This most recent report from the MarketingSherpa does provide an inkling on some factors that have had the most significant impact on Social Media adoption by advertisers.
As one can see in the chart above, the two most important factors being the dearth of knowledgeable people who understand social media and the lack of tools to measure ROI for such marketing spends.
What is interesting to note is that those advertisers who got themselves to experiment with social media earlier have a better understanding of social media and tools from those campaigns and are excited about increasing their social media spend, even with their overall budget remaining stagnant this year.
There are a series of developments happening across the social media space trying to standardize the way things are being done in order to create a mass market for the offering (the recent video monetization efforts) and the figuring out of various new engagement techniques that will pay more than the paltry 30-50 cents CPM rates ( Facebook experimenting with different engagement formats and an advertising platform which is going to be the primary source of revenue for the company going forward).
The current problem that i see with social media is that there are no(standard) ways to measure the ROI of such campaigns and i think this is something that makes a traditional marketer even more jitter about investing in this new medium.
I am sure with the emergence of some standard engagement metrics and tools to measure them effectively, we will see a lot more interest and participation from the advertising community in the near future.
I feel very strongly that there are multiple venues for brand engagement within niche social media destination and that they will be far more rewarding than monetizing through low paying CPM based adverts.
What do you think is going to be crucial for social media monetization in the years to come ?
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