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