As Twitter and Facebook continue to revamp their social media platforms to give companies a wider variety of choices for social advertising, marketers continue to increase their budgets for social media spending.
In fact, 75 percent of companies are spending more for social media content.
A new report from Vizu examines the social media marketing trends of more than 500 digital media professionals, including brand marketers, agencies and advertisers. The results are pretty clear. Despite nagging questions about social media ROI, companies are spending more and more time and money on social media strategies.
As far as the social media ROI question goes, that is a result of marketers not asking the right questions and not correlating the non-financial metrics of social media with the decidedly financial metrics of their business.
42 percent of those surveyed said they wanted to measure “online campaigns using the same tools they use for offline campaigns, like sales generated and gross ratings points, while adding more measurement tools specific to digital campaigns, including “likes” and click-throughs.”
The key is to monitor and measure the entirety of an online campaign, both with backend website metrics, social metrics, and unique web and social media monitoring metrics. If you have set up the campaign knowing what metrics will define success, it’s way easier to measure.
From the study Paid Social Media Advertising: Market Update and Best Practices:
- 89% of advertisers continue to use free social media products.
- 70% of advertisers dedicate up to 10 percent of their budget to paid social media advertising.
- 13% dedicated more than 21 percent of their budget to paid social media advertising.
- A third of advertisers are unsure about the effectiveness of social media.
- A third of advertisers are also unsure how to measure the return on their investment.