Social Media budgets set to rise

New Ideas in MarketingEssential news for marketers, summarised by YouGov
April 23, 2021, 4:47 PM UTC

Social Media’s importance has gone from “nice to have” to “must-have.”

According to a survey by The Harris Poll for Sprout Social, an overwhelming majority of Business executives foresee an increase in their social media budget. While 45% expected a significant increase in social media spend over the next three years, 47% expect at least a slight rise.

A third of executives in the same study said it was “absolutely essential” to assign more resources to social media marketing. 58% also expect social to become their primary external channel of communication, a belief shared by 63% of consumers surveyed in the same study.

While customers have individual preferences about the amount of data, they share for personalisation, brands that work towards understanding consumer behaviour will be at a disadvantage. 72% of executives are already leveraging insights from social media while making business decisions.

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[4 minute read]https://www.chiefmarketer.com/harris-poll-research-91-percent-of-business-executives-expect-to-increase-social-media-marketing-budgets/