Despite the economic recession and marketing budgets being slashed to pieces, almost every social media marketer (95%) plans to maintain or increase social media spending.
Forrester researcher Jeremiah Owyang recently released his study called “Social Media Playtime Is Over,” based on a survey from December of 2008.
Some of his key findings reveal that:
- More than 50% of interactive marketers plan increases in their social technology spending. Only 5% plan to cut spending.
- The fastest growing categories include social networking, blogging and user-generated content.
- Social media spending is small compared to other types of marketing efforts. While the marketers surveyed came from companies with at least 250 people, 75% are still spending $100,000 or less on social technology efforts.
From the report’s executive summary:
These inexpensive tools can quickly get marketing messages out through interactive discussion and rapid word of mouth, and properly managed, can deliver measurable results.
Though you may not have someone in your organization with the title of ‘Social Media Marketer’, the study shows that social media is a strong marketing investment, even when our economy is in the dumps.
Like the report says “Social Media Playtime Is Over,” it’s time to get serious.
Is your company planning to increase spending on social media efforts? Why, why not?