Retail banks are set to become more cautious in their approach to spending on social media marketing in 2013, a survey commissioned by the Connecticut-based software and hardware manufacturer Pitney Bowes has found.
According to the survey, social media spending as a share of marketing budgets, which was 16% in 2011, is expected to climb to only 22% in 2013 – when sectors like telecommunications will be committing over a third (36%) of their marketing budget.
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The study, conducted by research company Vanson Bourne, compared social media marketing trends and attitudes between marketing directors and consumers in Australia, France, Germany, the UK and the USA.
Kieran Kilmartin, marketing director of Pitney Bowes Software, EMEA and India, said banks were wise to be cautious due to the contrast between marketers’ "high expectations" of social media and the lack of desire among consumers to engage.
He said: "Retail banks made a strong effort to become more customer-centric by jumping on the social media wagon early on, but are now taking a step back to evaluate this new channel more thoroughly."
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