The division of advertising budgets that have been designated for social media has unwaveringly improved since the day the first tech giants that introduced these platforms have made their promotion spending programs accessible. With more specific targeting options available to advertisers online, many companies are recognizing the more prominent value and higher return in using social media for lead generation and for growing their brands than promoting in print.
Hitting an Important Milestone
Ad spend devoted to social media is suspected to make up 13 percent of all the total money spent on advertising globally in 2019. This signifies a 20 percent year over year increase which will bring total expenditures for social media advertising to 84 billion dollars.
This increase means that for the first time ever, money spent on social media for advertising purposes will exceed that spent on their more traditional print media counterparts. Newspapers and magazines have been watching their numbers decline as social media has gained popularity in recent years with many traditional publishers resorting to offering online versions of their publications.
Social on the Rise, But Print is Still Kicking
Although print advertising including magazines, newspapers, direct mail and other printed media has been on the decline, it is not expected to go the way of the dinosaurs just yet. Offering tangible promotional material can still be part of a successful marketing campaign and small and large companies alike are expected to continue employing printed material. However, there is an obvious trend that supports the growth of social media and constant innovations in the space make advertising on social networks a profitable strategy for businesses.
What Does This Mean for Businesses?
For business owners that are looking to compete in their niche, having a strong presence on social media will allow them to compete as well as monitor the conversation that is happening online with regards to their brand. Exploring the advantages of social media can allow you to take advantage of the laser-targeting and local marketing options that will bring customers through your doors and online shopping carts to stroll through your proverbial online checkout lane.
Success on social media is not only about understanding the current landscape but also looking ahead to the innovations that are coming down the pike. Being able to spot trends in social media use allows you to position your brand ahead of your competition so that you can be a first-mover.
Up til now, social media platforms have allowed users to post text, photos, and videos on their profiles where it can be shared with their friends and connections. The next evolution in social media behavior is expected to be a meta-interaction that moves past simply posting content ‘at’ someone. Being able to share content with, and explore the content of, people you deem as friends and loved ones on a level that approaches real human interaction will dominate the coming years.