Penn, Schoen & Berland, in a survey of executives who have final say or significant input on social business strategy, found that only 27% listed social business as a top strategic priority. Nearly half (47%) admitted a social plan was necessary but not a strategic priority and 19% said social business strategy was simply not necessary.
The conundrum, although 78% of executives thought a social business strategy was somewhat or very important to the future success of their business and 53% believe they must adopt social or risk falling behind; at this time, social media marketing is just not a top priority.
Comparing the top initiatives, a separate survey by Forbes Insights and Coremetrics indicated that social media marketing was a top priority for a mere 11% of marketing executives, taking a backseat to most traditional marketing initiatives including customer loyalty (52%), branding (28%), direct marketing (19%), on-line marketing (18%), and even print and broadcast (17%).
The Bottom Line
The numbers indicate that to make social more of a priority, marketers must prove the value to frugal and skeptical senior executives. Tying social investments to tangible business benefits and competitive advantage can help raise the priority, and assure that budgets are properly allocated to social initiatives.
Sources:
More information about the Social Business Index Survey can be found at: http://www.jivesoftware.com/news/releases/2011/6/new-jive-study-unveils-social-business-is-top-executive-strategic-imperative-
More information about the Bringing 20/20 Foresight to Marketing study can be found at: http://www.forbes.com/forbesinsights/bringing_foresight_to_marketing/index.html
Additional Social Marketing ROI Resources and Research can be found at:
http://www.alinean.com/socialmediaroi.aspx
2 comments:
You have to do your research. There are so many different venues for social media. We did two surveys, one of customers who were in a funnel deal in the past 12 months, and another a worldwide survey of customers who are "heavy users" of social media. The research pinpointed which vehicles influenced the purchase decision; and what topics they were interested in; it also highlighted which countries paid more attention and which paid little or no attention. We didn't set out to prove ROI. We simply tried to identify how to focus limited resources (investing more on social media means less somewhere else).
I really think it's not a top executive priority. It's only a big factor that helps marketers maintain the growth of their business.
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