Is your company struggling with the usage and impact of social media? You’re not alone. A recent study conducted by Duke University’s Fuqua School of Business looked at how CMOs approach social media from a strategic and cost perspective.
Currently, most marketers are struggling to align their social media activities with their overall strategic goals. Less than 10% of those surveyed believe their social media campaigns are ‘very effective’ at carrying out strategic goals. However, this is not expected to stop marketers from engaging in social media and investing more heavily in the future.
In fact, those participating in the survey reported that they are expecting to increase their social media spending over the next five years. Marketers currently report spending approximately 10% of their budget on social media. Over the next five years, they expect to increase this amount to approximately 20%.
“This is a significant increase in attention being paid to social media,” says Christine Moorman, marketing professor at Duke University responsible for conducting the biannual CMO Survey. “When we first asked the question in 2009, they were spending 3.5% on social media. Now they’re saying they will spend 11.5% this year and 21.6% in five years.”
As marketers look at social media strategies, they view the following metrics as most important:
- Hits, visits or page views
- Number of friends or followers
- Repeat visits
According to Moorman, social media metrics are currently being viewed as indicators of downstream revenue.
As companies continue to develop synergies between social media marketing and strategic goals, the use of social media is expected to increase.
Is your company actively engaged in social media? Are you keeping a close eye on what your consumers are saying? Find out how Qiigo can provide insight into social media’s impact on your business. Call us today at (404) 496-6841.