Social media has always been an incubator for the marketing strategy, endeavored by many small and large-scale business firms. To accomplish the business strategy, marketers reserve less than 20% of their budget over social media.
According to the emarketer, marketers are setting aside less than 20% of their marketing budget over social sites like Facebook etc, which includes their spending on ads and maintenance of social media presence. Indeed, it is vital for the marketers to spend some percentage of their capital on social media, as social media has the potential to spread the word exponentially.
According to Adage and CitiGroup, about 49.5% of the marketers in the U.S conserve between 1% – 10% for their marketing spending on Social Media. 11.4% of marketers spend between 21% – 30% of their budget on digital media for marketing whereas about 8.5% of marketers spend between 21% – 30% on social media.
But on the other hand 17.2% of marketers spend over 50% of their budget over digital media, which is huge. There is almost a tie between the budget (11% – 20%) spending on social media and digital media of about 19.0% and 19.3% of marketers respectively.
And not only that, the budget spending on social media by the marketers is increasing as per the B2B and B2C firms. Firms in U.S. are leading when it comes to increase in the budget spending on social media, which accounts up to 25% increase.
There is an increase of 1%-5% on budget spending over social media by about 12% of the U.S companies, whereas 27% of U.S firms spend increased budget of 6%-10% over social media.
As per Adage and Citigroup, 61.3% of marketers feel satisfied with Facebook’s data and analytic tracking. This might further encourage marketers to increase their budget over social media.
Markets spend some of their capital on social media for their marketing strategy and this budget spending on social media is most probably expected to increase in the next year. Having said that, marketer also spend their budget on digital media for marketing, especially the large-scale business companies.