More than three-quarters of US marketing professionals surveyed think that social media marketing—also known as Web 2.0—can give them a competitive edge, according to Coremetrics' "Face of the New Marketer" study.
The same respondents said that only 7.75% of their online marketing spending went to such tactics.
"Marketers are aware of the impact that social media marketing can have on their overall program but view it as uncharted territory, not worthy of their budget," said John Squire, senior vice president of product strategy at Coremetrics, in a statement.
This may be true for many marketers. But it misses another reason why Web 2.0 is an also-ran in spending to online ads, search engine optimization and other tactics.
Although respondents were enthusiastic about social media marketing, they did not say that the need for competitive advantage should necessarily determine budget. Not every Web 2.0 tactic is appropriate for targeting every Internet user, so marketers could be prioritizing other media in their budgets.
As for what Web 2.0 tactics marketers were using, user-generated content was by far the most popular, followed by blogs, RSS feeds and social networks.
Still, many social media users are avid shoppers, making them an attractive audience for many marketers. Web 2.0 users spent more than $27 billion online in the United States in the second quarter of 2007 alone.
Learn exactly who watches online video ads. Read eMarketer's Video Advertising Online: Spending and Audience report.