Nearly half of business executives plan to increase their social media budgets up to 100% in the next three years, according to a new Harris Poll.
The reason, executives said, is that social media has become the No. 1 preferred way to learn about brands. That’s more so than more traditional means such as email, TV and print advertising.
“Our research shows that U.S. companies today rely more on social media than any other communications channel for virtually all critical business activities,” Anna Ginovker, director and senior consultant at The Harris Poll, said in a statement.
Much of this trend is fueled by Gen Z and millennial shoppers who tend to be hard to reach on other advertising channels other than Instagram and TikTok. These shoppers find it more convenient to use apps to shop that include customer reviews to help make their decisions.