Brian Solis and the Pivot team have released “State of Social Marketing” report to identify the recent trends in the social media marketing landscape. The report is based on the survey of 181 social media marketers, 70% of which represent brands and agencies, and is a great read for anyone in the industry.
One of the key take aways for us was the marketers response on the how they expect to measure the success of their social media efforts in 2013. Thus, over 20% of the marketers indicated engagement, while only 15% indicated increased sales as their key success metrics (see chart below).
At the same time, the majority of surveyed marketers indicated that the lack of budget, unclear outcomes, executive skepticism and lack of metrics as the key factors holding back social media efforts within their organizations.
Let’s take a second to compare the two findings: over 60% of marketers complain about the lack of budget for social media, while only 15% see increased sales as their success metric. Doesn’t it make perfect sense that the budget is lacking because there is no intention to measure increased sales and thus, the monetary ROI of that spend? If the spend on social media delivers positive ROI (and especially in cases where ROI of social media is greater than for other digital channels), wouldn’t the problem of missing budget disappear?
We will leave you with the above questions for the weekend, but make sure you read a great summary post by Brian Solis or download the full report from the Pivot website.