5 Reasons Why You Should Have a Social Media Budget for 2012 | 8thBridge | Social Commerce Platform

5 Reasons Why You Should Have a Social Media Budget for 2012

November 14, 2011 / By Paul
budget

So its budget season again, how joyful. Not.  Question is – do you need a social media budget for 2012?  Well, you have three schools of thought to choose from on this exist-account-ential quandary:

  • I) You Don’t – because if you don’t budget for it, you’re less likely to waste money on media for which there is no clear business case – yet. Leave social media to the visionary and the desperate, and in the meantime budget for stuff you know works
  • II) You Don’t – because budgeting will silo social media and encourage dysfunctional channel and campaign thinking. Business goals and not media budgets should determine spend and social technology should be integrated across your business from HR, IT, R&D, Customer Service, Sales and even to messaging marketing – as and when it cost-effectively furthers the objectives of these business units
  • III) You Do – because unless budget is allocated and assigned, social media will remain an SEP (someone-else’s-problem), and will be ignored, and opportunities will be missed. Unless businesses put their money where their mouths are, nothing will get done

Vested interests aside, we’re with #3 – you do need a social media budget for 2012, and here’s why:

  1. Social Media Budgets will help you future-proof your business in 2012: Whatever field you’re in, disruptive social technology is likely to be changing to the way things are done. So social technology should be a part of ongoing business model innovation investment – and that needs to be budgeted for. As Erik Qualman quipped, the ROI on social is that you’ll be here in 5 years
  2. Social Media Budgets demystify social media: Talking money, rather than poorly conceived and ill-defined social-speak, is a prerequisite to getting social media taken seriously, and moving beyond social media zealotry. Business speaks the language of money – social media should do so too, and that begins with budgeting. More accountancy speak, less social-speak
  3. Social Media Budgets speak louder than words: Along with headcount, budgets send a clear signal to employees about business priorities. If senior management believe in social media, you need to budget for it. Budget for it, and budget holders will come after it, and you’ll be walking the social talk
  4. Social Media Budgets make the business case possible: Only by budgeting for social media, and deploying that budget can you build an evidence-based business case to inform strategic investment. The only way to find out if social media helps you cost-effectively achieve your goals is to budget for it, do it and measure the results
  5. Social Media Budgets humanize your business: Wherever deployed, social media puts a human face on the business since it is a conduit for social interaction, interaction between people. By budgeting for social media, you show your co-workers and the world that you are a people-first business
8thBridge Newsletter
Get the latest news in your inbox.

Leave a Reply