Three-quarters of companies currently have a social media marketing strategy, according to a new study from King Fish Media, Hubspot and Junta 42.
Companies Have or Will Have Strategies
As mentioned above, about three-quarters (72%) of companies currently have a social media marketing strategy. Of the 27% without a social media marketing strategy (1% were undecided), 80% plan to have one within the next 12 months. Furthermore, only 11% of companies without a strategy definitely do not plan to implement one in the next 12 months, with 9% undecided.
Investments Will Grow
Another three-quarters of companies (75%) plan to increase their social media investment in the next 12 months. As with the previous question, a high percentage of respondents (13%) don’t know, with only 12% definitely not planning to increase social media investment.
One-third of Increases Tied to Specific Project
Of companies planning a social media spending increase, about one-third (35%) are tying it to a specific project or custom media program. Another third (33%) will make social media an incremental marketing budget increase.
One-fifth of respondents (21%) will fund social media spending increases from their moving budgets, while 11% don’t know how the increase will be allocated.
Marketers Take Part-time Social Media Responsibility
In a solid 70% majority of companies, social media is a marketing responsibility. Twenty-three percent place social media on the shoulders of management. The remaining 7% assign social media to sales, IT, or don’t know.
In 90% of companies, managing social media is a part-time job mixed in with other responsibilities.
Marketers Promote Whole Company to New and Existing Customers
Two-thirds of companies surveyed (67%) use social media to promote the company as a whole. Another 41% promote specific individuals (more than one response permitted), while 24% promote a specific brand.
In scope, most companies (70%) target social media campaigns to both new customer acquisition and customer retention. However, of companies that only target one of those groups, far more target new customers (23%) than existing (4%).
Social Media ROI Varies
Marketers use a wide array of metrics to measure return on investment (ROI) from social media campaigns, according to other survey results. Quantitatively, almost all (93%) measure the number of visitors/page views, while 85% measure the number of fans/followers generated. Another 79% measure the traffic generated to the corporate site from social media.
Qualitatively, 84% measure increased dialogues with prospects and customers, while 68% measure how much existing customer relationships were strengthened.
About the Data: The survey was created by King Fish Media and hosted online by from April 15 to June 1, 2010. Email invitations were sent out directing respondents to the survey by King Fish Media and the two survey co-sponsors: HubSpot and Junta 42. In addition, the link was sent out via social networking sites Facebook, Twitter and LinkedIn. The survey was completed by 457 respondents primarily split between corporate management and marketing/sales management. The data was compiled and tabulated by Datastar.