A recent study has revealed that many companies are quickly increasing social media marketing budgets. Currently, the average business spends around 9.4 percent of it's marketing budget on social media, this is expected to rise to 13.2 percent next year and 21.4 percent over the next five years.
However, as it stands, it can be difficult to quantify social media success. And this can cause issues when putting forward arguments for an increased spend on social media, especially for smaller businesses. So how do you determine just how much should be spent solely on social media?
This article from The Next Web has some great advice on different tips and tricks you can use to help decide exactly how much you dedicate to social. Whether a small or large business, social media will play a valuable role in the success of your marketing strategy - but spending more doesn't automatically lead to better results.
The study revealed that the average business spends 9.4 percent of its marketing budget on social media. That number is expected to grow to 13.2 percent over the next year, and to 21.4 percent over the next five years. That’s an increase of 128 percent based on little more than the perception by chief marketing officers that social marketing presents bold opportunities. Just 15 percent of CMOs believe they can demonstrate ROI or other quantifiable impact. So, as every marketing dollar is a critical resource, how do businesses determine what to spend on social?