Today’s brands recognize the value of social media and are increasing their investments in tools and strategies around it. However, many still rely on outdated approaches rooted in what they think customers want, versus what customers actually want.
Explore the second edition of our State of Social research report to discover why social-first brands are doubling down on community, content, and conversion.
Back in 2023, our research explored the strategies most likely to drive social business transformation. We found that the most successful brands were achieving results by rethinking their approach to three key factors of social media: community, content, and conversion.
Our updated research has uncovered that social-first B2C brands—those with the most effective approaches to social strategy—are not only continuing to focus on these three key factors, but are doubling down on them. Overall, respondents reported that their social media budgets have surged by an average of 9% from 2023 to 2024.
These newest figures also highlight a common pitfall among today’s brands. Many are investing in costly, inefficient social media tactics, even as, on average, brands are only meeting 69% of their social media business objectives. Social media can be one of the most cost-effective ways to engage with customers on a daily basis, but doing it successfully requires a nuanced strategy. To get your organization’s C-suite aligned with your social media vision, there are some notable takeaways from what social-first brands are doing to stand apart from the rest of the market.
COMMUNITY
Cut the cost, keep the conversation
Successful social business transformation thrives on the heartbeat of social media: community. Building a strong digital community isn't only about attracting customers to click through to one of your other channels. Instead, it's about offering them an authentic experience that fosters engagement and loyalty. To drive growth and lasting value, delivering personalized, meaningful experiences that cut through the daily content noise is one of the strongest strategies available to brands.
With a plethora of social media tools available—whether that’s social listening, Generative AI (GenAI), or other strategic platforms—today’s brands can efficiently satisfy customers’ desire for connection, sparking conversations and driving revenue. Social-first brands are investing more in solutions that drive these efficiencies, so that they can focus on delivering personalized experiences.
YoY increase in community management investment made by brands in 2024
Average amount of their social media marketing budget that social-first brands spent on social tools in 2024
Of brands currently using GenAI tools leverage them for community management responses
Of consumers liked or shared a brand or spent more time on branded platforms as a result of personalized content
CONTENT
Stop being starstruck
In 2024, creators topped the list for social media marketing budget priorities, taking up 24% of the total yearly spend on average. Unfortunately, many brands are not implementing the most effective creator and influencer strategies, and therefore aren't seeing the return on their notable investment. As we navigate this dynamic industry, it's crucial for brands to avoid getting "starstruck” with their creator strategy.
Social-first brands are seeing results by investing in niche (micro and mid-tier) creators whom audiences relate to, and who can drive more consumer action within their communities. Social-first brands prioritize micro and mid-tier creators 84% and 87%, respectively, while low-maturity brands prioritize them less (35% and 47%, respectively). This focus surpasses pouring hefty budgets into celebrity deals that feel disconnected from the brand and often leave customers feeling "sold to”—the opposite of what brands are trying to achieve.
Of consumers say that they see the influencers or creators they follow as trusted sources of information
Of all brands place high or very high priority on leveraging mega creators as a part of their social strategy
Of social-first brands with creator and influencer partnerships are delivering the highest ROI of all their social media tactics, compared to just 38% of
low-maturity brands
CONVERSION
Sharing the pen to drive purchases
Social media platforms have helped to flatten the purchasing funnel, creating expectations among consumers that their journey to buying products will be smooth and seamless. For brands, this can create a simpler pathway to driving sales and revenue growth. However, this social commerce journey has proven challenging, even for social-first brands.
To overcome these obstacles, brands can work to “share the pen,” which means to expand their strategies by introducing voices other than their own. By leveraging creators and user-generated content (UGC), brands can help build trust and enhance the social shopping experience for their customers. This can ultimately help drive sales, maximize revenue potential, and decrease costly content creation efforts on the brand’s side.
96% of social-first brands say social commerce is a high or very high priority, but only 39% say it is delivering high ROI for the brand
14.4% of social-first brands’ B2C revenue comes from social commerce, versus just 10.5% for low-maturity brands
71% of consumers say their most recent experience purchasing a product or service on a social media platform has been either good or excellent, and 34% of respondents say an even easier payment process would make them more likely to make a purchase on these platforms
61% of consumers have discovered a new brand or product on social media in the past 12 months
46% of consumers say customer reviews make them more likely to purchase a product on a social media platform, second only to deals and discounts at 62%
LOOKING AHEAD
As the landscape of social media marketing continues to evolve, brands are presented with challenges that can seem to grow faster than budgets. But, as this latest edition of our social media research reveals, there are new opportunities that can help brands leap gaps and deepen their audience connections while seeing positive business results. While investment in social media is increasing, the effectiveness of those investments hinges on the adoption of innovative and customer-centric strategies across community, content, and conversion.
To learn more about this research and how Deloitte Digital can help elevate your approach to social media business transformation, reach out to our leaders and kick off a conversation.
Kenny Gold | US Head of Social, Content, and Creator, Deloitte Digital
Christina Kavalauskas | Executive Strategy Director, Social and Creator, Deloitte Digital
Erin Moldovan | Strategy Director, Digital and Social, Deloitte Digital
Explore the 2023 State of Social Media research
Personalization is a value exchange between brands and customers
Reimagining retail with personalization at Macy’s
Research methodology
Corporate social survey:
Consumer social survey:
