Tag: social media marketing spending

Social media marketing budgets for B2B strategies to rise in 2014

According to recent research, marketers will be spending more on Facebook, Twitter, Google+ and other networks.

The results of a new study has shown that B2B marketers have every intention of giving their social media marketing budgets a boost this year, when compared to the amounts that they spent in 2013.

The reason is that there have been a number of important developments in social media networking for business.

In fact, a study that was conducted by IDG Connect showed that IT buyers believe that social media marketing will provide some of the most important online content – for both personal computers and mobile devices – particularly when it comes to influencing buying decisions. This means that businesses seeking to develop the most awareness and appeal will need to develop their online and mobile marketing strategy using the right networks to reach these buyers.

The importance of social media marketing is finally coming to the point that it is measurable with some accuracy.

Social Media Marketing Budgets to IncreaseVendor created materials and white papers are both given greater weight than networks such as Facebook, Twitter, LinkedIn, Google+, YouTube, and others. However, research has been consistently showing that starting this year, this trend will begin to reverse itself, to the point that it will actually flip within a span of two years when it comes to the buying process. Companies that are hoping to stay on top of their effective marketing efforts will need to make sure that they have established themselves on the right networks.

Furthermore, recent surveys are suggesting that this trend will apply in a broader sense to other B2B industries. Therefore, marketing budgets in business to business will begin to dedicate a greater share of their funds to creating and maintaining valuable content over social media.

A survey from AdAge showed that they anticipate that B2B marketing firms will boost their overall budgets this year, and 80 percent of them intend to raise the amount that they are spending over digital channels. It can be accurately assumed that a strong percentage of that will be directed toward social media marketing. The network that is likely to benefit the most when it comes to B2B is LinkedIn.

Social media marketing spending over mobile set to take off

Social Media Marketing spendingThe size of budgets designated to reach smartphone and tablet users is expected to climb.

According to a recent survey, the percentage of overall advertising budgets that is expected to be designated for social media marketing, specifically with smartphone using consumers in mind, is expected to explode.

This was reported in the latest CMO Survey, which looked into the types of spending within the budgets.

The survey involved the participation of chief marketing officers of various firms, who reported that they are currently spending an average of 8.4 percent of their overall budgets toward social media marketing. However, within the next year, that number is expected to climb to 11.5 percent of the budgets.

In 5 years, social media marketing will make up 21.6 percent of the budgets, said the survey.

This shift in the way that the funds are being spent and in the importance of social media marketing is expected to become a primary topic in advertising and technology circles. According to the CMO Survey director, Christine Moorman, “Companies are searching for novel ways to interact with their customers that will drive the growth of their companies. Unfortunately, marketers are behind the curve with their current levels of social media expenditure, given the amount of time customers spend engaged with one another and with companies online.”

The research, said Moorman, involved the participation of 468 American marketing execs who identified social media marketing as one of the most important areas for increased spending. These results, she said, show that the importance of this channel is now being heavily recognized. She also pointed out that some of the largest spending increases in this area are expected to take place in some of the business-to-consumer sector giants, such as Coca-Cola and Proctor & Gamble.

The survey showed that among companies of this nature, social media marketing spending will rise from an average 9.6 percent of the budget at the moment, to 24.6 percent of the budget in five years from now.

In Moorman’s news release, she stated that companies are still trying to figure out how to be able to measure the efficacy of their social media marketing campaigns.