Posted by Amber Ludeman
Here’s a question: What are marketers spending on social media?
It seems that about half (49%) spend between 1-10%, 19% spend 11-20% and one-tenth spend nothing.
Here’s a smarter question: Why is so little of the overall media budget allocated to digital and social media efforts?
I’d venture this guess: Because people aren’t measuring and optimizing correctly.
In a study published by eMarketer, 15.8% of marketers said that they were dissatisfied or very dissatisfied with Facebook data and analytics. 61.3% are only somewhat satisfied. So what gives? Facebook’s data might have some holes (most notably an in-depth look at “actions,” numbers for photo/album views, etc.), but it seems that people are still having trouble attributing ROI (and dollar amounts) to social communication and advertising efforts. When in reality, it is not difficult to setup tracking capabilities to aid in this effort.
Getting educated on how social media can affect your bottom line (and not settling for goals like “brand awareness”) is imperative if businesses are going to start investing real money into their social strategies.