The HubSpot Blog Marketing Industry Trends Report for 2024 highlighted the potential for social media apps to drive higher ROI than ever before. In this blog, we will delve into the reasons why social media apps are poised to be a game-changer for small businesses in 2024 and beyond.
The Rising Power of Social Media
Social media platforms offer the highest return on investment (ROI) among all marketing channels. In fact, 43% of marketers currently rely on social media to promote their businesses, making it the leading channel for product discovery and purchasing. This trend is expected to continue its upward trajectory, as more and more consumers, particularly Gen Z and Millennials, turn to social media for product information and recommendations.
Frictionless Ecommerce Experience
One of the key factors driving the potential for higher ROI through social media apps is their evolution into frictionless ecommerce platforms. Social media platforms such as Instagram, TikTok, and Facebook are reshaping the way businesses connect with their target audience. By offering virtual stores and in-app purchases, social media apps are making it easier than ever for consumers to make seamless purchases without leaving the platform. This streamlined shopping experience not only improves customer satisfaction but also boosts the likelihood of conversions and increased revenue for small businesses.
The Impact of Influencer Marketing
The rise of influencer marketing has been a significant factor in the success of social media platforms. Consumers place a high level of trust in influencers and often make purchasing decisions based on their recommendations. The report highlights that one in four social media users have made a purchase based on an influencer’s recommendation in the past three months. For small businesses, partnering with influencers on social media can be a cost-effective way to reach a highly engaged and receptive audience, resulting in increased brand awareness and customer acquisition.
Creating Engaging Short-Form Video Content
Short-form video content has emerged as a powerful tool for marketers to engage their target audience. According to the report, short-form video offers the highest content ROI and is expected to garner even greater investment than other formats. Platforms like TikTok and Instagram Reels provide businesses with an opportunity to showcase their products or services creatively and captivate their audience within a few seconds. Investing time and resources into producing compelling short-form video content can pay off in terms of increased brand visibility, enhanced customer engagement, and ultimately, higher conversion rates.
Harnessing the Power of Data and AI
To drive higher ROI through social media apps, small businesses must utilise the power of data and artificial intelligence (AI). The report indicates that marketers will turn to social media targeting and first-party data, combined with AI tools, to reach their audiences more effectively. Social media platforms offer a wealth of user data, which, when harnessed strategically, can help businesses refine their targeting and improve their marketing campaigns. AI-powered tools can further assist in generating personalised content, automating repetitive tasks, and enhancing overall marketing efficiency.
Overall, it’s essential for small businesses to embrace the potential of social media apps to achieve sustainable growth, increased brand awareness, and ultimately, greater ROI.
Read more in the The 2024 State of Marketing and Trends Report – Hubspot.
