Get Your Social On – Ad Budget Growth

It appears that both advertisers and agencies are continuing to increase their spending on Social Media in 2013.  It’s estimated that US advertisers are going to spend $4.1 Billion in 2013 and anticipate the spending to increase to $5 Billion in 2014. Keep in mind that MarketingCharts.com is estimating a 19% increase by 2016. The point here is that Social Media Ad spending continues to increase.

eMarketer provides us with a short summary of some of the facts in an article “Advertisers Boost Social Ad Budgets in 2013“.

Interesting highlights on why you should get your social on:

1) 64% of advertisers plan to increase social media ad budgets

2) Most advertisers plan on increasing budgets by 10% or less

3) 26% of advertisers plan to increase budgets by 11% or more

4) 13% of advertisers spend more than 21% of their online budgets on social advertising

5) 54% of agencies & 39% of advertisers use social ads for a combination of branding & direct responses

Five great reasons to invest in social, yet most compelling is that 64% are advertisers are increasing their social spending. What we find with a great number of clients, the perception that social doesn’t work for their businesses.

Betsy Sigman states “Social media services connect companies to consumers. Facebook allows companies to communicate with close to a billion people (half of whom log on during any given day), and that number is rapidly growing.”

As well, Sigman writes “Twitter has more than 200 million registered users, and Google+ has more than 90 million members and is still defining its role in social media. Recognizing the impact and importance of social media and branding, Google+ released its brand pages in November 2011. All these social media outlets provide opportunities for companies to strengthen their brands”. You can see the complete post here on Baseline.

Social Media Advertising and Marketing is new, no question about it. Given that many of the over 40 crew are not social savvy, it’s not surprising that this group is slow to embrace social advertising. Yet, the facts speak clearly and Bickerton suggests you get your social on – get your social advertising program underway and do so quickly.  64% of advertisers are continuing their growth.

There are no signs that social media advertising is going to slow down; in fact many are increasing the social spending as a larger part of their overall digital and online advertising budgets. Get your social on!

Michael Bickerton, Raven5 Ltd, Oakville & Toronto, Ontario March 2013

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