Home Social Business Study Reveals Huge Investments for Social Business Initiatives; Not Just Social Media
Study Reveals Huge Investments for Social Business Initiatives; Not Just Social Media
October 24, 2011 5 Comments

Study Reveals Huge Investments for Social Business Initiatives; Not Just Social Media

Booz & Co. and Buddy Media just released a report titled “Campaigns to Capabilities: Social Media and Marketing” report where they surveyed managers from Fortune 100 companies and found that social media will become a higher percentage of total digital marketing budgets over the next three years.

The good news is that much of this spend will be focused on internal, social business activities.  According to the report, 65% of respondents said they have plans in place to improve and revamp social media policies, 63% have plans for integration of social media into marketing plans overall, and 59% have plans for social media monitoring and rapid response capabilities. Additionally, 46% of the respondents will be or are investing in platforms to collaborate and share best practices and 56% are planning to use social media for consumer insights and innovation.

Another key data point that I found interesting is that while 96% of social media is used for advertising;  only 75% use social media for customer support, 40% for product development and 24% for internal communication.  I am sure these numbers will increase in the future.

Here is the full report:

Booz & Co Buddy Media Campaigns to Capabilities Social Media and Marketing 2011

Photo Credit: BigStock – Businessman pressing modern social buttons on a virtual background

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Filed Under: Social Business, Social Media Policies, Social Media Strategy Tagged:
About Michael Brito

Michael Brito is a Senior Vice President of Social Business Planning at Edelman Digital. He helps his clients transform their organizations to be more open, collaborative and socially proficient; with the end result of creating shared value with employees, partners and customers. Prior to Edelman, Michael worked for Intel and Hewlett Packard in various social media marketing roles. Opinions posted here are his own.

Feel free to follow him on Twitter, subscribe to this blog or read some more of his content on Social Business News.

  • http://pulse.yahoo.com/_P537SABOIDKLYP5R4F52I5IUMM Stanley Rao

     Social Media will be successful if used correctly!

  • http://twitter.com/ScottBartell Scott Bartell

    Social media allows companies to get closer to their clients than ever before. If executed correctly, it will enable them to effectively understand their customer’s needs and meet them accordingly.

  • http://www.socialcolleague.com Social Media Assistant

    It’s not surprise at all that SM policies are being revamped, they can be left behind otherwise.

  • http://www.imcashsaver.com/tweet-adder Tweet Adder

    Yes good.

  • http://www.brickmarketing.com/ Nick Stamoulis

    While businesses are increasingly involved in social media, many still aren’t using it properly.  They only see it as another place to advertise, as the numbers show.  Not enough companies are using social media to actually engage with their followers and are missing a huge opportunity.