Monday, April 12, 2010

Marketers Adoption of Social Media

Over the past year we have seen a great deal of activity from companies in the social media space, with many dedicating human resources and larger budgets to these initiatives. Social media is not a fad that will go away over night and many experts believe it will continue to grow into an integral part of every individual’s online experience. This has many marketers, both B2B and B2C, scrambling to get into the action. Every marketing publication browsed these days includes headlines on social media marketing. Many state if you are not involved in it, you are way behind the times. Analysts are currently predicting that the money spent in the social media marketing segment will experience a thirty-four percent compounded annual growth rate over the next several years. Many state that these estimates are by no means aggressive and some agree that they are downright timid. This estimate bodes well for those providing services to social media marketers, however, it means that marketers are shifting budgets from traditional direct to this new segment (along with other digital practice areas). This graph and chart (provided by Forrester Research) depict the estimated growth in social:

As can be seen, many companies are moving into digital and social media marketing efforts. It should be noted that to be successful with social media a company must alter some key fundamentals of branding and marketing online. It requires businesses to grasp the concept of entering into a two-way conversation with customers through multiple channels, rather than one-way communication through traditional marketing tools such as print advertising. Businesses can benefit from a carefully designed social media strategy, starting with the understanding that companies and their products are already being discussed online. Marketers need to monitor and participate in these discussions along with building trust among existing and prospective customers. There are numerous resources available to help design and execute a social media strategy as well as providing valuable tips to navigating the social media world. Social Media Examiner offers excellent information to help marketers get started:

Many marketing initiatives are currently complementing the old-school marketing mix with an aspect of social media. Traditional marketing as we know it will never completely go away, but many new digital initiatives will be implemented to drive top-line growth.

(Cartoon credit to: Silicon Cloud)

1 comment:

  1. Michael,

    Wise words, with enlightening graphics. Nicely done.