Can paid social campaigns generate more brand searches on Google, Bing and across retail Web sites? Some insiders who are managing paid social and search think so. It’s driving higher budgets in social media, with 45% of marketers planning to increase spending on paid social next year. The remainder said they will keep budgets the same, according to a study released Tuesday.
Direct-response spending on Facebook in the second quarter of 2016 rose 154% compared to the first quarter of 2015. In the third quarter of 2016, direct response accounted for 80% of SocialCode’s retail clients’ spend on Facebook and Instagram, up from 66% during the same quarter last year.
SocialCode, which manages social advertising for companies like Macy’s, RB, Nestle, Heineken, AB-InBev, CapitalOne and Visa, teamed up with the CMO Club to determine whether marketers will increase or decrease their social-media spend in 2017 and how they will apply it.
The research reveals that some marketers will cannibalize other budgets to increase paid social spend. About 8% report sourcing their paid social activity from TV, radio and other sources, while only 20% plan to decrease TV budgets in 2017. Some 73% plan to keep their TV spend the same. This shift in budget allows marketers to experiment with new channels and strategies.
It also reveals that 63% of marketers use social ads for direct response and 40% implement it to drive brand awareness. Only 15% of CMOs surveyed are using paid social for full-funnel marketing strategies from the top of the funnel to a final sale. This is where many opportunities are missed to turn social insights into real commerce.
This article first appeared in www.mediapost.com
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