Social Media: Show Me the Money

Social media is gaining respect at a critical time: when budgets are being created.

November 1, 2010

Social media is gaining respect at a critical time: when next year’s budgets are being created.

So says a survey of 2,300 marketers by MarketingSherpa that asks how social media is perceived by their organizations at budget time.

Among the findings:

• 49% of respondents call social media “a promising tactic that will eventually produce return on investment (ROI),” and believe conservative budget increases should be made on its behalf.

MarketingSherpa calls this a “vote of confidence in the medium for the longer term.”

• 7% believe social marketing produces a measurable ROI and that such efforts should be liberally funded;
• 27% believe social media’s value is unknown and shouldn’t receive additional funding; and
• 17% believe social media is “basically free” and should be kept that way. These organizations, MarketingSherpa says, “are destined to get what they pay for.”