CMOs Grappling With Social Media RoI, Says Study
CMO’s are prompted to deal with new digital technologies such as mobile, cloud and social media to get closer to customers. However, they are still grappling with some of these technologies. Take for example, social media, one of the essential tools for marketers today.
A recent CMO Survey,” published by Duke University, shows that CMOs plan to spend an average of 13.5 percent of their budget on social media marketing over the next 12 months, a percentage that’s expected to increase to 22.4 percent within the next five years. However, they are unsure of how to leverage the social media for business. Only 17 percent of B2B marketers can exhibit ROI when it comes to social media and total of 46 percent weren’t sure which social website helps their overall bottom line, according to the study.
At the moment, B2B product marketers spend 9.3 percent of their budget on social media, while B2B service marketers invest 9.6 percent of it on the same efforts. That being said, B2B CMOs see these percentages rising to approximately 12.6 percent and 14.3 percent respectively over the next 12 months.
By 2020, they will be spending a minimum of 20 percent of their budget on social media marketing. However, research shows that B2B marketers are still unsure of how social networking benefits their companies, said the study.
About 66 percent of respondents said that they could provide ROI with email, while 37 percent cited paid search. SEO came in third place with 23 percent of the responses from marketers.
Despite the fact that ROI seems to be hard to prove, B2B marketers appear to know which social sites are helping them drive revenue. About 37 percent of respondents said that LinkedIn is the best channel for driving B2B revenue, while 20 percent of people cite Facebook.
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