According to the results of the latest CMO Survey, expenditures in both business-to-business (B2B) and business-to-consumer (B2C) digital marketing are expected to rise in 2013, this counts especially for social media spending which sees a steep growth curve in investments.
The following image shows the spending across sectors. Be it product or service, B2B or B2C they are all showing double digit growth figures in 5 years.
The following image is interesting in terms of effectiveness in relation to investments. It seems, there’s a bigger percentage who thinks they got still a way to go then of organizations who think they have integrated social media effectively into the marketing strategy.
The decline in social media metrics being used puzzles me, because it seems countering the increase in investment and social media integration into the marketing strategy. If organizations measure referral metrics but not financial metrics (often the end goal) how is it going to justify an increase in budgets?
It seems like the short term, creating business cases and the challenges that come along in linking social media efforts with financial metrics are more on top of mind at this point of time.
Taking the business approach
What I find interesting is the image below, showing the taken business growth strategy. This impacts marketing and of course the deployment of social media. Because most have not integrated it well, I wonder if responsible teams are being involved in business changes like growth strategies in order to adapt marketing and social media execution, what do you think?
What’s your opinion on the growht in social media spend and the metrics?
Image credit: CMO Survey.org
Gianluigi Cuccureddu is co-founder of Damarque, helping you to improve your commercial performance through better engagement with your employees, customers and strategic business partners.
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