The last time was never, right? When you’re spending money—whether it’s on a power tool or a marketing strategy—you expect some sort of value in return. That may seem like common sense, yet a recent study shows that it’s not always the case when it comes to brands’ relationships with social media. In fact, the report shows that social media spending will claim a substantial 20.9 percent of marketing budgets in the next five years, but 40 percent of businesses polled say social has a below average impact on company performance. Wait, what? Slow ROI and fast money don’t mix, so what’s going on here? It turns out many marketers may be selling their brands short on social media, going in with low expectations and struggling to find value from this important channel.
So what can you do about it?
At our sister property, The Marketing Scope, we love data. We also love insight. Shelly Kramer packs this one-two punch as she breaks down the biannual CMO Marketing Survey and what it means for your business. Warning: If you want to continue with the social status quo, don’t read it. If you’re tired of keeping your expectations low while your social budget creeps upwards, though, you’ll want to check this out: Marketers Have a Love/Hate Relationship with Social Media, Spending More Yet Expecting Less [REPORT].
For even more insight into your brand’s social and content marketing strategies (and, in particular, the added value of influencers), don’t miss The Content Marketing Summit, a virtual event held on June 16th at 10am PT/1pm ET. CLICK HERE to register and learn more.