Over The Next Three Years, Nearly Half Of Executives Expect Social Marketing Budgets To Double

Before the epidemic, social media was already the preferred channel for interaction between consumers. Driven by the epidemic crisis, the popularity of social media has further surged. New findings suggest this trend could have a significant impact on marketers' business strategies.

With the growth of apps like Instagram and TikTok, overall investment in social media marketing continues to rise, and Sprout Social’s survey results show that many executives expect their spending may 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 an increase in social marketing budgets, and nearly half (46%) of surveyed executives expect their company’s social media marketing budget to increase. It will achieve growth of up to 100% in the next three years.

However, less than half of the executives surveyed believe the channel's current strategy is "very effective," with 44% feeling "very confident" in execution.

Overall, 85% of executives see 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%), R&D (48%) and human resources (43%).

Sprout Social also conducted a survey of more than 2,000 American consumers, and the important status of social media can also be found from the survey.

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

Social media beats email, TV and print advertising as the preferred way for consumers to learn about brands. In addition, social media also affects purchase intention, with 78% of consumers saying they are more willing to purchase from a brand after positive interaction.

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