Although marketers have seen the potential of leveraging social media, new research indicates that they are aware of users’ eroding trust in these platforms. As a result, they may begin to scale back their investment in social media in the coming months.
Integral Ad Science recently published its “Industry Pulse Report” for 2023, and statistics indicated that the majority of respondents (77%) agree that customers’ decreasing trust in major social media platforms will negatively impact their media spend this year. In turn, this will affect how much of their budget they invest in certain social media networks.
About 49% of respondents believe that they will adjust their spend on Facebook initiatives due to eroding customer trust, while 38% said the same about Twitter. Nearly 34% anticipate investing less in Instagram, and 28% will adjust their spend on TikTok.
Wavering Confidence in Social Media Marketing ROI
Previous research has suggested that most marketers are at least confident in the return-on-investment (ROI) that social media marketing provides. However, there still appears to be room for improvement.
Hootsuite conducted its “Social Media Trends 2023” report, and data indicated that while most marketers (40%) are “confident” in social media marketing ROI in terms of audience engagement, only 37% are “extremely confident.” Furthermore, just 20% are “somewhat confident,” and 4% are “not at all confident.”
“Our survey found that, when it comes to social media, seniority has a major impact on how individuals perceive and demonstrate the value of social,” wrote the researchers behind the report.