Social Media’s importance has gone from “nice to have” to “must-have.”
According to a survey by The Harris Poll for Sprout Social, an overwhelming majority of Business executives foresee an increase in their social media budget. While 45% expected a significant increase in social media spend over the next three years, 47% expect at least a slight rise.
A third of executives in the same study said it was “absolutely essential” to assign more resources to social media marketing. 58% also expect social to become their primary external channel of communication, a belief shared by 63% of consumers surveyed in the same study.
While customers have individual preferences about the amount of data, they share for personalisation, brands that work towards understanding consumer behaviour will be at a disadvantage. 72% of executives are already leveraging insights from social media while making business decisions.