With all of that having been said and now out of the way, it is important to note that social media budgets are looking to increase considerably in the long run. 80% of business leaders stated that they intend to grow their social media budgets over the next three years, with 44% indicating that they plan to increase them by over 50%.
It bears mentioning that data and insights gleaned from social media can be crucial because of the fact that this is the sort of thing that could potentially end up determining a company’s likelihood of success. The vast majority of business leaders, or 90% to be precise, stated that the future of their company is contingent on their ability to leverage the aforementioned data. This makes social media a linchpin for corporations and small businesses around the world, something that will surely give the industry some support as it faces increased regulation in the near to distant future.
A major trend that is likely going to take root in 2024 and beyond is that of AI with all things having been considered and taken into account. The sheer quantity of insights and data that social media has the potential to end up providing can be overwhelming, and it appears that AI as well as machine learning will be essential on that front. It will enable companies as well as the people tasked with managing them to analyze this data far more efficiently than might have been the case otherwise.
69% of the corporate and business leaders that responded to this survey were of the opinion that they aren’t using this valuable data to the fullest possible extent. AI will therefore be a useful tool that can bridge the gap and enable them to obtain the maximum value from any and all insights that they are currently in the process of collecting.
94% of business leaders said that social media has a positive impact on building the reputation of their brand as well as creating loyalty among their customer base. 66% said that this aspect of social media is a major priority for them, something that will surely become an even more pertinent trend in the coming years.
65% also stated that learning more about the customers spending money on their products and services is a prime concern. It turns out that social media is immensely helpful on that front as well, with 51% of business leaders saying that it had a major positive impact and 40% stating that it had a moderately positive impact.
Of course, managing social media is no easy feat, which is why companies are using a multitude of tools to get the job done. 88% of business leaders indicated that social media management software, or SMM for short, was a critical tool that they can’t survive without. 71% are also using customer relationship management software. In spite of the fact that this is the case, SEO software seems to be going out of fashion, with just 38% of survey respondents saying that they’re giving it all that much precedence.
As for the challenges that companies are facing in their quest to extract optimal value from social media, 42% pointed to the limited tools that are at their disposal. A similar proportion, 42%, also said that there aren’t all that many options when it comes to integrating these tools with the rest of their technological solutions. Hence, it will be imperative for the makers of these tools to make them more seamless with overall systems.
All in all, just 3% of companies said they’re not trying to improve social media analysis. This makes it almost certain that corporations will double down on social media sooner rather than later.
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