With more than 72% of companies having a social media strategy in place, there’s no denying it’s the new norm. A study by Kingfish media* shows that of the remaining 27% that has lagged behind, 80% are planning to have one within a year, 9% has not decided yet, and 11% have decided to leave such a strategy all together for now.
Monetarily, 75% of the companies that already have a social media strategy in place are planning to increase its budget in the coming year. While 12% of companies have little doubt their budget will stay where it is for now and the rest of the 13% are undecided.
Among the companies planning to spend more on social media, 35% have admitted that costs are specific to a particular project like launching of a new product or service. 33% on the other hand are funding their social media campaigns incrementally, 21% from their moving media budget, and 11% have no clue as to where the increase in budget will be spent.
What do these companies promote?
67% of the companies that responded said they promote their company as a whole in the social media world. 41% do the promoting of specific individuals while 24% said they are tasked to promote a specific brand.
So who does social media in companies?
The study also showed that in most companies that have a social media strategy, 70% is being done by the marketing department. 23% of companies give the responsibility to management while 7% of such companies hand this over to IT, sales or…. they just don’t know really.
Clearly social media is a part of digital marketing and falls under the conventional responsibilities but Enform believes the specialist nature of the medium and tools supports the need for help. Customer and user “sentiment” is the metric and listening and interpreting that is a specialized function than can be simplified with the right approach.
*Source: Kingfish Media