Why You Need to Increase Your Social Media Budget

So you’ve finally got the green light to invest in social media last year, and the results were good. So this year you’re looking to do the same thing again, with the same budget, hopefully getting the same results. Sound familiar?

In my experience, it’s been almost exclusively social media projects that try to garner the same results as last year with last year’s budget this year. Especially knowing how quickly social media changes, it’s really a crazy thought.

Each year, there is an incredible growth in social media. Growth in so many ways: more people, more content, more brands, more ads, more money. So you absolutely can’t expect last year’s budget to garner the same return on investment this year. Here are some examples of things that have changed just from 2015 to 2016:

Movement toward vertical video

Thanks to the incredible success from Snapchat, Instagram created Instagram Stories and Facebook just opened up full-screen vertical video for mobile devices. That involves a whole change in creative development, not to mention a general demand for more video than image content.

Live streaming is the way forward

This technically began in 2015 with the random war between whatever that Meerkat thing was and Twitter’s Periscope, but thanks again to Snapchat, Facebook’s Live Streaming has totally reinvented “breaking news” today.

Response times in high demand

Community managers have got it going for them now. What used to seem like a tedious role is now a huge factor on social media channels. 70% of users expect a response from brands, and of those 53% want a response in less than an hour. And now with Facebook’s “Very responsive to messages” badge and additional tools like Instant Replies, you’ve got enough tools to keep up. There are no excuses.

In general though, these are huge social media channels that are banking on lots of ad money, and they’re going to keep creating new ad formats that will dig holes in your pockets. And yet… it’s still cheaper than TV. Lol.

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