In the summer of 2011, Booz & Co. and Buddy Media surveyed managers from Fortune 100 companies for their “Campaigns to Capabilities: Social Media and Marketing” report to understand digital marketing priorities.
As the chart below shows, today, most marketers are spending less than 5% of their digital budgets on social media. In 3 years however, most marketers will allocate over 20% (or double) the % of their digital spending allocated to social media.
The Implications for Marketers
The key implications for marketers are:
- Are you keeping up with the industry in terms of how your digital spending is allocated?
- How will you test and learn to make your social media spending more efficient?
- As social media spending increases, how will you measure so you know which parts are effective?
- How will you structure your organization for success in social media marketing?
- How will you gain leadership buy-in for social media marketing?
- What is the learning program for your organization with social media marketing?
- How will you train CEO and leaders on digital and social media marketing?
- Who are the right agencies to support your social media marketing efforts?
- What do you anticipate your biggest challenges will be in social media marketing?
- Who are key stakeholders to contribute to a social media marketing team?
- How can you get comfortable responding in social media?
- What organizational structure do you need to be successful in social media?