It's been two years since we last partnered with The Harris Poll to understand how leaders view the state of social media and its impact on their organizations. At that time, social as a channel and profession was undergoing a huge evolution. Nowadays, it's clear that constant change is simply part of the job.
Emerging technology, rising consumer expectations, and a changing social media marketing landscape have left many wondering how to navigate this changing terrain. To provide brands with a roadmap to success, we're launching a new survey that reveals how business leaders view the role of social within their organizations.
In our latest partnership with The Harris Poll, we surveyed more than 700 business decision makers in the US and UK to get an up-to-date look at the state of social media. This allows you to stay ahead of the curve and stay ahead of your competitors.
Investing in social is investing in business success
Reaching your target consumers has never been easier. As a result, standing out has never been more difficult.
Viewers are bombarded with advertising messages 24 hours a day, and this near-constant exposure creates a hyper-competitive environment for companies in a variety of industries. Attention-grabbing content alone is no longer enough. To have a lasting impact on your target consumers, you need to earn their trust.
Business leaders are already sensing this shift. In fact, in the current economic environment, building brand reputation and loyalty is a top priority. Business leaders also almost unanimously agree on the role social plays in the survival of their organizations, with 96% saying their companies need to continue investing in social media to succeed.
Thanks to a combination of opportunity and necessity, social media has become the go-to channel for establishing and building brand reputation. This is a marketer's playground, constantly offering new avenues for experimentation and connection. But on social, your audience can control the conversation about your brand as much, if not more, than the brand itself.
If you don't prioritize relationships and listen carefully to your audience, you won't reap the full benefits of building loyalty. Over the next three years, Business She leaders will be equipping Social She teams with the tools and talent they need to take advantage of every opportunity. In fact, four in 10 people expect their social media budgets to increase by at least 50% over the next three years.
Data is money, but companies are leaving it alone
Businesses are looking forward to the treasure trove of audience insights that further investment in social media will bring. Many recognize that this is information that can make or break a brand, with 90% agreeing that their company's success depends on how effectively they can use social media data.
But realizing this vision of the future requires leaders to address some important issues of today. Nearly 7 in 10 leaders agree that social data is currently underutilized within their organization.
The main challenges preventing businesses from taking advantage of social data today include limited access to social media data tools, lack of integration with other technology solutions, and social media Lack of the time needed to analyze data and insights.
If companies want to embed the value of social throughout their organizations, they need to make infrastructure investments that feed social data across the technology stack. Integrated, intuitive social media management software is the foundation of a successful social media strategy.
AI isn’t coming for your job, it’s coming for your outdated processes
Headlines about the capabilities of AI are published every day, and business leaders across all industries keep AI top of mind. Nearly 9 in 10 expect their company to increase investment in AI technology for marketing over the next three years.
This technology won't replace the skilled social marketers who drive businesses forward today. Instead, it gives your strategy and analysis time to pivot.
Business leaders can invest in emerging technologies like AI to create more efficient workloads, adjust social media strategies to meet evolving consumer needs, and leverage social media data more effectively. I believe it will be possible. These are not just process improvements. These are the starting points for your long-term success.
As with any emerging technology, there are hurdles to overcome when incorporating AI into existing workflows. Leaders recognize that this new era of marketing comes with a learning curve for their organizations. AI adoption requires training and resources to set up your team for minimal disruption and maximum success.
It's time to dissolve the boundaries between marketing and customer care
Social is the throughline between your current and future customers. This is where people considering your brand can see first-hand how you treat and interact with the people who choose your brand.
More than three-quarters (88%) of business leaders agree that social data and insights are critical to providing great customer care and supporting customer retention.
Leaders cite customer service as the number one area that can benefit from social media data today, and plan to use social media data to better support this function over the next three years. Despite this ongoing partnership, 71% agree that most companies lack a strong social customer care strategy.
This gap should raise red flags for any country's leaders. In the coming years, a “strong” approach to customer care will no longer be enough. It has to be exceptional.
Rapid developments in technology lead to rapid developments in consumer expectations. We are now at a tipping point where it becomes clear which brands will set the standard for years to come. The emergence of AI is an opportunity not only to improve existing processes but also to create innovative customer experiences.
Gain new insights into the social media landscape
Change can be scary, but it also presents an opportunity. Without a doubt, the current state of social media is exciting. Investing in additional social teams and tools doesn't just build a stronger social strategy. This will launch the brand into its next phase of growth.
To learn more about how business leaders plan to embed social insights throughout their organizations, download the 2023 State of Social Media report now.
Download the report
