The business case for social media has already been established, and the focus has now shifted to how teams, both within and beyond the marketing department, can optimize their resources. In a survey conducted by The Harris Poll on behalf of Sprout Social, more than 750 leaders in social media marketing, customer care, and communications from a variety of US and UK businesses were surveyed to gain insights into their social media investments and their impact across their organizations. Despite prevailing macroeconomic trends, it is expected that social media budgets will continue to increase. In fact, 80% of business leaders anticipate a budget increase within the next three years, with 44% of them estimating a budget increase of over 50%.
The survey also revealed that 90% of leaders agree that their company's success will be contingent upon effectively leveraging social media data and insights to inform their business strategies. Recognizing the significance of these insights, 97% of leaders agree that artificial intelligence (AI) and machine learning (ML) will play a crucial role in enabling companies to analyze social media data more efficiently.
In conclusion, businesses are increasingly recognizing the value of social media and are willing to allocate more resources to it. They understand that harnessing social media data and insights effectively is essential for informed decision-making and strategic planning. The majority of leaders believe that AI and ML will be pivotal in improving the efficiency of social media data analysis, ultimately leading to better outcomes for their organizations.