The COVID-19 pandemic has wreaked havoc on small businesses using social media as their main marketing strategy. And the influence is showing on social media platforms as well. Brands are posting less and spending less money on ads on social media platforms. Consequently, their revenue and engagement from social media have plunged drastically.
In a COVID-19 Marketing Survey, we found that 65% of marketers have witnessed a noticeable decline in revenue, 74% have reduced their posting frequency, and 69% have decreased their ad spend since the outbreak.
Clearly, marketers and brands are taking it easy on social media platforms.