Study says marketers will spend $112 billion on social media adverts in 2020

New Ideas in MarketingEssential news for marketers, summarised by YouGov
January 02, 2020, 4:55 PM UTC

However, Forrester found that 31% of CMOs cannot show the impact of social media on their businesses.

This piece states that though social media adspend is expected to hit $112 billion worldwide this year, many marketers are “doing it wrong”. The report also says that while earlier marketers had unrealistic expectations of social media, they later started believing that social media can only be used for advertising.

The study argues that marketers should strategically use social tactics and technology alongside other channels, rather than having only a social marketing strategy. The report has also detailed the reasons for most marketers’ common social errors and how companies should use social skills to augment other marketing functions.

With platforms taking brand health seriously, social media has also improved as a tool for measuring brand sentiment. Platforms like Twitter let brands buy customer feedback in Net Promoter Score and Customer Satisfaction Score formats. 

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