Executive Briefings

Retailers Plan to Pump More Money Into Their Social Media Campaigns

Many companies are investing in strengthening their social media presence and related capabilities. In the summer and fall of 2011, Booz + Company and Buddy Media, a social enterprise software provider, conducted a quantitative survey of 117 leading companies and a series of in-depth interviews with senior marketing and media executives. The results revealed that strengthening social media is on the CEO's agenda at 40 percent of responding companies and is a top marketing priority for about 60 percent. Seventy-eight percent believe that social media efforts enhance their marketing effectiveness; 95 percent expect to invest more in social media.

Today, two-thirds of responding companies dedicate 5 percent or less of their digital marketing spending to social media. Within three years, however, 56 percent of responding companies expect to spend 10 percent or more of their digital marketing budgets on social media, and 28 percent expect the figure to exceed 20 percent.

Companies aiming to take full advantage of this expanding social media spending need to scale three important capabilities: community management, content development, and real-time analytics.

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Today, two-thirds of responding companies dedicate 5 percent or less of their digital marketing spending to social media. Within three years, however, 56 percent of responding companies expect to spend 10 percent or more of their digital marketing budgets on social media, and 28 percent expect the figure to exceed 20 percent.

Companies aiming to take full advantage of this expanding social media spending need to scale three important capabilities: community management, content development, and real-time analytics.

Read Full Article