The looming threat of a recession is driving plenty of companies to slash marketing budgets and dismiss employees by the hundreds, but a new study from Hootsuite predicts the strength of social media marketing will endure—and potentially even grow—in 2023.
The social media management platform’s latest Social Trends Report, an annual survey of thousands of social marketers, managers and executives, found marketers and companies alike are increasingly confident in the value of social media marketing and the return on investment that these campaigns provide. While overall marketing budgets may decline, Hootsuite’s report projects social media budgets are projected to steadily climb into the new year.
“Despite [economic] uncertainty, many social media marketers find themselves in a position of relative security—they’re getting larger slices of the overall marketing budget and more agency over their work,” the report reads. “After more than a decade of growing pains, social media marketing has finally matured into a profession.”
Hootsuite, a social media marketing and management tool, has a lot of skin in the game, of course, to see social budgets remain intact.
With the continued rise of the creator economy, influencers are expected to increasingly shape social marketing, particularly for smaller businesses that may have previously felt intimidated by the prospect of influencer partnerships. To emphasize creators’ ever-expanding influence on social media, Hootsuite teamed up with several prominent influencers on a video highlighting key findings from the report—which, naturally, the company will distribute across its social media channels.