Social media marketing remains popular tactic among marketers looking to grow their customer base, and new research shows it is on the rise among Inc. 500 companies, in particular.
The Center for Marketing Research at UMass Dartmouth recently published its research on social media marketing among Inc. 500 companies, and data indicated that 95% of these businesses now use at least one social media platform. This is a slight increase from the 94% who reported utilizing social media back in 2018.
In particular, Instagram appears to be on the rise among Inc. 500 companies. Last year, 52% of these businesses said they were using the social media platform to reach out to customers and prospects, which is an increase from just 36% that reported the same back in 2018.
Overall, 94% of respondents said that social media is effective in building brand awareness, while 91% claimed that it is effective in creating relationships with customers.
Social Media Marketing Budgets
As social media marketing remains popular among businesses, previous research shows that companies are investing in this area.
The American Marketing Association published the “Techlash Is Here” report, and statistics suggested that the majority of average ad spend in the U.S. (18%) now goes toward social media. This was followed by email (13%), websites (12%), and streaming video/radio (5%).
The most popular social media platform for marketing purposes appears to be Facebook (34%). Instagram (14%), YouTube (13%) and Twitter (13%) are also used by digital marketers.