Social media has been the single-most explosive marketing channel in our budget surveys for many years. Over the past five years or so, the conversation has completely shifted from "Is social media advertising worthwhile?" to "How can we funnel more into these targeted ad channels?"
On average, marketers are spending a quarter of their budgets on social media. And Facebook is gobbling up 44% of the paid advertising, followed by LinkedIn at 23%. That leaves just a third for all the other channels. Overall, if you don’t see a very clear reason for your brand to buy advertising on those other channels, it’s worth questioning the spend.
What are marketers getting from these ad channels that has demanded so much of their budgets? In a word: Targeting. Social media advertising is some of the most targeted marketing you can do, with methods of pinpointing users by interest, behavior, look-alike modeling and more!
But with that comes a high expectation. Marketers want their social media investments to do it all. Looking at the chart below, every social media action is at least somewhat important to more than two-thirds of marketers when deciding to invest more or less in a network.
Social ads aren't necessarily for branding, most marketers consider clicks and lead gen to be very important to measuring the channel's success. But views, shares and likes are also considered somewhat important. This means that while you want your social ads to drive conversions, the viral sharing power of social media is important to. Just getting viewers to interact with them, and ideally to share them, is part of the win.
So look at the social media opportunity as a chance to expand your most important, actionable audiences, and budget accordingly.