Social Media is the Most Overrated Skill by Businesses, Marketers Say

22.5%      

Social media retains its status as the most overrated skill in marketing, with 22.5% of surveyed marketers expressing this view for the second consecutive year. Digital marketing has now surpassed performance marketing as the second-most overrated skill, with 15.7% highlighting it, while other skills on the 2024 list include SEO, advertising and marketing technology, and content marketing. 

$30.14 B

Marketers targeting US Gen Zers should be cautious of Instagram overemphasis. Despite Instagram having 50 million Gen Z users, it lags slightly ahead of Snapchat, TikTok and behind YouTube with 61.8 million. However, ad spend heavily favour Instagram with $30.14 billion, with US marketers projected to spend significantly more on it compared to YouTube, TikTok, and Snapchat.  

51%      

Globally, 51% of Gen Z consumers prefer social media to search for brands, surpassing those who opt for search engines 45%, according to GWI Core data from 2023. Gen Z favors social media search for its quick information retrieval (60.1%), relevance (36.7%), visual appeal (26.5%), and enjoyable nature (21.4%), suggesting a need for traditional search engines and retailers to enhance engagement and relevance in their results to win Gen Z's favor. 

87%  

Marketing organizations grapple with challenges like job uncertainty and adapting to new martech. 87% of marketers fear technology replacing their roles, as indicated by a recent Gartner report. Despite concerns, 26% of marketing leaders plan personnel reduction due to generative AI in 2024, while 61% have faced technology or process changes in the past year.

9%  

The survey disclosed that despite 75% of respondents experimenting with generative AI in 2023, only 9% have widely adopted the AI technology, primarily in limited business areas. Early adopters plan significant expansion in its use this year, but challenges such as IT infrastructure, governance, and data privacy hinder rapid adoption, according to a global study by MIT Technology Review Insights and Telstra. 

$22.32 B     

Dell Technologies experienced a surge in fiscal 2024 fourth-quarter results, surpassing analyst’s expectations on both top and bottom lines. With $22.32 billion in revenue, the company reported an 11% decline from the previous year but saw strong demand for AI servers. Dell's net income rose 89% to $1.16 billion and the company expects to growth for fiscal 2025. 

$99

Target is set to launch Target Circle 360, a $99-a-year paid membership program offering unlimited free same-day delivery for orders over $35 and free two-day shipping, competing with Walmart and Amazon. The retailer, planning 300 new stores in the next decade, also reported Q4 revenue of nearly $32 billion, a 1.7% YoY increase, with Target Circle 360 memberships priced at $49 for the first year for non cardholders signing up by May 18.