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Friday, November 2, 2007

Survey: Marketers Shy on Implementing Web 2.0 Budget - But Understand its Significance

According to Coremetrics, marketers surveyed say Web 2.0 or social media marketing— them a competitive edge. Coremetrics, the leading provider of digital marketing optimization solutions announced from the results of its second annual ‘Face of the New Marketer’ survey.

"Marketers are aware of the impact that social media marketing can have on their overall program but view it as uncharted territory, not worthy of their budget," said John Squire, senior vice president of product strategy at Coremetrics, in a statement.

The findings included the following:

A clear disconnect between the desirability of social marketing and the budget allocated to it:

78% of respondents see social media marketing as a way to gain competitive edge, but only 7.75% of total online marketing spend is devoted to it

This compares with an average of 33% of spend going to online advertising and 28% to online promotion design and implementation

However, progress is being made in the field:

58% of respondents have implemented user-generated content or reviews in the past year
31% of respondents have implemented a blog in the past year
25% of respondents have implemented an RSS feed in the past year
The findings showed that most marketers have concrete plans to implement a social media marketing program at some point, even if not within the next twelve months. Of those marketers, the majority recognize the need to implement or improve their social marketing programs, but cite a lack of tools and expertise as their biggest challenges.

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