Once upon a time, social media platforms were like jet fuel for consumer brands: You could pour a reasonable amount of money into a hyper-targeted ad campaign and watch your revenue skyrocket. That moment has passed.
The cost to acquire new customers on social media has risen dramatically: In the second quarter of 2021, the cost per thousand impressions on social platforms was up 41 percent compared with the same period the prior year. At the same time, new privacy laws have made it more challenging than ever to zero in on specific consumers. Not to mention these platforms may have reached a brand saturation point. It's enough to make you wonder if you shouldn't just skip social media marketing altogether.