Social media may be free, but as marketing on this digital platform grows more sophisticated, it also gets more expensive!
A recent report from the Social Media Marketing University found that largest expense in social media budgets is staff, accounting for 37% of costs.
So, how do they spend their time?
- 60% of respondents report that content development requires the bulk of the time dedicated to social.
- 12% spend time on strategy development.
- 10% said posting the content was the biggest time investment.
- 8% spent time on listening and monitoring.
- Only 4% of employee time was spent on measuring!
Other interesting findings ::
- 75% of businesses report that the time spent on social media has increased since last year, and 55% report that social spending has also increased.
- Nearly 70% manage four or more social profiles.
- Top social media expenditures include internal staff compensation (37%), social advertising (18%), external staff compensation (10%) and content (7%).
- 77% report that based on the results they’ve achieved, social media is worth the time and money invested.
About the survey ::
Social Media Marketing Universities survey was conducted April 1-15 via Survey Gizmo. 1060 small business owners, social strategists, and C-Level executives were surveyed.