52% of Marketers Increase Social Media Budgets Due to Economic Turmoil

Now that 2023 is in full swing, marketers are starting to reveal what their main focuses will be in the upcoming year. It seems that 2023 is shaping up to be the year of social media, with around 52% of marketers saying they plan to increase ad spends on social media with all things having been considered and taken into account.

Social video is also an appealing prospect for such marketers, with 49% saying that they are interested in seeing where it goes in a recent survey. The survey was conducted by Meltwater, and it reveals a lot about the state of the industry.

With all of that having been said and now out of the way, it is important to note that it is economic uncertainty that is leading marketers to up the ante on social media. 81% of marketers plan to use social media to boost awareness for brands that they have been tasked with representing, with 60% hoping to get a bit more engagement out of consumers.

At the same time, 49% of marketers who responded to this survey are hoping that social media will help them get more new customers than might have been the case otherwise. 71% of marketers say that organic marketing will be a top priority for them, with just 66% saying that they plan to use paid social posts.

This seems to suggest that there will be an influx of organic posts, and that might not bode well for Facebook’s business model. The social media juggernaut depends on ad buys, although it’s not all gray skies for the struggling enterprise.

Marketers are saying that they plan to dedicate as much as 32% of their marketing budgets to ad buys on social media. That might give Facebook a bit of breathing room, and it will also provide relief to Elon Musk’s Twitter.

Economic turmoil is forcing marketers to go back to basics, and they will be emphasizing outreach and awareness in 2023. The results of this year will be quite telling since they will show how the market responds to such stress.
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