Social-first brands saw an average revenue increase of 10.2% as a result of social media strategies in 2022, according to Deloitte.
The report, “Driving resilience and revenue through social business transformation,” said social-first brands – those that place social media at the heart of their marketing strategies – have the opportunity to build a better customer experience.
Social-facing brands are 2.5 times more likely to spread a message across multiple social media platforms, building a sense of consumer community.
According to the report, brands investing in social strategies are focusing on three main components: community, content, and conversion.
Shifts in digital culture have flipped the formula for success; constant changes in algorithms have left low-maturity organisations much less likely to flourish, said the report.
Social-first brands are also managing paid and organic social tactics together, helping to improve discovery, consistency of messages and experiences, and engagement.
Those taking the social, modernised approach are 10.7 times more likely to praise the use of influencers, the current trend amongst financial services marketers.
The report concluded 60% of consumers want additional opportunities to discover products, specifically on social media platforms, as they continue to grow as a place for information.
Research in the report is based on a blind survey of US marketing leaders at 450 B2C companies, plus 1,000 adult consumers.