Seven in 10 marketers are asking the same question when confronting the social media conversation pouring in every day.

“What do we do now?”

A recent poll by Alterian showed that 33% of the nearly 1,500 marketers surveyed admit they’re clueless about how to interpret what social media users are saying about their brand.

Another 40% say they’re muddling through, using a grab bag of tricks to try to figure it all out.

These are more than missed opportunities. If marketers can’t figure out what exactly the feedback they’re getting through social media means — or how to use it — it can quickly become a wasteful exercise.

However, the lack of understanding hasn’t slowed the pursuit of knowledge.

The same poll shows that nearly 75% marketers will be spending more money on social marketing in 2011 than they did last year.

Tags: Alterian, brand, conversation, feedback, poll, social media, spending