The State of Social Media 2024

Introduction

In 2024, the landscape of social media continues to evolve, shaping how businesses connect with their audience. As an integral part of modern marketing strategies, understanding these changes is crucial for success. This blog delves into the findings of Meltwater's 2024 surveys on social media practices across 2000 global businesses.

With a focus on the US and UK markets, we uncover the latest trends, preferences, and perspectives that are driving the future of social media in these regions. From platform preferences to emerging challenges, this analysis offers a comprehensive view of the current state and potential future of social media in business.

US Social Media Trends

The state of social media in the US reflects significant trends and challenges, and as part of this survey, 650 businesses were questioned. To provide better context, 35% of these businesses were either from the B2B or B2C sector, and a notable 70% of respondents were managers or higher, underscoring the strategic importance of social media in business hierarchies.

A striking 88% of these businesses anticipate that social media will maintain or increase its significance this year. Over half prioritise social media for brand awareness, while many also focus on enhancing brand engagement and customer connection.

The US market shows a predominant use of platforms like Facebook, Instagram, and LinkedIn, but there's a shifting trend towards reduced spending on Facebook, balancing with increased interest in Instagram (56%), and LinkedIn (47%).

TikTok (33%) and YouTube (31%) also emerge as growing areas of interest for ads and focus being put on.

Furthermore, the survey reveals key challenges: 20% of businesses lack a clear social media strategy, while 65% cite limited team resources as a significant hurdle. This ties into the need for quality content creation, a time-intensive task.

Interestingly, 76% of companies manage their social media in-house, seeking external help mainly for advertising and content production. This is an opportunity for businesses to alleviate the burdens of internal teams through collaboration with outside experts.

Surprisingly, 17.5% of companies still don't use scheduling software, and nearly half don't see AI as vital in social media marketing, potentially overlooking significant benefits. On a positive note, 70% of companies plan to maintain or increase their social media budgets in 2024, indicating a recognition of its growing importance.

UK Social Media Trends

In the UK, the realm of social media showcases its own trends and insights, although with a smaller sample size of only 165 participating businesses in the survey. Remarkably, 55% of these participants hail from the B2C and B2B sectors, with a noteworthy three-quarters of respondents holding managerial positions or higher.

What's especially encouraging is that a resounding 94.1% anticipate the continued importance of social media in 2024, firmly establishing its significance in the UK business landscape.

Similar to their counterparts across the Atlantic, UK businesses predominantly employ social media to raise brand awareness (56%). Additionally, connecting with customers and enhancing brand engagement also feature prominently on their agendas.

An interesting observation is the commonality between the US and the UK: both markets underutilise social media for driving traffic to websites, despite its potential as a valuable tool for this purpose.

In terms of favourite platforms, Facebook, Instagram, LinkedIn, and YouTube take centre stage in the UK. However, there's a notable shift in the allocation of time and resources. A striking 82% of respondents plan to decrease their investment in X and Facebook, redirecting their focus.

When it comes to increasing investments, LinkedIn (51%) and Instagram (48%) lead the charge, closely followed by TikTok (36%) and YouTube (27%). This mirrors the trends in the US, just with LinkedIn's slightly higher significance possibly influenced by the substantial number of B2B respondents.

Challenges also exist in the UK, with 67% of companies citing employee bandwidth as a shared concern in managing social media. The lack of creatives in their teams is viewed as a worry, a contrast with the US landscape. This underscores the need for collaboration and external insights in strategy development and creative direction.

Regarding in-house versus outsourced social media management, nearly half of video production is outsourced, and 20% of advertising is entrusted to external experts. Nevertheless, in-house management remains dominant, with 75% of businesses keeping the majority of their social media endeavours in-house.

However, there's room for growth in the adoption of Artificial Intelligence (AI) in social media programs. Only half of UK businesses consider AI important, which starkly contrasts with the Asia Pacific region, where 1 in 4 marketers recognises its significance.

In terms of budgeting, a majority (43%) plan to maintain their budgets, reflecting confidence in current spending levels. A positive outlook prevails, with a mere 5% of businesses contemplating budget reductions.

Social media ads remain a significant focus, with 61% running ads, particularly on Facebook, LinkedIn, and Instagram.

Conclusion

In 2024, social media remains a dynamic force, shaping how businesses connect with their audience. Our exploration of Meltwater's 2024 surveys has provided valuable insights into the ever-evolving landscape of social media, with a focus on the US and UK markets.

Key takeaways from these trends reveal that social media's significance is unwavering. Both the US and the UK anticipate its continued importance, emphasising its pivotal role in contemporary business strategies. The primary objectives - raising brand awareness, enhancing brand engagement, and connecting with customers - echo across borders.

Platform preferences have evolved, with Facebook, Instagram and LinkedIn, holding sway. However, the winds of change are evident, with a growing interest in platforms like Instagram, TikTok, and YouTube. These shifts present opportunities for businesses to diversify their advertising strategies and connect with their audience in fresh and engaging ways.

Challenges persist, from limited resources to the demand for quality content creation. This underscores the need for innovative solutions. Collaboration with marketing agencies, such as B3 Marketing, emerges as a viable option, offering businesses expertise in content development and strategy to overcome these hurdles effectively.

Additionally, the underutilisation of scheduling software and the hesitance towards embracing AI highlight areas where businesses can streamline their social media operations and unlock the full potential of technology.

In conclusion, the state of social media in 2024 presents opportunities for businesses willing to adapt, innovate, and collaborate. As social media continues to shape the modern business landscape, staying informed and proactive is key to harnessing its full potential for growth and success.