• Addressing Social Skepticism: Low Success Rates or Poor Accountability?

    Many marketing executives are convinced that the future of marketing relies on social media, and as a result, investments in social marketing are quickly growing. In fact, when asked how important social marketing is to future success, 87% of marketers indicated that social media was “important“ or “very important“ to achieving their biggest marketing goal this year, this according to Mashable.

    With so much importance being placed on social marketing, it is no wonder that it is the fastest growing budget line item, with AMA/Duke reporting that social marketing has carved out a 9.9% allocation of current marketing spend, with an expected doubling to 17.7% over the next 5 years.

    In the near term, the investment growth in social marketing is expected to be dramatic, with MarketingSherpa reporting that more than two-thirds of organizations expected to increase their social marketing investments overall, and 25% expected to increase spending on social marketing by at least 20 percent.

    However, the growth is in doubt, with many marketers and senior executives growing concerned that social marketing is not delivering on expectations. Is the burgeoning crisis in social marketing confidence resulting from a lack of success, or from a lack of accountability?

    For the more skeptical organizations, MarketingSherpa reports that the chief concerns constraining more social marketing spending is:

    • Determining where the budget should come from/trade-offs with other marketing investments
    • Inability to track the success of social media
    • Uncertainty about the return on investment
    • How to reallocate the required human resources to support social marketing programs.

    With such a new and rapidly advancing marketing vehicle, these questions are not unusual, and not too different than the questions that revolved around the Internet in 1996. The marketers that are able to answer these questions are more likely to get the necessary investments to stay ahead of the innovation wave, and more importantly, the competition.

    The Bottom Line

    With such a new and rapidly advancing marketing vehicle, these questions are not unusual, and not too different than the questions that revolved around the Internet in 1996. The marketers that are able to answer these questions are more likely to get the necessary investments to stay ahead of the innovation wave, and more importantly, the competition.

    Tom Pisello, The ROI Guy, and Chairman and Founder of Akonna, has been developing measurement software for ROI and economic justification for the past 20 years.  Tom’s newest creation, Akonna, is an emerging Saas provider for measuring, proving and improving the ROI of marketing campaigns and social media efforts.  For more information about Akonna, please visit www.akonna.com.

    VN:R_U [1.9.7_1111]
    Rating: 5.0/5 (2 votes cast)
    Addressing Social Skepticism: Low Success Rates or Poor Accountability?, 5.0 out of 5 based on 2 ratings
    • LinkedIn
    • Facebook
    • Twitter
    • Google Bookmarks
    • Print
    • email

    1 Comment to “Addressing Social Skepticism: Low Success Rates or Poor Accountability?”

    Leave a Comment

    You must be logged in to post a comment.

Advertisement
Promotion
Gift Cards

Earn a $5.00 gift card every time you recommend a 5-Star service provider! Click here

Survey

For Home Page professionals:

On average, how much of your work time do you allocate toward your professional growth and development? (select one)

Loading ... Loading ...
Job Board

Most recent job openings: