European marketers are as excited about social media today as ever before. In fact, according to our annual survey, three-quarters of interactive marketers in Europe either already use social media or plan to use it by the end of 2011 – and they expect social media marketing to grow in effectiveness more than any other online or offline marketing channel in the coming years. But there’s a problem: European marketers still aren’t spending very much on social programs. In fact, a quarter of the marketers in our survey plan to spend less than €35,000 on social media this year – and many of the rest won’t spend much more than that. And most European marketers said they had no plans to increase their social media budget this year compared to last.
I think this lack of spending is both a symptom, and a cause, of problems inherent in how European marketers use social media:
It’s a cause, because the resources aren’t there. One of the biggest problems social media marketers face right now is a lack of resources. When it comes to social media they have trouble finding budget, staff, time, and even good help from their agencies. And that actually makes a lot of companies afraid of success. You’d be surprised how often I hear statements like "I want to start a Facebook page, but what if it takes off? I don’t have the budget to staff it full time!" When marketers are afraid of success, rather than failure, then you know you’ve got a problem.