It might be August, but if you’re thinking about your marketing budget, you might want to consider some of the trends in social media marketing which includes TikTok (like it or not).
New data from Insider Intelligence (previously eMarketer) may surprise you as TikTok is making strong moves in influencer marketing. Facebook may have more users than any other platform, but influencer marketing dollars are being spent on Instagram and TikTok more than Facebook.
TikTok may even surpass YouTube in just a couple of years.
Social media platforms and influencer marketing spend
Instagram dominates influencer marketing spend with over $2.23 billion spent in 2022.
YouTube takes second place with $948 million spent.
TikTok is now third with $774.8 million, with Facebook coming in at fourth with just $739 million spent in 2022.
When you consider that Facebook has almost three times the number of users of TikTok, you might be wondering how they are bringing in more marketing spend than Facebook.
Choose platforms based on demographics
According to Buffer, Facebook has 2.9 billion monthly active users while TikTok only has 1 million. The platform is fairly new, launched in 2017, but it’s one of the fastest growing.
On TikTok, you can share short videos of 15 to 60 seconds. The platform appeals to users who are aged 10 to 29, which is probably one reason this platform is becoming the most-visited in the world.
If your business wants to reach the younger shoppers, you need to be on TikTok. In the U.S., the average Facebook user is 40.5 years old. Instagram users tend to be younger too, with most under 34 years old.
As you look as your marketing budget for 2023, think about the user you’re trying to reach. Maybe it’s time to put more marketing dollars into different platforms where your target audience is shifting their time, eyeballs, and clicks to.