By Kylie Stanley, PR Technician
Social media is an effective marketing tool for businesses to use to target their customers.
It’s not surprising that in a recent study from Wpromote in partnership with Ascend2, six in 10 respondents surveyed ranked social media as the most effective digital marketing channel at driving revenue. This is up from 50 percent last year and 57 percent the year before.
Social is the top revenue-driving channel and contributes the most to achieving top-of-funnel goals. Social is becoming a true full-funnel powerhouse for B2B marketers; in the past, marketers were more likely to use social platforms to drive brand awareness in the upper funnel, but this year, it topped the list of most effective bottom funnel channels for the first time. This is driven by the digital transformation that accelerated through the pandemic.
Brand awareness strategies are at the top of the funnel and are a critical focus for B2B brands. Next up was content marketing (49 percent), followed by email (45 percent), display advertising (36 percent) and paid search (32 percent).
Since the pandemic, social media has digitally transformed and continues to keep B2B buyers in mind by prioritizing their experience across different apps.
Social media is poised for budget growth: 56 percent say their social media budgets will increase this year, making this the area with the most consensus around budget growth. It’s followed by content marketing (52 percent), with fewer (34 percent) expecting to spend more on streaming TV.
To get the most out of budgets, whether you’re increasing by a lot, a little, or not at all, make sure to monitor your performance and move dollars between channels to follow demand.
Download the study here.
