A recent survey have indicated that business is preparing to invest a lot more in social media.
A survey of more than 1,100 companies carried out in September 2009 by Econsultancy produced in association with bigmouthmedia found that that an overwhelming majority of companies (86%) surveyed plan to spend more money on social media in 2010, and a further 13% are planning to keep the same level of budget.
* Almost two-thirds (64%) of companies say they have experimented with social media but have not done much.
* Micro-blogging (i.e. Twitter) is now the most widely adopted social media tactic, used by 78% of company respondents.
* Just under half of companies (46%) are not yet using reputation or buzz monitoring tools to understand what is being said about their brand.
* Nearly a third of respondents (31%) are not spending any of their budget on social media.
* There is a mixed view of the benefits of Twitter, with almost a third of respondents (31%) saying that there are tremendous opportunities available.
* The biggest barrier to better social media engagement for companies surveyed is the lack of resources (54%).