Duke University recently published a study on social mediathat left many managers scratching their heads. Social media spending at companies, the report showed, currently represents 9% of marketing budgets, and that’s forecast to rise to nearly 25% within five years. But half of marketers interviewed said they couldn’t show what impact social media had on their business – at all.
Critics were quick to call the surge in social media spending a case of throwing good money after bad. From my perspective, however, these conflicting stats tell an entirely different story: that social media is evolving at breakneck speed and companies are struggling mightily to keep up. Businesses are reaching larger audiences and seeing increasing benefits, but the shifting social media landscape makes getting consistent results – and measuring them – an enormous challenge.
In 2015, the pace of social media change is – if anything – poised to accelerate. But for businesses, there’s one important difference from the past. Hungry to monetize, the major networks are figuring out ways to make it simpler and more productive for companies to engage with customers. Meanwhile, tools are proliferating that make it easier to track the impact of social media spending and even measure return on individual Tweets and posts.
We recommend you also read “Ready For Social Talent?”.
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