A bi-annual poll of U.S. marketing leaders found that social media investments have declined to their lowest level in seven years.
As the Harvard Business Review writes, an analysis of poll data suggests that lack of strategy fit, weak returns, and new competition from retail media may help explain this dip. Researchers leverage their findings to offer suggestions to marketers on how to overcome past strategy misalignment in order to continue to benefit from social media’s immediacy and pervasiveness, including through the use of Gen AI.
Authors Christine Moorman and Koen Pauwels offer a number of tips for innovating to grow returns. They note that marketers must stay creative and be willing to improvise to capitalize on opportunities on social media, which can attract new followers and engage existing customers.
Researchers also stress the importance of ongoing training and employee retention to keep social media strategy relevant.
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