Budgeting for Social Media
As company executives start to finalize 2011′s financial budget, two important questions the must ask, “will Social Media be part of the budget. If so, how much should be allocated for it?”
According to a recent study released by Aberdeen Group, 63 percent of companies plan to increase their social media marketing budgets. Meanwhile, consumers are beginning to expect companies to have a social media presence. “Ninety-three percent of Americans expect companies to have a social media presence and are using [social media] to participate in conversations, engage with brands, and find job opportunities,” says Gini Dietrich, CEO of Arment Dietrich, a communications firm specializing in franchise and business services.
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Dear Sanoy,
Thank you for taking the time to read our blog!
BuyTradeBiz.com Team
he advent of Web 2.0 bought with it the social media revolution. Franchises are positioned to take advantage of their size and scalability in this new web space. By creating a collaboration tool for internal communication or an internal wiki, online franchisors can benefit from improved communication channels with their franchisees.
The benefits of leveraging an internal wiki as a part of social media optimization are multifold. It creates a forum, which enables to scale ongoing email conversations within the franchise network more efficiently. This forum will also aid in syncing up training programs as it facilitates collaboration. This further aids in sharing strategy and aggregating best practices. This, consequently, will help a franchisor to make the training more self-organizing and self-directed.
What will be interesting to see, going into 2011, is where the social media budgets fall. Do they come out of marketing, sales, PR, customer service, or advertising? Or will they add a line item for it?
I personally believe social media, just like the phone and email, should (and will be) be owned by every employee in every department. It’s a shift in how we communicate with one another and with the companies that we do business.
The next two years are going to be very interesting!
http://twitter.com/ginidietrich