The rise of social media in recent years has transformed the advertising industry, not just online, but to some extent offline as well. These days, most businesses use social media in some fashion, either as a free resource, or as paid advertising as a part of their annual marketing budget.
The amount allocated to social is rising too, although at the moment the industry could do with a firm ROI analytics model that can be used as an industry standard. However, this will come and if you consider that social was thought as being ‘non-provable’ in terms of engagement and conversion just a few years ago, it’s clear that changes have already taken place.
A recent study from analysts at Gartner looked at how teams manage marketing budgets and how these are expected to change this year, as compared to last. The U.S. Digital Marketing Spending Report, 2013 also looked at what activities are most likely to lead to success.
Survey findings
On average, companies spent around 10.4% of their annual revenue on marketing in 2012. These budgets were expected to increase by 5.7% in 2013 with digital marketing continuing to gain momentum.
This means that marketing are putting even more focus this year on content creation, social and mobile marketing. 50% of those asked said that they outsource their digital marketing and that digital is one of the top two priorities, with social media marketing at the number three most important spot.
This, Gartner say, means that “we can clearly see that the current marketing mix focuses on boosting the brand's digital presence”. Social media is one of the primary channels which marketers use to strengthen brand personalities.
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