Is social media losing its appeal for marketers? A recent Harvard Business Review analysis uncovers an unexpected trend: many businesses are reducing their social media advertising budgets. The landscape is evolving, and astute marketers are looking for more effective ways to interact with their target customers. So, why is social media expenditure decreasing, and where should your marketing investment go instead?
Why Social Media Spend Declined?
As brands and businesses are still struggling with declining economic situations, investing in social media advertising may not be a top priority in current times. Because of that, they are choosing to streamline their budget on other ventures instead in order to drive revenue. This drop in social media spending can also be attributed to a variety of things, however. Firstly, growing ad prices and algorithmic changes have made it more difficult to reach audiences organically, requiring brands to pay more for fewer results. Secondly, the overwhelming amount of content already available on social media leads to a decrease in engagement rates. Finally, businesses have noticed that social media advertising did not achieve the results they anticipated. A combination of these problems has prompted marketers to reevaluate whether sponsored social media ads are worthwhile investments.
Quality vs Quantity
Although spending is lowered, social media isn’t completely disappearing. Instead, marketers are altering their strategy. What’s the key? Creating quality content over quantity. Rather than bombarding followers with many items each day, marketers are finding success by producing fewer, more important pieces. These pieces tell stories, provide insights, and add actual value to the audience, making them more likely to engage. A tip you can incorporate in your marketing is to focus on content that encourages conversation and shares as opposed to posts that are solely created to advertise. A well-crafted, thought-provoking Instagram carousel or an engaging TikTok explainer can go much further than repetitive product promos.
Long Form Content
Another big change is the pivot to long-form content, such as blogs, publications, and long-form videos. Why is that so? Because it aims to leave a longer-lasting impression on your audience. By utilizing long-form content, you are able to delve deeper into topics that are important to your customers, creating an impression that remains top of mind long after they indulge in your content.
Education vs. Entertainment
When it comes to content, many brands struggle with the age-old challenge: to educate or entertain? Well, why not a blend of both? Educational material and content positions your company as an industry thought leader, bringing value to your target audience. However, do not dismiss the potential that entertainment can bring to your content as well. Not only do they provide variety, it ensures that your content remains interesting and engaging. Use entertaining content to grab attention and educational content to deepen relationships. For example, a funny, relatable social media post can bring people in, while an informative article or video keeps them engaged.
As social media marketing continues to shift and evolve in time, it is important to remember that to stay vigilant and adaptable as what worked yesterday might not work today. But it is not always a bad thing as with these shifts come opportunities. With the right expert guidance, thriving in this ever changing era is possible.