In little over a decade, social media has emerged as businesses’ number one way to connect with consumers, according to a new study conducted by Harris Poll for Sprout Social, a social media listening and analytics company.
Over 70% of businesses surveyed rely on social media for customer engagement, compared with 61% for email, 27% for TV/radio advertising and 24% for print ads.
In a two-prong research investigation, including 1,000+ consumers and 250 business executives, the study found that 91% of business executives plan to increase their social media budgets over the next three years as consumers increasingly rely on social media to learn about brands or companies (55%), most especially the young GenZ and Millennial consumers.
And for 35% of the consumers surveyed, they name social media as the primary way they learn about new products, services and brands.
Belief in social media is unwavering among the business executives surveyed, with over 80% of them involved in direct-to-consumer businesses including retail.
Drawn from a sample ranging across all size companies, from fewer than 200 employees (42%), 200 to 999 (20%) and over 1,000 (38%), nearly 90% of business executives agree that companies which do not invest in social media marketing will be left…