Stat: Business leaders plan to spend more on social media

UK, US – A 2023 report by Sprout Social and The Harris Poll has found that despite the turbulent economy and widespread budget cuts, 80% of business leaders are expecting to spend more on social media in the next three years. Of those, 44% estimate their social media budgets will increase by more than 50%.

The Harris Poll surveyed more than 750 leaders in social media marketing, customer care and communications in the UK and the US to find out how they’re investing in social media. The results indicate intent to continue advancing the role of social media within organisations, with 90% of leaders saying that their company’s success is dependent on how effectively it can use social media data and insights to inform business strategy.

The study also found that businesses are looking to integrate artificial intelligence (AI), with 97% of leaders agreeing that AI and machine learning (ML) will enable companies to analyse social media data and insights more efficiently.

As explored in our Targeting ultra-high-net-worth individuals on social media report, investing in better digital marketing strategies is crucial to reaching the affluent customers of today and tomorrow.