We are almost four months into 2024 and one thing is clear - despite the slow economy, marketing budgets are poised to soar. According to the 'E-commerce Trends Report' by No Brainer Agency, which tapped into the insights of 500 UK marketing leaders, we are entering a bullish phase where spending power is set to rise exponentially - with 73% of marketing decision-makers ready to beef up their budgets. Many of these decision-makers have even indicated their intention to invest as much as 60% more than they did in 2023, demonstrating a strong desire to go big in 2024.
What are the benefits of paid social media advertising in 2024?
According to a Statista report, the UK is home to 56.20 million social media users in January 2024, equating to 82.8 per cent of the total population. And it's not just about the number of social media users; it's about the social media user engagement. According to the Digital 2024: The United Kingdom Report by Datareportal, during the third quarter of 2023, internet users in the UK spent approximately one hour and 49 minutes per day on social media, making it the go-to destination for brands looking to grab attention and spark conversations.
If you compare paid social to its organic counterpart, it’s great for reaching a broader audience quickly and best for hyper-targeting users based on very specific demographics, interests and behaviours.
This article delves into the benefits of paid social media advertising. By exploring these insights, businesses can make informed decisions regarding their marketing budget allocation for the remaining three quarters of 2024.
Social Media Emerges as the Premier Advertising Platform
The tides are turning in the advertising world, and traditional TV platforms are feeling the squeeze. With the spectre of recession looming large, a whopping 67% of UK-based brands and agencies are poised to make significant budget cuts to ads on broadcast TV (According to a recent survey conducted by the Incorporated Society of British Advertisers (ISBA)).
The shift away from traditional media doesn't stop there. An additional 40% of advertisers have their sights set on reducing spend across 'offline' media channels, including traditional TV, radio, print, and out-of-home (OOH) platforms.
In this landscape, only a meagre 6% of marketers are signaling intentions to increase spending in 2024. The writings on the wall: TV has plummeted from third place to twelfth on the list of preferred media channels for marketers, according to the Media Reactions 2023 report.
As traditional TV spend wanes, social media is emerging as the hero of the hour. According to recent research from Mediaocean, social media is the advertising channel expected to see the most significant increase in spend in 2024, while print advertising faces a notable decline. With 69% of marketers eyeing upped spending on social platforms and 44% planning to scale back on print advertising, it's clear where the momentum lies.
Social Media Redefines Search and Purchase Behaviours
In a major shift, social media platforms are challenging the dominance of traditional search engines as the primary source for information and product discovery. Whether you're hunting for outfit ideas, restaurant recommendations or room decor inspiration, social media has you covered. In addition to that, TikTok’s integration of Google search results and enhanced search tools signal a new era where platforms become primary resources for users seeking information and making purchasing decisions.
As social commerce grows, TikTok emerges as a trailblazer, enticing brands with its blend of immersive content and interactive shopping experiences. With features like the "TikTok Shop" gaining traction, the platform is poised to become a powerhouse for social commerce, driving sales and brand engagement in equal measure.
Beyond the commerce angle, which is more useful for B2C and product marketing, social media marketing proves highly effective in lead generation for B2B and service marketing. 84% of C-level and VP-level business decision-makers in B2B organisations are influenced by social media content when making B2B sales decisions according to a study by market intelligence firm, IDC. And whilst LinkedIn is certainly the go-to social channel for the B2B market, the effectiveness of Meta Ads should not be overlooked!
Integrating AI in social media marketing strategies
The use of AI in social media marketing is also set to revolutionise marketing, offering advertisers a suite of tools to streamline ad creation, targeting, and optimisation. Meta, YouTube, and LinkedIn are at the forefront of this AI-driven revolution, empowering marketers to unlock new levels of efficiency and effectiveness in their campaigns. From Meta's in-app generative AI tools to YouTube's "Dream Screen" AI tool for creating immersive backgrounds, the possibilities are endless.
If you're deliberating on the best way to distribute your marketing funds, it becomes evident that prioritising paid social is a wise decision. Given its extensive reach, significant return on investment, and user-friendly capabilities, social media marketing stands out as a powerful tool for SMEs to thrive, even amid challenging economic circumstances.
Do you need help with your paid social media marketing strategy, or do you want to boost your current approach? Book a discovery call with us today. Let's ensure you're meeting your audience where they are and making the best possible impact.