Brands allocating most of social marketing budget on Facebook, uncertain of worth
Brands are spending more on Facebook than any other social network as found by BI Intelligence, a branch of Business Insider research. The Technorati Media’s 2013 Digital Influence Report has found that 57 percent of social media budgets are allocated toward Facebook with YouTube and Twitter only receiving 13 percent.
In a separate study, out of 3000 marketers surveyed 41 percent said they were “uncertain” about the effectiveness of Facebook marketing. Social Media Examiner’s 2013 Social Media Marketing Industry Report also found that 17 percent have directly said the site is ineffective for marketing purposes, with 32 percent finding it effective.
As the largest social network, it comes at no surprise that brands are spending the majority of their budgets on Facebook. However, there is a potential opening for other social networks to lure advertising away from Facebook.
These statistics suggest that it is important for Facebook to better communicate results and effects for all marketing. Brands have difficulty quantifying the value of a like, so it is important for the social network to educate marketers on how they are spending their money and how they should be measuring their results.