Have you budgeted for social media in 2010?

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According to Marketing Sherpa’s latest research:

Considering that social marketing is at a very early stage in its life cycle, a 7% confidence rating indicating that it’s producing measurable ROI and therefore should be funded liberally, is outstanding.

Relocate money in your budget for social media

Conservative budget increases by half of all organizations at budget time — based on the promise that social media will eventually produce ROI — demonstrate another vote of confidence in the tactic for the longer term.

via MarketingSherpa: New Chart: How is Social Media Perceived at Budget Time?.

Wendy’s Note: Where does social media as a channel belong in your business budget? If you only view it as a marketing tactic, you are wrong. If you only view it as a sales tactic, you may be sorry. Maybe you are not ready for a huge line item in your budget, but this research suggests that you budget more than Zero.

Social media doesn’t work well started in a vacuum and separated from the other points of customer engagement within a company. As you consider building your listening station, creating your strategy and assigning resources within the company, begin a “right size” effort that you can commit to. Then relocate budget allocations from customer service, human resources, product development as well as sales and marketing. You may easily create a budget that will get one or two individuals spending 20 minutes per day doing what we all really want – building business relationships before, during and after the sale.

Republished with author's permission from original post.

Wendy Soucie
Wendy Soucie provides clients a unique perspective on social business strategy across an organization. Wendy applies and follows specific social media strategy and methodologies for assessments, network growth, contribution, participation and execution. She is a certified social media strategist, Social Media Academy (Palo Alto, CA). She is an accomplished trainer and keynote personality speaker.

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