If you run a business or are a marketing guru who advises businesses on how to spend their marketing dollars, I’m sure you’ve already jumped on the social media bandwagon. The only thing is, where is that bandwagon everyone is supposed to be jumping on?
Here’s why I’m asking that question – I saw a statistic this week that made me sit up and take notice: while a lot of businesses are investing marketing dollars in social media, 75% are spending $10,000 or less. $10,000??? That’s nothing but a proverbial drop in the bucket of most marketing budgets! And that certainly doesn’t qualify as a bandwagon.
Here’s something else to consider – most companies that are using social media are only devoting employees’ time to the effort, and not spending even one single penny on paid channels. How do I define “most companies?” How about 57% of those surveyed! Yep, 57% are not spending one cent on social media.
While most people claim that lack of a way to measure ROI is the reason they’re not committing to social media marketing, the real reason is lack of sufficient resources. And while most companies who do use social media agree that it does have value, there’s a lot of disagreement on what type of value social media has.
Most companies do agree that social media clearly helps improve search engine rankings. And a majority of businesses agree that they benefit from posting content on their company blog. After that, it’s a toss-up as to what benefits social media brings to the corporate conference table.
After citing a “lack of resources,” what are some of the other challenges that business owners and managers face with respect to social media that are preventing them from really going full-boat with money and resources?
The responses from business owners and marketing managers ran the gamut – from “trouble managing and growing a social media presence” to “unable to measure or monitor social media” to “lack of social media training and knowledge.”
While everyone agrees social media is growing and important, the biggest mistake companies are making now is that they’re not committing to fully integrating social media into their overall marketing mix. You can’t dabble with social media – either you’re a player or you’re not. And if you’re not, you’re missing out on one of the best marketing tools available today.
Pretty soon, everyone will recognize this and fully commit to social media marketing – and put their money where their market is. Then there really will be a bandwagon to jump on!Tweet