Hootsuite - Social Media Trends, 2023

The report emphasizes the importance of creating a social media report to track and analyze the performance of your social media efforts. This is crucial for understanding the true impact of your social media activities and demonstrating their value to your team and boss. It provides a template to help you get started with creating an ROI report. While it is important to measure ROI, the report cautions against chasing short-term ROI at the expense of losing sight of your brand's unique value. Jumping on trends just to gain likes and comments may not provide long-term value and can even damage your brand. The big picture of social media ROI includes returns beyond the marketing department. Social media can be used to improve customer service and strengthen employee relationships, which are valuable achievements that should be considered when evaluating ROI. The report is based on a survey conducted in July 2022, which included 10,643 marketers from 109 countries and 11+ industries. The respondents represented a mix of job functions and businesses of various sizes. The survey revealed that confidence in the ROI of social media marketing is at an all-time high. Last year, 83% of marketers reported having some level of confidence in the ROI of social media, and this year, 96% of marketers reported confidence in the usefulness of social media for marketing and engaging with their audience. In addition to the survey data, the report incorporates primary data from interviews with social marketing practitioners, leaders, observers, and partners. It also includes secondary research from reputable sources such as The Harvard Business Review, McKinsey, and Deloitte. Overall, the report highlights the importance of measuring and demonstrating the impact of social media efforts, while also considering the broader returns of social media beyond marketing. It provides insights into the current confidence levels in social media ROI and offers valuable resources and templates to help marketers effectively report on their social media performance.