Social media budget allocation will be 20 percent in five years
Chief marketing officers in the US are quickly increasing their predicted social marketing budgets, finds a survey from Duke University’s Fuqua School of Business and the American Marketing Association, reported in eMarketer today.
Marketers researched in January 2010 now say their percentage spend on social media will increase further than they were predicting just six months previously. Their estimates show that in five years social media will represent 20% of their budgets.
Across sectors, B2B spending is expected to be in line with B2C except in the B2B products category.
B2B marketers see customer relationship management and brand-building to be the priority areas for them in the next year with social marketing seen as an ideal channel for delivery due to its effectiveness in boosting brand engagement and loyalty.
Posted in social media
Tags
Does this address the increase capital expenditure required in training staff – this is not just a one off costs, with the increasing focus on social media there is going to be a new variety of tools and the cycle of innovation to product to ‘must have’ tool is getting shorter and shorter – look at the massive interest in twitter last year.
Another aspect is the increased use in analytics talent. For all social media efforts, effective tagging, reporting and analysis will be required.
So are you talking just about the increase in available funds for social media campaigns without looking at the halo costs involved?
Miles