Social media spend by marketing teams is on the up; expected to rise to a 20.9% share of marketing budgets over the next five years. Does this mean then, that CMOs and marketing teams are finding social media contribution key to their success? Apparently not..
A recent survey of CMOs found that a staggering 40 percent reported that social media provided a below average contribution to their organisation's performance. So what accounts for this disparity between spend and impact? This interesting article from Christine Moorman breaks it down into four key challenges that are hindering social media's impact.
Social media spending is expected to climb to a 20.9% share of marketing budgets in the next five years. This share was only 5.6% in 2009. What is striking, however, is that only 3.4% of marketing leaders report that social media contributes very highly to firm performance; 40% report a below average contribution.