This is interesting, and it's a nice follow-up to the recent NYTimes article I posted about last week. Prospero, a social-media vendor, has posted a study which shows that social-media spending is on the rise. Quoting MarketingVox, here are the key takeaways from the study:
Prospero's 2007 Social Media Survey found 30 percent of online marketers who use social media plan to spend significantly more on social-media applications in 2008, while an additional 58 percent also plan to increase spending, though not "significantly."
Some 59 percent of respondents reported that social media performance in 2007 met or exceeded their marketing objectives.
Survey participants were from leading brand organizations from a variety of industries, including Media, Education, Financial Services, Health, and Sports and Gaming.
Asked about social media return on investment (ROI), 35 percent reported positive ROI and 41 percent said that ROI was "unknown."
What's most interesting, to me, is that the report claims that marketing pros are not so interested in "ROI." Why this matters: marketing folks of course care whether social media is effective. They wouldn't approve bigger budgets if they thought otherwise. But I would bet that many marketing pros recognize that an investment in social media is a "must have" - regardless of the proven models for measurement because the entire business world is moving in that direction, and they cannot afford to be left behind.
Technorati Tags: Social Media Spending, ROI
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