Social media marketing budgets look set to rise
Social media marketing has no doubt taken the world by storm – head online and it seems that every product, brand and service has some sort of presence.
It is hardly likely to come as a surprise that marketers are expected to spend more on this area of their business, with Forrester Research forecasting that in the US alone, $4.8 billion will be spent on social marketing tactics this year.
Not only this, 60 per cent of businesses are predicted to have increased their social budgets in 2013, with many of the rises significant.
However, although many companies are showing a desire to experiment with social media marketing, the amount who actually manage to use it to its full potential is relatively low.
Forrester's vice-president and principal analyst Nate Elliott said: "The sobering reality is that nearly a decade into the era of social media, more social marketers are failing than succeeding.
"Rather than recognising that social is just another marketing channel, many marketers see it as unique."
Instead, he emphasised that social media needs to be viewed as part of the marketing mix, rather than something that should be handled independently of all other campaigns.
Another major mistake is that companies believe social media should be responsible for their entire marketing strategy, rather than helping to support other areas.
Forrester emphasised that social media should not only offer opportunities for engagement, but also give way to discovery and support exploration and purchase.
The group therefore suggests that the marketing channel should give way to "social reach, social depth, and social relationships", all of which can complement wider campaigns.
Even some of the world's biggest brands have not yet recognised the connection between social media and other aspects of their marketing strategies, so although investment might be there, understanding is somewhat lagging behind.
Posted by Emma Furze