69% of brands say social is important and built into plans
More than 230 brands participated in the immediate baseline study: The commercial value of social.
Comparing the performance and business value of social media, the results reveal that social is becoming a more serious business. More than two-thirds of those polled say that social is now important and integrated into the marketing mix. More than half of brands tailor content to behaviors and interests and 55% tailor some of their content by social media platform.
Katy Howell, CEO of the Immediate Future, says, “We see brands getting more serious about managing the sophistication of social marketing. For example, we’ve talked for years about how vanity metrics are a bad measure of performance. This new benchmark report shows just 5% think measuring followers and fans is a good metric for driving value. ”
The results are not, however, completely positive. 88% of brands say they are unable to demonstrate a return on investment with only a third of brands linking social goals to company goals. Clearly this is a cause for concern, with 1 in 3 marketers stating that they lack the confidence to achieve their goals.
“There’s a long way to go,” Katy continues, “resourcing is the biggest challenge with a greater need for expertise ranging from analysis and writing to design and payment. Rarely found in a single individual, companies still need to invest in better skills and more support. ”
Considering that 54.5% of marketers say their primary focus is brand awareness, it’s surprising that so few invest budgets in paid social media either. 43% of brands spend less than 10% of their marketing budget paying. With more than half of the world’s population now on social media and activity up nearly 40% since the pandemic, cutting down for attention is a big challenge.
The report further explains the challenges that create barriers to business value. It details the barriers to content creation, the metrics considered most important, and the primary focus for social media.
The benchmark study can be downloaded free of charge from http://bit.ly/SocialValueBenchmark
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Call Katy Howell on 07803 898511 or [email protected] – oh! And of course, on Twitter @katyhowell
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