29 September 2010 | Author: L. Sutherland Head of Media Content
The survey found that 83 per cent of businesses questioned expected their investments in social media to increase over the next year. However, it also found that 76 per cent of companies don't have a return on investment (ROI) figure for the majority of their social media spend and 30 per cent said that a lack of budget was a significant issue.
The figures seem to suggest that many businesses know social media is important to them, but haven't quite grasped how to measure its importance or the best way to fully integrate it into their existing channels.
See a larger version of our State of Social infographic.
The results of the second annual Social Media and Online PR Report indicate that businesses have been actively engaging with the challenges of social media and searching for ways to make it work for them. For example, the survey found 29 per cent to be employing Facebook as a way of addressing customer service issues.
Econsultancy Research Director Linus Gregoriadis said: "2010 has been a year in which companies have tried to become more focused in their social media marketing activity. Much of their activity is concentrated on the use of Twitter and Facebook, with the vast majority of companies (83 per cent and 80 per cent of respondents respectively) using these sites as part of their social media strategy".
Also interesting is the news that 24 per cent of companies have jumped on the smart phone wagon and are employing mobile apps. With the recent boom in iPad and tablet users keeping the web ever-more-mobile, apps certainly seem a popular way to go at the moment.
On the downside, only 7 per cent of businesses surveyed said they were integrating their social media channel with their TV advertising, and traditional media relations were found to be down by 5 per cent. What's more, 28 per cent of businesses said they currently weren't spending any money on social media services. Judging by the expectations of most businesses questioned, however, it doesn't seem likely this will stay the case for long.
Social media investment expected to soar
It seems that social media spend is sure to keep growing but businesses may not be sure what their cash is buying them, according to new research from Econsultancy's Social Media Survey 2010.The survey found that 83 per cent of businesses questioned expected their investments in social media to increase over the next year. However, it also found that 76 per cent of companies don't have a return on investment (ROI) figure for the majority of their social media spend and 30 per cent said that a lack of budget was a significant issue.
The figures seem to suggest that many businesses know social media is important to them, but haven't quite grasped how to measure its importance or the best way to fully integrate it into their existing channels.
See a larger version of our State of Social infographic.
The results of the second annual Social Media and Online PR Report indicate that businesses have been actively engaging with the challenges of social media and searching for ways to make it work for them. For example, the survey found 29 per cent to be employing Facebook as a way of addressing customer service issues.
Econsultancy Research Director Linus Gregoriadis said: "2010 has been a year in which companies have tried to become more focused in their social media marketing activity. Much of their activity is concentrated on the use of Twitter and Facebook, with the vast majority of companies (83 per cent and 80 per cent of respondents respectively) using these sites as part of their social media strategy".
Also interesting is the news that 24 per cent of companies have jumped on the smart phone wagon and are employing mobile apps. With the recent boom in iPad and tablet users keeping the web ever-more-mobile, apps certainly seem a popular way to go at the moment.
On the downside, only 7 per cent of businesses surveyed said they were integrating their social media channel with their TV advertising, and traditional media relations were found to be down by 5 per cent. What's more, 28 per cent of businesses said they currently weren't spending any money on social media services. Judging by the expectations of most businesses questioned, however, it doesn't seem likely this will stay the case for long.
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