We all know that the entire marketing world consists of a bunch of lemmings who, despite any facts to the contrary, will follow each other off the proverbial cliff to certain death no matter how much data slaps them in the face.
A recent CMO Survey from Duke University's Fuqua School of Business, the AMA and Deloitte found social media spending accounts for 10.9% of marketing budgets and is expected to increase to 20.9% in five years. Just 5.6% of budget was allocated to social in 2009.
Despite these predicted increases, the same study revealed that just 11.5% of marketers can prove positive ROI on their social efforts.
Of this complete lack of ability to prove ROI, Fuqua Professor and Director of the CMO Survey Christine Moorman said, "If companies really want to get the biggest bang out of social, it has to be better connected with the rest of marketing. Social media should be aligned to support marketing and they should be linked back to social."
Well, duh. But it continues to amaze how many brands and agencies still run wildly towards the likes of Snapchat, Periscope, Peach and whatever the hell comes along next without the slightest concern for how these platforms affect the bottom line.