Today's business leaders recognize not only the value of social media marketing but also the impact social media data and insights can have on key business decisions, according to new research from social media management and analytics software Sprout Social. Masu.
As a result, business leaders are increasing their investments in social media and expanding the role it plays in their companies' overall marketing strategies.
The report surveyed marketing, customer service and communications professionals about the role social media plays in business strategy. It turned out that they almost matched.
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Almost all business leaders surveyed (97%) agree that social media data and insights are essential for effective public relations, and 91% say social media adds to a company's public relations efforts. I believe that it will have an impact. Nearly 9 in 10 (88%) of business leaders believe social media should be a company's primary communication tool.
The Sprout report found that an overwhelming majority (96%) of executives surveyed believe their companies should continue to invest in social media marketing. And according to the report, that's exactly what most companies are trying to do. 80% of business leaders surveyed said they plan to increase their investment in social media over the next three years. In fact, nearly half (44%) said they plan to increase their company's social media budget by more than 50% over the next three years.
Business leaders also seem to recognize that the data and insight capabilities provided by social media are essential in informing overall business strategy. A whopping 97% believe their habit of using social data to understand market trends will increase over the next three years, and 90% believe their company's success will depend on how effectively they can leverage that data and insight. The respondents answered that they thought it was possible. As a result, 93% of business leaders said they expect social media data and insights to become the primary source of business intelligence in the future.
Business leaders also seem to be particularly interested in emerging technologies such as artificial intelligence and machine learning and how these advances can potentially impact decision-making processes and improving data analysis toolkits. . Almost all (98%) say they think companies should work to better understand the potential of AI and ML technologies, and nearly the same number (97%) say AI and ML will help companies improve their social media We believe it will allow us to analyze data more efficiently.
Nearly 9 in 10 (86%) business leaders believe that implementing AI and ML is critical to the long-term success of their organization, and 87% plan to increase their adoption of AI and ML technologies in the next three years. This is probably why we expect to increase our own investments in the year.
Finally, two-thirds (66%) of executives say strengthening brand reputation and loyalty is a top business priority in the current economic environment, more than any other priority listed in the survey. I answered that it was also expensive.
Sprout's 2023 State of Social Media: AI and Data Take Center Stage report surveyed approximately 800 U.S. and U.K.-based executives specializing in social media marketing, customer service, and communications. We conducted a survey. The survey was conducted by Harris Poll. The data was collected in March.
