Social ad spending is predicted to reach US$37 billion this year, an increase of about 19%, according to eMarketer’s US Social Trends for 2019. This expected increase in social media spending means that marketers need to consider the impact of increased competition when developing strategies and goals, and formulating budgets.
Facebook dominates the social network ad spending with more than 84% of marketing dollars spent on the platform in 2018. However, other social media platforms, such as Instagram, are catching up with a predicted 90% ad revenue growth on Instagram in 2019, compared with just 31% ad revenue growth from Facebook.
For B2B marketers, this means that investing in a social media campaign is no longer just a good idea, it is vital to developing leads and closing sales. The advertising climate has evolved. People want a personalised approach to the WIFM pitch.
Using social media data and social media platforms to reach your audience is the best way to deliver the personal approach customers are seeking. For B2B customers, it is easier to search for answers online in their own time than it is to email and wait for replies from suppliers. Publishing your solutions online and communicating with your audience on a regular basis gives potential customers time to learn about your products and your business before contacting you, at which point they are about 80% down the sales funnel, so your sales team has a more focused task; closing the sale.
Instagram and Pinterest Ad Revenues Signal Strategic Media Shifts
Looking back at last year’s ad revenues can tell us a lot about the potential media shifts we can expect this year.
Brand Implication: Start considering how to leverage more opportunities outside of Facebook. Before allocating large budgets to unknown and unproven channels, start by carving out a portion of your overall media budget to test and learn opportunities on other platforms and compare against the results you see on Facebook.
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