on marketers’ business strategies .

Investment in social media marketing overall is rising as apps like Instagram and TikTok grow , and Sprout Social 's survey results show that many executives expect their spending to double in the next few years .

According to a new survey of 250 business executives conducted by Sprout Social , 91% of business executives surveyed predict that social marketing budgets will increase , and nearly half (46%) of the executives surveyed expect their company's social media marketing budget to increase by up to 100% in the next three years .

However, less than half of executives surveyed believe that the channel’s current strategy is “very effective,” with 44% feeling “very confident” in its execution.

Overall, 85% of executives view social as central to their business. Respondents said the channel plays an important role in informing decisions about sales (67%), customer service (61%), product (53%), research and development (48%), and human resources (43%).

Sprout Social also conducted a survey of more than 2,000 American consumers, which also revealed the importance of social media.

Consumers say they are using social media more frequently than they were a year ago to find new brands ( 43%) , recommend brands to friends and family ( 33%), and make purchases (36%) .

Social media beat out email, TV and print advertising as the preferred way for consumers to learn about brands . Social media also influences purchase intent, with 78% of consumers saying they are more willing to buy from a brand after a positive interaction .

95% of executives surveyed said they believe brands will rely more on social media to discover business opportunities, including opportunities beyond marketing , in the next three years . Sellers can also pay more attention to this .

Social Media

marketing

Executives