GoodFirms, a universally renowned B2B ratings, and reviews platform, released its recent survey research report-“Social Media Marketing – Top Tips, Challenges, and Trends to Look for in 2024“. The survey aims to gather valuable advice, suggestions, and recommendations about social media marketing along with the trends for the year 2024.
GoodFirms’ survey highlights that more and more businesses are embracing social media platforms to grow, promote their brand, and enhance sales by implementing appropriate social media strategies. It also identifies the key benefits of social media marketing, as indicated by the respondents as large audiences, cost-effective marketing, improved brand awareness, increased customer engagement, and enhanced customer experience.
According to this social media marketing survey findings, 11.6% of the surveyed businesses spend more than 75% of their marketing budget on SMM. While 15.8% of the respondents spend 50% to 70% of their marketing budget, and around 32.9% of the businesses spend 25%-50% of their budget on social media marketing.
LinkedIn won as the best social media platforms with 93.5% opting for this platform, 71.4% Instagram, 68.3% Facebook, 61.9% Twitter, 42.8% YouTube, 33.9% Tiktok, 25.6% WhatsApp, 21.5% Reddit, and 6.5% interest.
The survey attempted to find the type of content posted by the marketers and the results are as follows; 92.6% opting for blogs, 87.1% for images, 74.7% investing in short-form videos, 62.3% post infographics, 38.4% plan for podcasts.
Evolving trends, customer preferences, rising competition, and privacy concerns are the significant challenges marketers face while implementing a social media strategy, as perGoodFirms’ survey.
Additionally, the research reveals the top tips on social media marketing: know your audience and omnichannel presence, measure your social media marketing efforts, engaging and exciting content, include entertainment, implement social listening, AI-powered personalized content, and post frequency.
“Growth of AI, automation, influencer marketing, the dominance of video content, the rise of AR/VR, the explosion of social commerce, social responsibility/sustainability, and user-generated content are some of the top social media trends to look for in 2024,” says GoodFirms
GoodFirms concludes that social media cannot be ignored, as it has become an integral part of every business, whether it’s a small startup, a big established brand, or a freelance blogger. The social media platform offers numerous advantages for the business sector as the future of SMM is predicted to be highly influenced by technologies like automation, AR/AR and artificial technologies.
Key Findings:
- The use of artificial intelligence in social media marketing has gained a lot of popularity due to the personalization it offers customers.
- Influencer marketing, especially micro and nano influencers, has scope for growth in the coming times.
- The dominance of video content and short reels is here to stay, irrespective of the platforms.
- The rise of technologies like AR and VR will revolutionize social media marketing strategies.
- Knowing the target audience and their preferences is essential in creating a successful social media strategy.
- Creating engaging, ephemeral, and authentic content is paramount for improving social media engagement.
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