No Bullshit Social Media

10. Get Smarter: Social Media Marketing Drives Research and Development

According to Battele’s 2011 Global Research and Development Funding Forecast, American companies will spend more than $400 billion on research and development (R&D) in the calendar year.¹ That’s 3% of the gross domestic product! The average company spends anywhere from 3.5% to 15% of its total budget on research and development with high technology and pharmaceuticals spending in the 10s and 20s of their total budgets to develop new products and features.

Add the cost factor of market research and you’re looking at a fair investment in activities that have little short-term or direct financial impact on the bottom line.

Social media can lower the cost of research and development, ...