Social media—is it a fad that’s fleeting or a fact that’s here to stay? I can see why some doubt its value. With Twitter, for example, how can sending a micro text message limited to 140 characters extend your brand? And why would anyone want to know what I am doing every minute of every day?
I believe there is marketing gold behind the social glitter. The first social media site was SixDegrees.com, and it started in 1997. Since MySpace and LinkedIn arrived on the scene in 2003, various evolutions of the social media medium have surfaced for both personal and business use. In fact, Facebook now has more followers than many countries do citizens!
From a marketing standpoint, I find this space fascinating. It’s a new marketing frontier. The consumer is indeed the decision maker. Twitter reminds me of a micro press release generator. Instead of 300 words, it’s 140 characters. Those 140 characters are free! In fact, some would say that social media is the wave of the future and is here to stay.
In a fascinating 2009 domestic and international study of 3,700 marketing and advertising executives, the following data was gathered:
- 77 percent of marketers are increasing social media ad spending; 11 percent are decreasing spending.
- 76 percent of marketers are increasing search marketing ad spending; only 7 percent are decreasing it.
- Mobile marketing is increasing ad spending by 75 percent; 11 percent of marketers are decreasing mobile marketing.
- Analytic and online video ad spending is increasing by 60 percent.
- E-mail marketing is increasing by 58 percent.
Note that these increases are occurring during the worst worldwide recession since the Great Depression. And the largest increase in online spending, 77 percent, was in the social media category. The transition from old media to new media is underway. Newspapers, magazines, radio, and television are under assault and are losing market share to Web-based and cell phone–based networking vehicles in both the standard and social media arenas.
Many would also say the small businesses that fail to embrace, learn, and apply these new social communication tools run the risk of failure. Because the social media phenomenon is so new, it’s a bit premature to land on a conclusion. However, my “marketing gut” tells me to stand up, listen, and learn, no matter where the future of social media may lead.
Your thoughts?
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