A study by Ernst and Young (EY) shows that with the popularity and expanding reach of social media, around 90 per cent of Indian brands plans to spend up to 15 per cent of their annual marketing budget exclusively on social media.
According to the study, companies and brands have significantly increased their social media spends even as they find it challenging to measure the effectiveness of their social media engagements. The study also analyses how Indian marketers and organizations have been using various social media platforms and how they go about tracking the performance of their social media initiatives.
Dinesh Mishra, EY Partner and Customer Practice Leader (India), Advisory Services, commented that as the brands have invested financially and in processes, it’s their observation that there is a need for holistic customer engagement and strong community building strategies through the use of social media. He also added that through the study EY has reached out to India's top social and digital savvy brands from the third quarter of 2014 to January 2015.
EY’s social media marketing India trends study points out that about 90 per cent of organizations that reached out to in the study are planning to spend as much as 15 per cent of their annual marketing budget exclusively on social media, up from 78 per cent organizations in 2013.
The study also indicated that brands across industries have realized the significance of social media and its peculiar demands and focused on current and emerging social media platforms, how companies evaluate, strategize and deploy investments in social media, how social-savvy brands measure success and the outlook of social media marketing.