I just can't get enough of this topic, the more I think about it, more I want to share my opinion (yes, very opinionated). I originally wanted to write about both Social networks and Video marketing on web as they are 2009's most demanded source of marketing channels in companies. After a long debate, I decided to get this article focus only on social media and the value it adds/doesn't add.
First let's look at the results posted by eMarketer's last Dec on US Marketers plan on online marketing budget.
Another classic example of perpetual innovation in marketing as we can see how rapidly and consistently new information intensive technologies replace older one thus shifting the focus on the various marketing channels. Mobile, Rich Media, Podcasts and Search though still having a presence in the map have significantly been over shadowed by Online Video and Social Media. So in this global market with changing products and services under a constricted economy, how valuable Social Media or is it all a hype that will go nowhere? Let's look into some factors that will help us determine the future of Social Media (SM) wave.
- SM & Globalization : US Market today has been adopting SM in a good pace. Still, there is a big sector that needs to be captured but overall the popularity of using SM as a media to share information has been a plus. What about other parts of the world? Well, South America, Asia and Europe are also adapting to this new SM wave. This serves as a natural platform for US companies to continue marketing not only on domestic markets but also at international levels.
- SM & Consumers : Recent research has shown that 84% of Gen Y notices Ads especially at social networks but only 19% of ads are relevant to this demographics. This is something companies should understand as blindly using SM as a channel will not produce results but rather will become a overhead very soon. Identifying the consumer market that uses SM is important.
- SM & Information : Similar to consumers, right information to the right audience will generate the right results. A patient will be the right target for pharmaceutical companies and not golf equipment manufacturers.
Defining a solid marketing strategy for Social Media will give competitive advantage to companies.
Posted in Linkedin, Marketing Strategy, Multichannel, social media, Technology Tagged: Marketing, social media, Social NetworkingLink to original post