Measuring the ROI of social
Nobody wants to waste money on meaningless activities. Especially not when you want the best for the business. The wave of social media has been taking the B2B world by storm. A new study from Duke University's Fuqua School of Business shows that CMO's expect to spend a lot more money on social in the next five years. 20.9 percent of the marketing budget, to be exact. Compare this to the stats of 2009, where social only stood for 5.6 percent of the budget.
That ought to be a sign of social being worth the while, and the investment. But at the same time, only 10.2 percent of the surveyed CMO's considered the return of investment of social media activities "above average". 40 percent considered the ROI of social "below average and 49.8 percent answered "average".
As the numbers state – CMO's opinions are conflicted on the subject. Everyone understands that it's needed, in B2B marketing just as in B2C, but how do we measure its worth?
One of my favorite entrepreneurs Gary Vaynerchuk made a mark in the debate by stating the, now almost iconic, comparison – measuring the ROI of social is like measuring the ROI of your mother.
Curious about what he meant? Read his article here: http://www.garyvaynerchuk.com/...