According to a new study by Econsultancy and ExactTarget, marketers face a conundrum when it comes to increasing their online marketing budgets in 2010.

They want to do it, but 40% of those surveyed simply don’t have the budget to spend more on marketing this year.

What to do; what to do?

I know, let us reduce our spending on print ads (41%), radio (36%), and TV (31%):

And channel those funds into Facebook and Twitter (70%), blogging (64%), and SEO (64%):

Let’s hope these companies–and their agencies–can quickly figure out their ROI from social networking. Right now, only 17% of marketers say they have a good understanding of how sites such as Facebook and Twitter convert–compared to paid search ads (54%). Though those numbers stack up well against their current ROI measurement of print and radio, so maybe there’s hope.