Social marketing budget may double in next 3 years

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Social media has always been preferred engagement channel for consumers as well as sellers. Nowadays because of pandemic its popularity is going skyhigh. It’s a trend that could be having an acute impact on business strategy, as the new findings show.

While investments in social media marketing have generally climbed upward in line with the rise of apps like Instagram and TikTok, the Harris Poll data compiled on behalf of Sprout Social keys into a considerable expected jump in budgets, with many executives seeing their spending potentially doubling over the next few years. Audience could play a role in buoying the current interest in social media. Gen Z and millennials, elusive young cohorts who are often hard to reach on other channels, have contributed the most to the overall spike in social media usage of late, seeing their engagement grow 65% and 63%, respectively. social media is providing a wider range of functions for businesses. Surveyed consumers stated that, compared to a year ago, they’re using social media more often to find new brands (43%), recommend brands to friends and family (33%) and make purchases (36%). E-commerce has been a major focus for platforms on the product development front, as online shopping accelerates with the shuttering of retail stores due to COVID-19. Facebook, Instagram, Pinterest and TikTok are among the apps that have put a premium on building out their social commerce capabilities in recent months. Almost all (95%) of executives polled said they believe brands will rely more heavily on social media to identify business opportunities. The Harris Poll surveyed more than 1,000 U.S. consumers and 250 business executives to compile its findings on behalf of Sprout Social.

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