Social media has become an epicenter of consumers’ daily lives. It’s where news breaks, trends emerge and communities form. The more social’s influence expands, the more vital social media data and insights become to running a successful, competitive organization.

The Harris Poll, on behalf of Sprout Social, surveyed more than 750 leaders in social media marketing, customer care and communications from a cross section of US and UK businesses to better understand how they’re investing in social media and its impact throughout their organizations. Despite current macroeconomic trends, social media budgets are expected to rise—but leaders are eyeing emerging technologies and other organizational changes to ensure maximum dividends.

Key findings from the research include:

• 80% of business leaders anticipate their company’s social media budget will increase in the next three years, and among them, more than 2 in 5 (44%) estimate their budget will increase by more than 50%.
• 90% of leaders agree their company’s success will depend on how effectively it can use social media data and insights to inform business strategy.
• 97% of leaders agree artificial intelligence (AI) and machine learning (ML) will enable companies to analyze social media data and insights more efficiently.

Download the full report: https://sproutsocial.com/insights/data/harris-insights-report-2023/