Budgeting For Social Media: Automotive Ad Agency Must Read

With the economy still struggling should I budget for social media?  That’s a good question!

How much does it cost or how much do I need to spend?  Is it worth it?

When you get into these discussions it is always good to begin by looking at the bigger picture.

Here are a couple of charts from “The CMO Survey” undertaken by the Duke University Fuqua School of Business and the American Marketing Associationas reported by eMarketer:

Social Media Marketing Spending by US B2B and B2C Marketers, August 2009 & February 2010 (% of total)     Percent of Marketing Budget Spent on Social Media According to US Marketers, August 2009 & February 2010 (% of total)  

When you compare the spending on social media marketing from August 2009 to February 2010, overall there’s an increase of 60% in the budgets (from 3.5% to 5.6%). Similarly, the planning for the next one to five years shows a similar level of consideration as well: in August 2009, social media spending was thought to be 6.1% for the next year and 13.7% for the next five years; and now, it’s more like 9.9% in the next year and 17.7% in the next five years.

Social Media is here to stay and it’s growing.  It’s big today and will be an even bigger player in the competition for customers tomorrow.  Your automotive ad agency should be able to help you through this process.  In my opinion it’s a small budget number to make a huge impact.

Let me know what percent of your budget you’re putting toward social media.

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