The second half of Digiday’s CMO Strategies report on social media delves into the increased usage of platforms like Pinterest, Reddit, and Snapchat in 2024. According to Digiday+ Research’s Q1 2024 survey, Pinterest saw a 7 percentage point increase in marketer usage, while Reddit and Snapchat both experienced a 5 percentage point growth. This surge in usage can be attributed to the diversification of investments by advertisers, as well as efforts by these platforms to grow their ad revenue.
Snapchat, in particular, has been actively wooing advertisers with improved ad products, deals, and discounts. The platform’s ad business saw significant growth in Q1 2024, indicating a positive response from marketers. With the uncertainty surrounding TikTok, advertisers are exploring alternative platforms like Snapchat to achieve consistent returns and drive business growth.
Reddit, which recently went public, is focusing on expanding its search ad business and transitioning to a more visually-oriented platform. CEO Steve Huffman highlighted the platform’s billion monthly search queries, signaling a shift towards video content and aligning with current trends in social media.
Pinterest, known for its emphasis on creative inspiration and brand safety, has positioned itself as a safe haven for users seeking to escape the noise of traditional social media. The platform’s mission to provide inspiration for a life they love has resonated with users and marketers alike, with agencies like New Engen recommending Pinterest for campaigns driven by creative inspiration.
Impressions have become a key success metric for platforms like Pinterest, Snapchat, X, and Reddit. Marketers are prioritizing impressions as a measure of reach and engagement, particularly on platforms where conversations among users hold more value than likes or shares. Snapchat and X, in particular, have seen a shift towards impressions as a top success metric, reflecting changes in user behavior and platform dynamics.
Creator content has become a focal point for marketers looking to keep up with the demand for fresh and engaging content on platforms like TikTok and Facebook. Hyundai and Natalie’s Juice are leveraging creator and influencer content to maintain a steady presence and engage with their audiences effectively. However, brand safety concerns remain a challenge on platforms like X, Snapchat, and TikTok, prompting some advertisers to pause ad spend or rethink their strategies.
Overall, marketers are navigating challenges like lack of scale on smaller platforms like Snapchat, Reddit, and Pinterest, where engagement and interaction are key drivers of success. Strategic content creation tailored to each platform and audience is essential for generating meaningful engagement and maximizing the impact of social media campaigns. By understanding the unique dynamics of each platform and adapting their strategies accordingly, marketers can effectively leverage social media to drive brand growth and engagement.