Social media marketing is the best way to connect with consumers, build social brand presence and understand consumers need. A couple of days before we had presented a mix of many reports from reputed firms who analysed digital marketing trends for this year, which can give you a clear idea of market spending.
Its said that marketing professionals world-wide focus on social marketing this year. And, social media spending as a percentage of marketing budgets will be increased to more than two folds over the next five years. So social media has a great fortune in terms of marketing.
Social media Companies are not created equal when it comes to social media maturity says a new report from The Altimeter Group by Charlene Li and Brian Solis titled “The Evolution of Social Business”.
The report was crunched with the assistance of 26 executives and social strategists at 15 companies about the development and success of their social strategies, as well as a quantitative study of 698 executives and social strategists about their social media efforts. Of these respondents, 130 were at companies with more than 1,000 employees.
During the survey the firm also observed that there are two most important criteria for a successful social business strategy which are said to be:
- Alignment with strategic business goals of an organization.
- Organizational alignment and support that enables execution of that strategy.
The survey found that 34% of businesses felt that their social strategy was connected to business outcomes and just 28% felt that they had a holistic approach to social media, where lines of business and business functions work together under a common vision. And 12% were confident they had a plan that looked beyond the next year.
Also, just 27% responded that employees at all levels had received adequate training on how to use social media to benefit the organization. While, 65% of them agreed that they are completely aware of risk management around social media. The rest of the companies were active in social media without the efforts being grounded in business goals. While, fewer than 50% felt that the relationship between customer service and social media had been clearly understood.
Only 52% of companies surveyed agreed with the statement “Top executives are informed, engaged and aligned with our social strategy”. Despite the initial funding that created their positions, many social strategists we interviewed felt that without deep executive support, they didn’t have the validation, direction and resources to move beyond tactical efforts. But, as Altimeter also uncovered, half of all executives are not informed, engaged, or aligned with their company’s social media strategies in any capacity.
The budget and resources impact to the ability of experiment, learn and adapt. Its observed that companies with revenues between $1 billion and $10 billion spent an average $562,069 on internal social media, compared with $968,548 on external spending. Companies with revenues over $10 billion spent $1,308,750 on average on internal measures and $2,901,987 on outward-facing ones.
When respondents were asked as which department had at least one social person to handle social majority of the respondents polled to marketing and corporate communication/PR.
Additionally, when respondents were asked “Who is responsible for social media?”, out of those surveyed, more than 40% believed marketing, while 26% said corporate communications or PR. The remaining percentage was divided up among social media, digital (14% each), and other departments. Its also seen that most companies have some sort of hub or “center of excellence” coordinating efforts, but 46.5% are still either highly centralized.