Marketing budgets are shifting gears. New research from Digiday published today shows marketers are adjusting their social platform budgets with TikTok climbing the popularity ladder, while Instagram and Facebook maintain their reign. 

The survey revealed that social media is the most widely used marketing channel, with 97% of respondents using it.

Among social platforms, Instagram and Facebook lead the pack, with 90% of businesses using Instagram, and three-quarters using Facebook. 

Despite Facebook and Instagram's popularity as marketing channels, some marketers are looking to move away from Meta-owned platforms. One chief marketing officer told Digiday that Meta's recent changes have posed challenges for his company, particularly regarding account management. As a result, the brand has switched its focus to TikTok and others. 

👀 Looking Beyond Meta-Owned Platforms

TikTok ranked as the third most popular platform among marketers. Although it offers fewer pre-packaged marketing tools than its rivals, the app's ability to create viral moments has made it more appealing to the industry.

YouTube followed TikTok as the fourth most utilized platform, serving as both a social platform and an ad-supported streaming service for marketers. 

💰 Shifting Budgets

In terms of marketing budget allocation, Meta continues to hold the majority share. However, TikTok has now surpassed YouTube and secured second place in 2023.

Meanwhile, Instagram has maintained its position as the top recipient of marketing budgets, with spending on the platform increasing year-over-year. 

However, as TikTok continues to develop its ad options there is a possibility that Instagram's dominance could be challenged. 

(Data has been provided by Digiday’s survey of 635 marketing professionals.)

Images: Digiday