CRACKING THE SOCIAL MEDIA CODE

HOW BUSINESSES CAN STRIKE IT BIG?

The global social media market grew from $193.52 billion in 2022 to $231.1 billion in 2023. According to Statista, Ad spending is expected to show an annual growth rate of 4.31% in a projected market volume of US$255.8bn by 2028. What do these statistics reveal? These numbers signify a fundamental shift in marketing paradigms.

It’s high time that businesses capitalise on the expansive reach and engagement potential that social media platforms offer. They must employ innovative marketing strategies to tap into this burgeoning market. Businesses don’t just need to be present on social media, they need to actively leverage it as a cornerstone for brand building, customer engagement, and ultimately, revenue generation. The social media landscape has shifted and those who adeptly harness its power can stand to gain a considerable edge in the fiercely competitive global marketplace.

According to a report published by Hootsuite titled “Social Trends 2024”(based on a commercial survey of 4281 marketers and a consumer survey of 4508 consumers), it's predicted that businesses will focus more on getting better returns (ROI) from their efforts on social media. Smart companies are getting closer to figuring out what works best for them. They'll concentrate on finding the best social media platforms for their needs, improving the types of content they create, and using artificial intelligence to make their marketing teams even better.

SOCIAL MEDIA FOR ROI