During the first two months of the Covid-19 pandemic, enterprise spending on social media increased 74%, from 13% of marketing budgets in February 2020 to 23% in May 2020. This spike, reported in a special Covid-19 edition of The CMO Survey, represents a historic high for social media spending since 2009, and marketers expect it to stay at this level for the next year.
How to Get More from Your Social Media Partner
Tips for building a more effective partnership with a social media agency.
July 27, 2020
Summary.
Researchers are observing a number of meaningful trends in marketing these days: Social media spending has been steadily rising for years (and has spiked during the pandemic); more and more, companies are outsourcing their social media activities to third-party agencies and cutting their in-house social media staff; social media having a more positive impact than ever on companies’ overall performance.
Despite these trends, however, marketers remain largely dissatisfied with their ability to manage their social media agency partnerships. This article offers concrete steps to marketers for improving their relationship with social media partners — and getting a better return on their investment.
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New!
HBR Learning
Marketing Essentials Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Marketing Essentials. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Learn how to communicate with your customers—strategically.