Which Social Media Platform Delivers the Best ROI in 2024? New Data Reveals the Top Performers

Bar chart showing social media platforms with the highest ROI in October 2024, with Facebook at 28%, Instagram at 22%, and YouTube at 12%, based on a global HubSpot survey of marketers.

According to HubSpot’s global survey of 1,200 marketers, Facebook delivers the best return on investment (ROI) in 2024 amongst all social media platforms.

The research, published by Statista, revealed that 28% of marketers named Facebook as the most effective platform for ROI, followed by Instagram (22%) and YouTube (12%). The survey included both B2B and B2C marketers from Asia, Australia, Europe, and North America.

Why Facebook?

Facebook’s success is likely due to its maturity as an ad platform. For advertisers, particularly those focused on lead generation or direct sales, Facebook remains one of the most measurable and cost-effective channels available.

A key part of that is its advanced audience targeting. Over the years, Facebook has built a detailed picture of user behaviour — what people click, watch, buy, and engage with — and it allows advertisers to tap into that with remarkable accuracy.

Marketers can:

  • Create custom audiences using website data or customer email lists
  • Build lookalike audiences that mimic their best customers
  • Combine interests and behaviours for ultra-specific targeting
  • Retarget website visitors, video viewers, and even offline actions
  • Use powerful testing tools to refine and optimise performance

In my own experience managing PPC campaigns, I’ve found Facebook consistently delivers strong results, especially when paired with well-thought-out creative and a clear conversion path.

Instagram Performs Well — But Not for Everyone

Instagram ranking second isn’t surprising. As a visual-first platform, it’s perfect for product-based businesses or brands in lifestyle, fashion, travel, or beauty.

However, the survey doesn’t break results down by industry, which is worth keeping in mind. I’m unsure how effective Instagram is for a B2B company selling software or a manufacturer with a highly technical product. It’s a strong platform but not universally so.

YouTube’s Strength Is in Brand Building

YouTube came in third place, cited by 12% of respondents. While it may not deliver immediate conversions at the same rate as Facebook or Instagram, it’s a valuable platform for long-form storytelling, education, and brand visibility. If your business model benefits from trust, explanation, or problem-solving — such as consultancy or high-value B2B sales — YouTube has a place.

But Where Is LinkedIn?

This is the question that jumped out at me. Given its professional focus, you’d expect LinkedIn to rank highly. But it didn’t make the top three.

From my own testing, I can see why. LinkedIn is expensive to advertise on, and I’ve found it difficult to get the same level of results as I do from Google or Facebook. I’ve not yet found a PPC formula that works there, and I generally advise clients to think carefully before investing in LinkedIn Ads.

That said, I use LinkedIn daily for outreach. It’s an excellent platform for connecting with decision-makers, starting conversations, and building a presence — just not necessarily where I’d put ad budget if ROI is the priority.

A Few Limitations to Keep in Mind

While the report gives a helpful view of general trends, it’s not without limitations:

  • The results are not broken down by industry, which is key when judging platforms like Instagram or LinkedIn.
  • The survey method wasn’t disclosed, so we don’t know how respondents were selected or how responses were collected.
  • Regional differences weren’t separated, though we know respondents were from Asia, Australia, Europe, and North America.
  • It reflects marketers’ perceptions of ROI — not necessarily platform data or revenue figures.

So, while this information is useful, it should be treated as a starting point — not a definitive ranking.

So, What Is the Best Platform for Your Business?

The best platform for your business depends on your goals, your audience, and the content you can create. I know this really sounds cliché, but it’s true. But, here are a few things to remember about each platform:

  • Facebook is a reliable workhorse for measurable PPC results.
  • Instagram works well for visual-first, consumer-facing brands.
  • YouTube supports education, trust-building, and longer buying journeys.
  • LinkedIn is a great networking tool but may not deliver cost-effective ads.

If you’re not sure which platform to invest in next, or whether your current ad spend is working hard enough, feel free to get in touch. We’re always happy to talk through strategy and help you spend smarter.

Sources:

Statista. (2024, October). Social media platforms with the highest return on investment (ROI) according to marketers worldwide as of October 2024. https://www.statista.com/statistics/1284484/social-media-platforms-highest-return-on-investment/

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Author

Hope Varnes is a Chartere Marketer with over 15 years experience in digital marketing. She is specialises in Google Ads, PPC, content marketing, and marketing strategy. She has a Master’s in Digital Marketing and eCommerce and is Google Certified. She is an expert in leveraging digital platforms to drive brand awareness, lead generation, and revenue growth.