B2B Marketers Up Social Spend
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Overall, US business-to-business (B2B) advertising and marketing spending will increase by a tiny 0.8% this year, to $129 billion, according to Outsell’s “Annual Advertising and Marketing Study 2010.” Interactive spending will climb a more encouraging 9.2%, to $51.5 billion.
B2B marketers will increase spending on some interactive tactics significantly more than average. Marketing spending on social networking sites is predicted to rise 43.3%.
Mobile marketing spending, on the other hand, is the only digital channel in which Outsell expects a drop in B2B marketing spending. The firm predicts it will fall 38% to $202 million.
Asked to rate the effectiveness of specific social media sites in their marketing efforts, more than one-half of respondents said that Facebook was “extremely” or “somewhat” effective. Somewhat fewer said the same of LinkedIn, and just 35% considered Twitter effective.
According to research from Duke University’s Fuqua School of Business and the American Marketing Association (AMA), B2B product marketers were spending an average of 3.4% of their marketing budgets on social media in February 2010, and B2B services marketers were spending 6.5%. Respondents expected those proportions to reach 7.4% and 11%, respectively, over the next year.
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Check out today’s other article, “BRIC Mobile Giants Begin to Mature.”