Social media marketing offers the highest return on investment (ROI) potential, according to a study.
Influencer Marketing Hub’s 2024 “Digital marketing benchmark” reported 38.5% of marketers think social media delivers the highest ROI compared with other channels.
Commenting on the report, a digital marketer said social media requires a small up-front investment and has the potential to deliver a significant amount of money.
“Social marketing efforts can require little more than time, creative energy, and free products for influencers or giveaways in some cases, while receiving a virtually limitless number of customers viewing and possibly purchasing products,” said the report.
Affiliate marketing was the second highest scorer, with 15.4% of marketers agreeing it delivers the highest ROI.
Interestingly, social media also makes up most of a marketer’s budget, with 39.5% of those surveyed reporting it as the primary recipient of their budget.
The report added that social media presents the biggest opportunity for marketers in the future, with 30.8% of those surveyed agreeing.
The platforms most used by marketers include TikTok, which took 54.6% of the votes for being the most popular and is increasing year on year.
Only 22.6% of marketers agree TikTok is the most effective platform, however, suggesting the platform is in its infancy.
The report gathered insights from over 500 marketing professionals and builds on its annual survey.
Influencer Marketing Hub is a resource for influencers, agencies, and platforms, providing reviews, tools, templates, and case studies.
This article is taken from the Winter 2024 print edition of Financial Promoter. Click here to subscribe.