Each year Econsultancy does a benchmark study as it relates to the search space. Recently social media marketing has worked its way into this overview as well as one would expect. The report is quite comprehensive and looks at UK based businesses and has been produced in association with digital marketing agency Guava.
One of the most interesting things to see each year is the differences that occur between how agencies view things versus companies do. Rather than get into all of that though, I think the following three charts are what tell the best story for the industry as a whole. These charts are only the company (or client side) view of whether they will increase budgets. In the end, it’s the only view that matters because they are the ones spending either directly in the industry or through agencies.
SOCIAL MEDIA MARKETING
The report can be purchased (with no monetary benefit to Marketing Pilgrim) here.
Of course, this begs the question “Where is this money coming from?” Most companies are not tapping into an endless supply of marketing budget dollars so something has to give. Is there more room for traditional media to be squeezed even more than it has over the past 5 or so years? If so we may not have seen the last of the “sky is falling” reports about newspapers and other traditional media offerings.
Guess it sucks to be them, huh?