How to determine your social media budget

According to a study by the Duke University Fuqua School of Business, companies are rapidly increasing their social marketing budgets, even as they struggle to demonstrate the impact their efforts are having on their businesses.

The study revealed that the average business spends 9.4 percent of its marketing budget on social media. That number is expected to grow to 13.2 percent over the next year, and to 21.4 percent over the next five years. That’s an increase of 128 percent based on little more than the perception by chief marketing officers that social marketing presents bold opportunities.

Just 15 percent of CMOs believe they can demonstrate ROI or other quantifiable impact.

So, as every marketing dollar is a critical resource, how do businesses determine what to spend on social?

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