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In the new digital era, social media is an important tool for marketers to stay on top of the latest trends and monitor social sentiment in order to engage with their target audience.
Global ad spending is expected to increase by 8.2% in 2024, according to a 2023 report from data analytics firm Warc. Social media is the fastest growing media, with spending estimated to increase to a total of USD 227.2 billion in 2024, representing one-fifth (21.8%) of total spending .
Interestingly, in the Asia-Pacific region, Meltwater’s report entitled ‘The State of Social Media in 2024’ found that in contrast to global marketers, marketers in APAC are spending the same amount of money rather than increasing their budgets. It has become clear that there is a high possibility of introducing They cited bandwidth and time as the biggest constraints businesses see in getting the most out of social media management.
How can marketers maximize social spend in 2024?
Industry insiders MARKETING-INTERACTIVE spoke to blamed the global economic outlook for marketers’ reluctance to increase spending on social.
Spread-it director Vin Ng said that despite a gradual recovery since the pandemic in 2023, the economy is still in the process of returning to pre-pandemic levels and sales have not yet fully recovered. It is said that there is no. “Therefore, it would not be surprising if brands did not increase their marketing budgets in 2024,” he said.
Going forward, marketers must prioritize brand conversion and return on investment (ROI), he added. “I think organizations will focus more on evaluating ROI and prioritizing strategies that help improve ROI.”
To maximize social spend in 2024, marketers will need to set clear goals and key performance indicators (KPIs) for their campaigns, says Florence Kong, founder and managing director of We Glow. He said that there is.
“That way, you can plan your investments accordingly and ensure they align with your desired results. This allows you to effectively allocate your budget and maximize your return on investment.” ” she said.
He added that companies should consider using platforms in combination to achieve different goals and key performance indicators (KPIs). This approach allows marketers to reach a wider audience and leverage each platform’s unique features and strengths.
However, Will Lee, managing director of The Marketing Guy, says marketers need to be aware that duplicating assets across different social channels may not bring in as much revenue as they expect. He said there is.
You need to be clear about what you want from social media[…] If they see social media as a media channel that can attract like-minded people and add value to their lives, they can better measure the impact of social media on their business. It can be done,” he added.
What are the major social changes in 2024?
Looking ahead to 2024, the world of social media marketing will expand significantly, especially with AI, but also with the decline in popularity of X as a platform. Meltwater’s report found that a total of 63% of respondents in APAC countries said they intended to spend less time investing in X and FB, much lower than companies in the Americas and Europe.
Facebook and Instagram will continue to be core channels for advertising, as their advertising products are more mature and can drive large amounts of traffic compared to other social platforms. “However, many clients are now considering using red to increase awareness and exposure to mainland audiences,” said Ken Cheung, Digital Director at KREW Digital.
Another big social change expected in 2024 is an increased emphasis on Instagram and TikTok by brands, said Spread-it’s Ng.
“As economies gradually recover from the pandemic, organizations are showing a willingness to abandon platforms and strategies that fail to achieve their desired return on investment (ROI). and platforms like TikTok,” he added.
We Glow’s Kong says these bite-sized videos have become the dominant form of content consumption and are having a huge impact on the way people interact and interact with each other. “Furthermore, content creators still have great power in shaping social trends and influencing public opinion.”
Meanwhile, hyper-targeting will become more prominent, said The Marketing Guy’s Lee. “Target audiences will become more comfortable using their social media channels, and brands will need to ‘speak natively’ to gain engagement,” he added.
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