A new study by Forrester revealed that European marketers still aren’t spending very much on social programs. Forrester surveyed 264 senior executives in the region to gain an understanding of their attitudes and intentions regarding the social space. Another result is that European marketers have no plans to increase their social media budget this year compared to last.
Nate Elliot of Forrester Research explains there is a cause and symptom for the lack of spending:
I think this lack of spending is both a symptom, and a cause, of problems inherent in how European marketers use social media:
- It’s a cause, because the resources aren’t there. One of the biggest problems social media marketers face right now is a lack of resources. When it comes to social media they have trouble finding budget, staff, time, and even good help from their agencies. And that actually makes a lot of companies afraid of success. You’d be surprised how often I hear statements like ‘I want to start a Facebook page, but what if it takes off? I don’t have the budget to staff it full time!’ When marketers are afraid of success, rather than failure, then you know you’ve got a problem.
- It’s a symptom, because it shows we can’t prove the success of social media. The fact is, all the marketers who are afraid of success may be a tad optimistic. Nearly every social media marketer we surveyed said they had problems with their social programs. And even those lucky enough to succeed are lousy at tracking the impact of their programs: Measurement is by far marketer’s biggest social media challenge. And without proving the success of social, it’s pretty hard to get a budget increase out of the CMO.
Insight-based strategic approach at the heart of success
One important reason why CMO’s and other execs don’t buy-in or do not increase budget easily is because universal social media best practices are often applied without adapting it to the environment, the brand and its business model. This leads to ineffectiveness, unnecessary higher costs, inaccurate measuring etc.
This can be solved by executing an evidence and insight-based strategic approach that leads to the right outcome delivered in the right way, the organisation’s way.
By deploying an insight-based strategy (by actively and/or inactively involving external stakeholders), an organisation knows how to adapt and execute its planning, its human resources, its communication, propositions, KPI’s that fit the organisation and its –marketing- goals.
This leads to cost-efficiencies because the right things are done the right way and the evidence/facts support the effectiveness and relevancy of social media programs and ultimately the buy-in from CMOs.
It creates virtuous cycles, creating better output, becoming a better business, increased competitiveness and adaptiveness to the fast changing environment.
Do you have an insight-based strategy at the heart of your social media efforts? If not, what are you waiting for?
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.