Around one third of small and medium sized businesses are spending an average of $845 per month (the equivalent of £525 per month) on social media management tools or services and 87 percent of SMEs surveyed recently believe social media has been "somewhat helpful" or "helped a great deal" for their business, according to new research, as published in ZDNet.
And in many cases, companies were spending more. Around 32% of companies surveyed reported spending $1000 or more on social media management, with 22% stating they outsourced the functions to someone else.
Social Media Management Trends 2012
Some of the other key findings included the following:-
- 87 percent believe social media has been "somewhat helpful" or "helped a great deal"
- 76 percent of the respondents use referral traffic data from social media channels to their website as one of the main ways of measuring social media effectiveness
- 40 percent of respondents focus their social media efforts on a small but highly engaged audience
- For 91 percent of the respondents, the most common use of social media is information and news sharing
This research comes after revelations that social media management outsourcing has more than doubled in the past two years in the States, where, in 2012, 32% of the law firms interviewed noted that they outsourced their social media management activities.
The author of the post at ZDNet, Heather Clancy concludes by commenting that $845 seems a lot to spend each month on social media management, particularly for small businesses. She adds "But if you consider where else that money might go -- newspaper advertisements, flyers and such -- as well as the high potential impact of social media engagement, the investment makes more sense."