SYDNEY: Almost half (47%) of businesses have shifted marketing spend from print to social media, a study conducted by Nielsen-Community Engine has found.
The online survey of 347 Australian businesses found 70% intend to conduct some form of social media activity this year, compared with just 40% in 2008.
And it is not only print taking the hit.
The survey found significant proportions of businesses are diverting funds to social media from direct marketing (33%), online/digital (26%), TV (15%) and radio (14%). Twenty-one percent of big businesses and 40% of SME's will expand their marketing budgets in 2010 specifically to fund social media.
"In the past year, there has been substantial growth in the number of consumers engaging with companies via social media," Nielsen online research director Melanie Ingrey said.
Australians lead the way in social media adoption with 86% reading online consumer product reviews and 75% belonging to some form of social media.
Two-thirds (61%) of businesses already use social media to achieve brand building, however, 29% do not measure ROI from social media activity or don't know how to.
This lag in measurement is a barrier to entry for many businesses, however Ingrey said it is an "easy fix" and predicts a huge rise in adoption rates of social media in the next year.
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