A Bright Outlook for Social Media in 2023 despite Economic Uncertainty
Published: January 03, 2023
Amid persistent economic woes, an ongoing war, and a series of controversies, social media remains a top digital marketing channel. Over half (58%) of marketers increased their spending on social media in the last quarter of 2022, as per new Advertiser Perceptions findings shared with Marketing Dive.
The research also found that almost half of advertisers are not only reinstating their social media spending with current partners, but they are also expanding their reach to new platforms.
Many are gravitating toward places like TikTok, BeReal, Amazon’s Twitch, etc. to connect with audiences in more authentic, organic, and immersive ways.
Executive VP, Business Intelligence, Advertiser Perceptions
These findings indicate that the outlook for social media marketing in 2023 could be brighter despite continued concerns about brand safety and transparency.
In a recent Integral Ad Science study, three-quarters of media experts expressed concerns about declining consumer trust regarding social media advertising. Yet, that same survey revealed that 90% of respondents planned to advertise on social platforms in 2023.
Given the importance of social media in consumers’ lives, marketers have no choice but to leverage the reach of these platforms in the hope of connecting with their target audiences.
With massive audiences, data-driven advertising, and content-rich formats, marketers have gone beyond dipping their toes to diversifying their budgets into the walled gardens of social media.
Some brands have gradually shifted spending away from Facebook and Instagram to TikTok. While TikTok is increasingly coming under scrutiny by regulators, citing safety and security concerns, the growing popularity of the platform shows no sign of slowing down.
Where Social Media Channels are Headed in 2023?
Even as we start 2023 clouded by the possibility of economic uncertainty, marketers are looking to social media as one of the topmost priorities this year.
While overall social media spending across big players such as Facebook, YouTube, etc. remains steady, brands are also experimenting with newer social platforms. These platforms primarily focus on building communities and forging direct relationships with audiences.
With the massive user exodus from Twitter, decentralized and community-oriented social forums such as Snapchat, Reddit, Mastodon, Discord, Signal and Quora are set to gain more momentum. We expect to see more enterprises involved in building vibrant digital communities with raving comments/reviews from brand champions and advocates.
Without a doubt, social media will continue to be critical in disrupting digital presence. Beyond paid social media, brands should also invest in the power of earned social media presence. This will help marketers to nurture authenticity and drum up engagement by making themselves more relatable and accessible to their target audience.
A robust social media presence strategy is integral to bridging the chasm between your paid and organic marketing efforts. This is because people are shifting from impulsive buying to research-based and thoughtful spending. Marketers that recognize this strategic advantage and opportunity will be the ones that can potentially lead a transformation for the organization, moving into 2023.
The biggest anticipated changes in social media will be the rise of TikTok and shoppable ads. While big players will be here to stay, 2023 might just be the year for smaller community-based tribes and networks. Communication and conversation management will be key to tackle declining consumer trust in social media advertising.
At the end of the day, it’s important to remember that social media is a dynamic and competitive space. What worked before isn’t guaranteed to generate the same results. So, stay abreast of the latest marketing trends and focus on building a strong social media presence with paid and organic efforts.
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