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May 11, 2010

New Chart: How is Social Media Perceived at Budget Time?

SUMMARY: In order to determine how social media was being perceived by organizations at budget time, we asked more than 2,300 marketers to give us their input. Take a look at this week’s chart to see how many organizations are increasing their social media budgets.
By Sergio Balegno, Research Director

How organizations perceive social media marketing at budget time

View Chart Online
Click here to see a larger, printable version of this chart

Depending on the size and type of your organization, this may simply require a "thumbs-up" from your boss or demand a full-scale lobbying campaign to win over skeptics and gain the support of an executive committee.

But winning financial support for social marketing is no different than winning support for any other business initiative -- you have to prove its value to the organization.

Considering that social marketing is at a very early stage in its life cycle, a 7% confidence rating indicating that it's producing measurable ROI and therefore should be funded liberally, is outstanding.

Conservative budget increases by half of all organizations at budget time -- based on the promise that social media will eventually produce ROI -- demonstrate another vote of confidence in the tactic for the longer term.

The 17% of organizations who still believe social media marketing is basically free, and should stay that way, are destined to get what they pay for.

For additional research data and insights about social marketing, download and read the free Executive Summary from MarketingSherpa’s Social Marketing ROAD Map Handbook.

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