Content rules social commerce
Social media is clearly winning the media spend game at the moment. Social platforms plus influencer/creators are also setting the standard for creative discussions around content for brands - even B2B brands. This is a good shake up of how we all do things. Happy Thursday, Simon.
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Social media marketing on the rise
A recent survey of more than 300 marketing execs who manage big budgets (over USD 1 million a month) has found 51% are planning to increase their spend across the sector. This is a jump from 44% earlier in the year. While respondents are keen to spend on social media, they’re becoming a bit more selective about which platforms they use. Twitter aka X isn’t high on the list.
What platforms offer the best social commerce experience?
When it comes to social, most brands focus their spend on content created by influencers. Essentially, they’re trying to create a social commerce system - where consumers buy through social posts. In 2022 the social commerce market was valued at USD 274 billion, and it’s estimated to be worth USD 6 trillion by 2030. It’s not the big celebrity influencers pushing engagement. While they have big reach, it’s the nano-influencers (10,000 or less followers) on Instagram and TikTok which offer the highest level of engagement and value for money.
Who’s spending in the social economy?
According to a survey, by 2025 a third of the global social economy spend would be done by millennials. Generation X aren’t too far behind with 29%. Boomers are spending the least at 10%.
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Content creators doing okay
This change in sentiment is good news for content creators. In the US, spending on influencer marketing is expected to grow by 14%, compared to 4% for general social media spend. This comes as venture capital spend on creator startups dropped 50% this year. Goes to show it’s the content, not the tools that matter.
What we're looking at
Happy Thursday
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This week’s newsletter was written by Tim Colman?and edited by?David Austin. Gifs produced by Bayu Wisena.