Studies Consistently Showing Bullishness in B2B Social Media Spending

Monday, May 3rd 2010

A study conducted by CMO.org shows that social marketing budgets are expected to increase from 5% to 10% over the next 12 months. Additionally, the CMO survey reported that marketers expect social media spend to comprise just under 18% of their marketing budget over the next 5 years.

Over 4,300 marketers participated in the study that also showed that nearly 50% of their companies plan to hire marketers in the next six months that possess strong skills in internet marketing, innovation & growth, and brand management.

A separate study from eMarketer.com reveals that online social network advertising is expected to increase 14% in 2010, and an additional 13% in 2011.

Marketers should use good business practices when embarking on social media initiatives. These practices include clearly defining the goals of the program, and how the metrics will be measured and evaluated. Goals should be specific, measurable and time-bound.

Also, marketers need to understand that social media advertising must start passively – seek out the communities and influencers and listen intently to the conversations about your products, your competitor’s products and the industry in general. Participate in conversations with the goal of providing assistance and valuable information. Traditional direct sales techniques will not work in social media, and at worst can backfire and derail your entire long term social media plan.