Unsure of ROI, CMOs to Increase Social Media Investments in 2010

CMOs plan to spend more on social media marketing in 2010, as they struggle to tie the spending with actual business results. The CMO Club and Bazaarvoice, a social commerce vendor, surveyed 133 CMOs in September from industries including software, finance and insurance, travel and hospitality, media and publishing, consumer goods and retail.

Key findings for the survey are:

• 81% expect to link up to 10% of their annual revenues to social media investment next year, compared to 44% in 2009
• 72% of those who did not attach revenue to social media spending this year said they will do so next year
• 64% plan to increase their social media budgets next year
• 36% of companies tracked the impact of social media on conversions, and only 22% on revenue
• At least half expressed uncertainty about ROI on using social media networks: Unsure of return on Twitter, value of LinkedIn and impact of industry blogs
• A high numbers is tracking social media metrics: 90% track site traffic, 85% track page views, 83% track number of fans

Update on 24 December 2010 by Lokesh Datta

See Related Posts:

• No Recession for Social Media Investments
• Good Advice: Using Social Media for Project Management
• Engaging/Networking Tools for Collaboration
• Connecting for Collaboration via Social Media?
• Comparing Collaboration and Social Networks
• Leveraging Social Media for Person 2.0
• Leveraging Social Networking for Enterprise, but HOW?