Social Media Budgets Data
When it comes to how businesses are spending their social media budgets, an estimated 52% is spent on social networking, 13% on blogs, and 7% on wikis. However, these dynamics change per industry. For instance, retail companies allocate the largest amount of their budgets to social networks, 62%, while communication and media businesses spend most on micro-blogging, about 14%. This data was pulled from a survey done by an IDC Global Technology and Industry Research Organization. Marketing Charts covered it in an article.
The survey also found that the top challenge in utilizing social media is content management and not, surprisingly, determining ROI. Companies continue to use social media for many reasons, however; the top being increased brand or product awareness and customer engagement.
To read the Marketing Charts article in full, click here.