Budgeting for Social Media

The good folks over at the QuestionPro Blog have a great post this week that gets us thinking about the impact (both in terms of spending and savings) that social media can have on our marketing budgets.

Budgets for Social MediaImplementing social media solutions certainly has costs, especially in terms of time and people resources. As the QuestionPro folks point out, a study by Marketing Sherpa suggests that social media is expected to be about 11% of the average marketing budget. But there can be significant savings associated with leveraging social media as well, particularly in the market research industry. By leveraging social media to “fish where the fish are,” finding sample subjects in communities where they are already active, we may find ways to dramatically reduce the cost of conducting new studies.

How are you accounting for  social media in your marketing budgets? Are you finding any significant savings to help balance the cost? And how much of your marketing and research budgets are being allocated to new media efforts? Be sure to share your story in the comments of this post.

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About Joshua Hoffman

Joshua Hoffman is Technology Specialist at Microsoft and a frequent contributor to Research Access.

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