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The Indispensable Tool for Modern Marketing-2024 Social Media

Social media is, whether we like it or not, a big part of our modern day society. Within the marketing industry, is not just a trend—it’s a necessity. In 2024, there are estimated to be 5.17 billion total social media users worldwide, and projections indicate that this number will surge to nearly 6 billion by 2027. The potential reach is enormous. Facebook remains the leader in social network platforms, but the influence of social media spans across various platforms, offering many outlets to reach targeted audiences.

Social media plays a big role in most people’s daily lives, with the average internet user spending around 143 minutes per day on social media apps. This constant and consistent engagement provides businesses with a unique opportunity to reach their target audiences where they already are. Platforms like TikTok, Instagram, and Facebook are no longer just for social interaction, they have become vital tools for consumers to look up product reviews, find local businesses, and even search for jobs. This is particularly popular in Generation Z who have grown up with technology at their fingertips. They are more likely to engage with video content, stories, and live streams. Social media allows brands to engage in real-time conversations, showcase behind-the-scenes content, and employ influencers who resonate deeper with their values and lifestyles.

As organic reach decreases on nearly every platform, paid social media advertising becomes a must-use strategy for reaching your target audience. With total spending on social media advertising projected to reach $219.8 billion in 2024, it’s clear that businesses recognise its importance. By 2028, $255.8 billion of this spending is expected to be generated through mobile, reflecting the growing dominance of mobile users. Overall, total ad spend growth is anticipated at 6.1% in 2024, and social media ads now account for 28.8% of all digital advertising spending. Businesses are allocating around 8.7% of their total revenue to their ad budgets, showing the role of social media advertising in their marketing strategies.

Facebook remains an advertising powerhouse. 89% of marketers worldwide use Facebook, making it the most-utilised platform, followed by Instagram at 80%. As of Q3 2023, Facebook boasts roughly 3.05 billion monthly active users. This massive reach and the platform’s demographic composition make Facebook a favourite among marketers seeking to maximise their advertising impact.

Video continues to be a favourite content type due to its versatility, engagement potential, and excellent ROI for marketers worldwide. Recent social media video statistics highlight that 44% of people prefer learning about new products or services through short video content. 87% of marketers report that video marketing has directly increased sales. Short-form video offers the highest ROI of any social media marketing strategy, with videos lasting 30-60 seconds getting the most traction.

The popularity and rise of influencers also play an interesting role in the world of digital marketing. Working with influencers has become one of the best inbound marketing strategies today. Influencer marketing statistics reveal which platforms marketers are leveraging, their goals, and future execution plans. TikTok leads the way, with 50.1% of marketers believing it offers the highest ROI for short-form video content, followed by Instagram Reels at 29.9% and YouTube Shorts at 12%. Currently, 69% of marketers use TikTok for influencer marketing, making it the most popular channel. The top three goals for working with creators are generating more engagement, reaching new audiences, and strengthening the community. The key is to select the best platforms and influencers for your brand, a process that can be streamlined with the right tools.

“Brands of all shapes and sizes are turning to social as a primary means to e-commerce, giving their customers a direct avenue to make purchases — without navigating away from the app. In other words, the platforms themselves include built-in browsers that act as virtual storefronts”, commented Brian Bennett, president and founder of STIR Advertising & Integrated Messaging.

This integration of e-commerce into social media platforms means that businesses can now leverage these tools to create seamless shopping and advertising experiences. Customers can discover, browse, and purchase products all within the same app, making the buying process more efficient and engaging. This signifies a shift in how consumers interact with brands, making social media a critical component of any successful marketing strategy.

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